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Results
22-Oct-22
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Analysis
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Garware Technical Fibres
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Sales up 26%, NP up 17%
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Garware
Technical Fibres consolidated net sales increased 26.31% to Rs 355.98 crore in
Q2FY23 compared to Q2FY22. Sales of Synthetic Cordage segment has gone up
22.31% to Rs 305.47 crore (accounting for 84.91% of total sales). Sales of
Fiber and Industrial Products & Projects segment has gone up 41.14% to Rs
54.30 crore (accounting for 15.09% of total sales). Inter-segment sales came down from Rs 6.40
crore to Rs 3.79 crore.
Operating
profit margin has declined from 18.10% to 17.43%, leading to 21.69% rise in
operating profit to Rs 62.06 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
31.23% to 27.36%.Purchase of finished goods cost rose from 2.62% to 2.80%.
Employee cost increased from 12.27% to 12.55%. Other expenses rose from 36.67%
to 38.85%.
Other
income fell 23.96% to Rs 7.52 crore.
PBIDT rose 14.27% to Rs 69.58 crore.
Provision for interest rose 15.36% to Rs 3.08 crore.
PBDT
rose 14.22% to Rs 66.5 crore. Provision
for depreciation rose 1.67% to Rs 5.49 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 20.36% to Rs
64.43 crore. PBIT of Synthetic Cordage
segment rose 16.63% to Rs 56.43 crore (accounting for 87.58% of total
PBIT). PBIT of Fiber and Industrial
Products & Projects segment rose 55.42% to Rs 8.00 crore (accounting for
12.42% of total PBIT).
PBIT
margin of Synthetic Cordage segment fell from 19.37% to 18.47%. PBIT margin of Fiber and Industrial Products
& Projects segment rose from 13.38% to 14.73%. Overall PBIT margin fell from 18.57% to
17.91%.
Profit
before tax grew 15.51% to Rs 61.01 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 13.24
crore, compared to Rs 11.93 crore.
Effective tax rate was 21.70% compared to 22.59%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 16.83% to Rs
47.77 crore.
Equity
capital decreased from Rs 20.94 crore as of 30 September 2021 to Rs 20.62 crore
as of 30 September 2022 .Per share face Value remained same at Rs 10.00.
Promoters’
stake was 52.62% as of 30 September 2022 compared to 52.62% as of 30 September
2021.
Mr.
Vayu Garware, CMD, Garware Technical Fibres Ltd. said, "We were able to
deliver a good operational performance in Q2FY23. With easing of the export
supply chain challenges, revenue grew by 26% and operating EBITDA grew by 22%
as compared to Q2FY22. We were also able to get margins back to close to normal
levels in Q2. PBT rose to 17.1% of sales in Q2 FY23 from 12.2% in Qt FY23. This
was despite higher inventory costs carried forwarded from the previous quarter
as well as continued higher cost of export freights in Q2FY23. The easing of
raw material costs as well as freight rates from the last quarter`s levels
should be a positive in the second half of the year."
For year-to-date (YTD)
results analysis
Net
sales of Garware Technical Fibres have increased 25.82% to Rs 660.48
crore. Sales of Synthetic Cordage
segment has gone up 25.70% to Rs 556.50 crore (accounting for 83.12% of total
sales). Sales of Fiber and Industrial
Products & Projects segment has gone up 20.14% to Rs 113.03 crore
(accounting for 16.88% of total sales).
Inter-segment sales came down from Rs 11.85 crore to Rs 9.05 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 9.22% to Rs
108.35 crore. PBIT of Synthetic Cordage
segment rose 10.12% to Rs 95.32 crore (accounting for 87.98% of total
PBIT). PBIT of Fiber and Industrial
Products & Projects segment rose 3.04% to Rs 13.03 crore (accounting for
12.02% of total PBIT).
PBIT
margin of Synthetic Cordage segment fell from 19.55% to 17.13%. PBIT margin of Fiber and Industrial Products
& Projects segment fell from 13.44% to 11.53%. Overall PBIT margin fell from 18.48% to
16.18%.
Operating
profit margin has declined from 17.90% to 15.55%, leading to 9.30% rise in
operating profit to Rs 102.69 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
31.29% to 30.34%. Purchase of finished
goods cost rose from 3.26% to 3.55%.
Employee cost decreased from 12.95% to 12.79%. Other expenses rose from 36.18% to 37.94%.
Other
income fell 23.19% to Rs 12.22 crore.
PBIDT rose 4.60% to Rs 114.91 crore.
Provision for interest rose 17.30% to Rs 5.9 crore.
PBDT
rose 3.99% to Rs 109.01 crore. Provision
for depreciation rose 1.97% to Rs 10.88 crore.
