Other income rose 13% to Rs 9.24 crore and interest cost rose 7% to Rs 3.16 core. As depreciation grew 6% to Rs 5.27 crore, PBT rose 54% to Rs 59 crore.

Tax expense was Rs 15.85 crore compared to tax expense of Rs 9.35 crore after which PAT increased 49% to Rs 43.15 crore.

9MFY 21 consolidated results

In 9MFY21, consolidated sales remained flat at Rs 699.15 crore. OPM rose 160 basis points to 19.1% which saw OP rose 9% to Rs 133.41 crore.

PBT rose 12% to Rs 139.26 crore. Net profit was flat at Rs 105.18 crore.

Management Comments:

Mr. Vayu Garware, CMD,Garware Technical Fibres Ltd. said, "We delivered a powerful consolidated performance with 18.1% sales growth and 54.1% PBT growth in Q3. Demand for our products continued both in Domestic and International market and our team has executed well. Profitability across businesses has been well delivered by a good sales mix and excellent work in cost optimization. It is also led by a strong performance in new products. Funds generated from operations continued to be on plan with good working capital management."

During the quarter, the company incorporated a wholly owned subsidiary as Garware Technical Textile Private Limited ("GTTPL") as on 14th October, 2020. GTTPL is yet to commence its operations.

The Board of Directors, at its meeting held on Friday, November 27, 2020, approved a proposal of Buyback upto 3,17,391 fully paid-up equity shares of face value of Rs 10/- each (the "equity shares"), representing 1.52% of the equity shares in the existing total equity paid-up capital of the Company, from all eligible shareholders (equity shareholders as on the record Date, being Friday, December 11, 2020) on a proportionate basis, through the 'Tender Offer' process, at a price of Rs 2,300/- per equity share, payable in cash, for an aggregate maximum amount of Rs 72,99,99,300/- excluding the transaction costs pursuant to the provisions of the securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended and the Companies Act, 2013, as amended. Pursuant to the issuance of Letter of Offer, tender period for Buyback opened on Tuesday, January 19, 2021 and closed on Tuesday, February 2,2021. The company is in the process of completing the Buyback Process.

The stock trades at Rs 2291.