Other income fell 16% to Rs 8.24 crore and interest cost fell 4% to Rs 2.81 core. As depreciation grew 12% to Rs 5.08 crore, PBT rose 33% to Rs 57.69 crore.  

Tax expense was Rs 13.34 crore compared to tax credit of Rs 2.72 crore after which PAT decreased 4% to Rs 44.35 crore.

H1FY 21 consolidated results  

In FY21, consolidated sales fell 9% to Rs 420.72 crore. OPM declined 20 basis points to 17.9% which saw OP fell 11% to Rs 75.22 crore.  

PBT fell 6% to Rs 80.25 crore. Net profit went down 18% to Rs 62.03 crore.

Management Comments: 

Mr. Vayu Garware, CMD,Garware Technical Fibres Ltd. said, We were able to register significant top and bottom line growth in Q2 with good demand across both domestic and international markets. 

In this quarter, we are happy with the way overall business has picked up and our team's ability to execute on demand. Profitability across businesses was well supported by a better product mix with high Value added products coupled with New products. Consolidated Cash generated from operations have been significantly better in HI as compared to last year contributed by overall good working capital management. 

Three patents were granted in this quarter which would further strengthen our differentiated solution approach in meeting the demanding application needs of the users of our products. While the PBT in Q2 reflected robust growth over corresponding period of F20, the PAT reflected decline as the company exercised the option to compute the revised effective tax rate of 25.17% in Q2 last year where there was a significant tax reversal. 

The stock trades at Rs 1969.