Profit
before tax grew 4.22% to Rs 98.13 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 22.17
crore, compared to Rs 21.33 crore.
Effective tax rate was 22.59% compared to 22.65%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 4.30% to Rs
75.96 crore.
Equity
capital decreased from Rs 20.94 crore as of 30 September 2021 to Rs 20.62 crore
as of 30 September 2022 . Per share face Value remained same at Rs 10.00.
Promoters’
stake was 52.62% as of 30 September 2022 compared to 52.62% as of 30 September
2021.
The stock
trades at Rs 3459
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Garware Technical Fibres : Consolidated Results
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Particulars
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2209
(03)
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2109
(03)
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Var.(%)
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2209
(06)
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2109
(06)
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Var.(%)
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2203
(12)
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2103
(12)
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Var.(%)
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Net Sales
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355.98
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281.83
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26
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660.48
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524.96
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26
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1,189.40
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1034.57
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15
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OPM (%)
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17.4
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18.1
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15.5
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17.9
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18.7
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19.8
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OP
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62.06
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51.00
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22
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102.69
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93.95
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9
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222.9
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204.37
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9
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Other Inc.
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7.52
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9.89
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-24
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12.22
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15.91
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-23
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25.54
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34.67
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-26
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PBIDT
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69.58
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60.89
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14
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114.91
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109.86
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5
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248.44
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239.04
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4
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Interest
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3.08
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2.67
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15
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5.90
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5.03
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17
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10.57
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10.32
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2
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PBDT
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66.50
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58.22
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14
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109.01
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104.83
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4
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237.87
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228.72
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4
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Depreciation
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5.49
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5.40
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2
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10.88
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10.67
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2
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21.46
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20.65
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4
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PBT
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61.01
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52.82
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16
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98.13
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94.16
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4
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216.41
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208.07
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4
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Taxation
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13.24
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11.93
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11
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22.17
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21.33
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4
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51.63
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49.67
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4
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PAT
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47.77
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40.89
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17
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75.96
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72.83
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4
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164.78
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158.40
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4
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Minority Interest (MI)
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0.00
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0.00
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0.00
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0.00
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0
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0
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Net profit
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47.77
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40.89
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17
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75.96
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72.83
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4
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164.78
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158.40
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4
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EPS (Rs)*
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#
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#
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#
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#
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79.9
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76.8
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Notes
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* EPS is on current equity of Rs 20.62 crore, Face value of Rs
10, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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Figures in Rs crore
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Source: Capitaline Corporate Database
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Garware Technical Fibres : Consolidated Segment Results
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% of (Total)
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2209
(03)
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2109
(03)
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Var.(%)
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% of (Total)
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2209
(06)
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2109
(06)
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Var.(%)
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% of (Total)
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2203
(12)
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2103
(12)
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Var.(%)
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Sales
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Synthetic Cordage
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85
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305.47
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249.75
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22
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83
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556.50
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442.72
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26
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85
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1,030.32
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878.46
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17
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Fiber and Industrial Products & Projects
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15
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54.30
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38.48
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41
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17
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113.03
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94.08
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20
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15
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184.2
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174.15
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6
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Total Reported Sales
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100
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359.77
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288.23
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25
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100
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669.53
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536.80
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25
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100
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1,214.52
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1,052.61
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15
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Less: Inter segment revenues
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3.79
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6.40
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-41
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9.05
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11.85
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-24
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25.12
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18.04
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39
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Net Sales
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355.98
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281.83
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26
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660.48
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524.95
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26
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1,189.40
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1,034.57
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15
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PBIT
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Synthetic Cordage
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88
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56.43
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48.39
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17
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88
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95.32
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86.56
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10
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91
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213.56
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188.95
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13
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Fiber and Industrial Products & Projects
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12
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8.00
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5.15
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55
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12
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13.03
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12.64
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3
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9
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22.13
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25.85
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-14
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Total PBIT
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100
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64.43
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53.54
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20
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100
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108.35
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99.20
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9
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100
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235.69
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214.8
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10
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Less : Interest
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3.08
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2.67
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15
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5.90
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5.03
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17
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10.57
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10.32
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2
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Add: Other un-allcoable
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-0.34
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1.96
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PL
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-4.32
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-0.02
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999
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-8.7
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3.59
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PL
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PBT
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61.01
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52.83
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15
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98.13
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94.15
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4
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216.41
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208.07
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4
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Previous News |
Garware Technical Fibres revises record date for buyback of shares
(
Market Beat
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Reports
20-Feb-24
15:29
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Garware Technical Fibres consolidated net profit declines 7.80% in the September 2021 quarter
(
Results
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Announcements
13-Nov-21
09:29
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(
Results
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11-Aug-21
14:55
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26-Dec-22
11:00
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(
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