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For the quarter ended Mar 19, net sales grew by 23% to Rs 289.54 crore. OPM was lower by 180 bps to 17.6% restricting the OP growth to 12% to Rs 50.86 crore. Other income however was up by 375% to Rs 8.13 crore due to higher treasury and forex income in Mar 19 quarter. Interest cost was up by 63% to Rs 3.69 crore and depreciation was up by 13% to Rs 4.55 crore leading to a PBT of Rs 50.75 crore up by 24% YoY. After providing total tax of Rs 14.14 crore, PAT for the Mar 19 quarter stood at Rs 36.61 crore up by 25% YoY.
Speaking on the results, Mr.Vayu Garware, CMD, Garware Technical Fibres Ltd.said,
"The year has been an exciting one on many fronts. We have transformed our brand identity and have crossed the milestone of 1000 crore stopline. Accelerated execution of better ideas has resulted in improving our ROCE by 160 basis points. Our value added differentiated products are gaining widespread acceptance with our customers and we have a robust pipeline of innovative solutions that have poised us well to deliver on our five year profitable growth trajectory."
Performance for 12 months ended Mar 19
For the 12 months ended Mar 19, net sales grew by 15% to Rs 1017.82 crore. OPM was up by 70 bps to 18.9% resulting in a 20% increase in OP to Rs 191.98 crore. Other income was up by 17% to Rs 20.98 crore. Interest costs and depreciation was up by 37% and 12% respectively to Rs 13.72 crore and Rs 17.24 crore. After providing total tax of Rs 56.39 crore, PAT for Mar 19 quarter stood at Rs 125.61 crore up by 19% YoY.
The board of directors recommended a dividend of Rs 5 per equity share of face value of Rs 10 each for FY 19.
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