Other income jumped 170% to Rs 9.82 crore and interest cost fell 10% to Rs 2.94 core. As depreciation grew 7% to Rs 4.54 crore, PBT fell 11% to Rs 43.52 crore.

Tax expense was a credit of Rs 2.72 crore compared to tax expense of Rs 15.76 crore after which PAT increased 40% to Rs 46.24 crore.

H1FY 2019 consolidated results

In H1FY 2019, consolidated sales grew 8% to Rs 464.75 crore. OPM declined 250 basis points to 18.1% which saw OP fell 19% to Rs 84.3 crore.

PBT fell 10% to Rs 85.78 crore. Net profit went up 18% to Rs 75.88 crore.

Other details

Garware Environmental Services Pvt. Ltd (Subsidiary Company) is yet to commence its commercial operation.

Management Comments:

Commenting on the results, Mr. Vayu Garware, CMD, Garware Technical Fibres Ltd. said, "The first half results have been a mixed bag. On the domestic front, the cyclones as well as the extended rains affected our growth in the fisheries segment. In our international business, we have had some delays in receipt of substantial orders as many of the aquaculture customers gauged our new innovative V2 technology offerings before placing their requirements. However we now have good visibility for the second half of the year and will look towards an improved year end result. On the plus side, we have had good working capital management in the first half, resulting in higher fund generation from operations."

The stock trades at Rs 1220.