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Results
23-May-23
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Analysis
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Garware Technical Fibres
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Improved performance
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Garware
Technical Fibres consolidated net sales increased 3.98% to Rs 370.49 crore in
Q4FY23 compared to Q4FY22. Sales of
Synthetic Cordage segment has gone down 0.96% to Rs 307.39 crore (accounting
for 81.49% of total sales). Sales of
Fiber and Industrial Products & Projects segment has gone up 33.37% to Rs
69.81 crore (accounting for 18.51% of total sales). Inter-segment sales rose Rs 6.41 crore to Rs
6.72 crore.
Profit
before interest, tax and other unallocable items (PBIT) have jumped 8.60% to Rs
84.10 crore. PBIT of Synthetic Cordage
segment rose 5.60% to Rs 75.19 crore (accounting for 89.42% of total
PBIT). PBIT of Fiber and Industrial
Products & Projects segment rose 42.98% to Rs 8.90 crore (accounting for
10.58% of total PBIT).
PBIT
margin of Synthetic Cordage segment rose from 22.94% to 24.46%. PBIT margin of Fiber and Industrial Products
& Projects segment rose from 11.89% to 12.75%. Overall PBIT margin rose from 21.35% to
22.29%.
Operating
profit margin has jumped from 20.59% to 21.51%, leading to 8.61% rise in
operating profit to Rs 79.69 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
23.26% to 25.21%. Purchase of finished
goods cost rose from 2.36% to 3.60%.
Employee cost increased from 10.60% to 12.07%. Other expenses fell from 41.84% to 36.19%.
Other
income rose 62.86% to Rs 7.85 crore.
PBIDT rose 11.96% to Rs 87.54 crore.
Provision for interest rose 120.41% to Rs 3.24 crore.
PBDT
rose 9.88% to Rs 84.3 crore. Provision
for depreciation rose 8.96% to Rs 5.84 crore.
Profit
before tax grew 9.95% to Rs 78.46 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 18.79
crore, compared to Rs 17.47 crore.
Effective tax rate was 23.95% compared to 24.48%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 10.73% to Rs
59.67 crore.
Equity
capital decreased from Rs 20.62 crore as of 31 March 2022 to Rs 20.38 crore as
of 31 March 2023 . Per share face Value remained same at Rs 10.00.
Promoters’
stake was 52.70% as of 31 March 2023 compared to 52.62% as of 31 March
2022.
In a statement, Mr. Vayu
Garware, CMD, Garware Technical Fibres Ltd. said, "Current quarter results have
shown better performance on all fronts. PAT for Q4F23 has significantly grown
by 63% over immediately preceding quarter Q3 F23. There is a 11%growth over Q4
FY22. Operating EBIDTA Margins improved to 21.5% in Q4F23 vs 20.6% in PY Q4F22,
primarily on account of strong pull from customers for new aquaculture products
in Chile and Scotland. Geosynthetics business has registered excellent growth
during the current quarter and overall for the year. Due to focused and
concentrated approach on funds release from operations, the Company has done
well on working capital management and as a result, cash generation from
operations has significantly improved over the previous year. We look forward
to a good FY24 with international sports business expected to come back on
track and some improvement in orders from Norway, which have been subdued due
to the new resource tax being imposed by the Norwegian Govt.
Full year results
analysis
Net
sales (including other operating income) of Garware Technical Fibres has
increased 9.77% to Rs 1305.55 crore.
Sales of Synthetic Cordage segment has gone up 7.14% to Rs 1,103.87
crore (accounting for 83.25% of total sales).
Sales of Fiber and Industrial Products & Projects segment has gone
up 20.60% to Rs 222.14 crore (accounting for 16.75% of total sales). Inter-segment sales came down from Rs 25.12
crore to Rs 20.46 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 4.16% to Rs
245.49 crore. PBIT of Synthetic Cordage
segment rose 2.59% to Rs 219.09 crore (accounting for 89.25% of total
PBIT). PBIT of Fiber and Industrial
Products & Projects segment rose 19.31% to Rs 26.40 crore (accounting for
10.75% of total PBIT).
PBIT
margin of Synthetic Cordage segment fell from 20.73% to 19.85%. PBIT margin of Fiber and Industrial Products
& Projects segment fell from 12.01% to 11.88%. Overall PBIT margin fell from 19.41% to
18.51%.
Operating
profit margin has declined from 18.74% to 17.58%, leading to 2.98% rise in
operating profit to Rs 229.54 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
28.53% to 28.21%. Purchase of finished
goods cost rose from 2.58% to 3.15%.
Employee cost increased from 12.29% to 12.92%. Other expenses fell from 38.32% to
37.94%.
Other
income rose 9.24% to Rs 27.9 crore.
PBIDT rose 3.62% to Rs 257.44 crore.
Provision for interest rose 13.06% to Rs 11.95 crore. Loan funds rose to Rs 133.55 crore as of 31
March 2023 from Rs 79.57 crore as of 31 March 2022. Inventories declined from Rs 223.93 crore as
of 31 March 2022 to Rs 214.37 crore as of 31 March 2023. Sundry debtors were lower at Rs 234.04 crore
as of 31 March 2023 compared to Rs 257.94 crore as of 31 March 2022. Cash and bank balance rose to Rs 45.82 crore
as of 31 March 2023 from Rs 40.47 crore as of 31 March 2022. Investments rose to Rs 617.39 crore as of 31
March 2023 from Rs 520.76 crore as of 31 March 2022 .
PBDT
rose 3.20% to Rs 245.49 crore. Provision
for depreciation rose 3.96% to Rs 22.31 crore.
Fixed assets increased to Rs 241.64 crore as of 31 March 2023 from Rs
235.82 crore as of 31 March 2022.
Intangible assets declined from Rs 4.20 crore to Rs 3.88 crore.
Profit
before tax grew 3.13% to Rs 223.18 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 50.98
crore, compared to Rs 51.63 crore.
Effective tax rate was 22.84% compared to 23.86%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 4.50% to Rs
172.20 crore.
Equity
capital decreased from Rs 20.62 crore as of 31 March 2022 to Rs 20.38 crore as
of 31 March 2023 . Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 52.70% as of 31 March 2023 ,compared to 52.62% as of 31 March 2022
.
Cash
flow from operating activities increased to Rs 189.38 crore for year ended
March 2023 from Rs 63.85 crore for year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 28.90 crore, compared to Rs 14.71
crore during the year ended March 2022.
The stock
trades at Rs 2989
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Garware Technical Fibres :
Consolidated Results
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Particulars
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2303
(03)
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2203
(03)
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Var.(%)
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2303
(12)
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2203
(12)
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Var.(%)
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Net Sales
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370.49
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356.31
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4
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1,305.55
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1,189.40
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10
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OPM (%)
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21.5
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20.6
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17.6
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18.7
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OP
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79.69
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73.37
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9
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229.54
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222.9
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3
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Other Inc.
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7.85
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4.82
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63
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27.9
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25.54
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9
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PBIDT
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87.54
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78.19
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12
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257.44
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248.44
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4
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Interest
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3.24
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1.47
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120
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11.95
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10.57
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13
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PBDT
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84.30
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76.72
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10
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245.49
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237.87
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3
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Depreciation
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5.84
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5.36
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9
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22.31
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21.46
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4
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PBT
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78.46
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71.36
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10
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223.18
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216.41
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3
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Taxation
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18.79
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17.47
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8
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50.98
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51.63
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-1
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PAT
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59.67
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53.89
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11
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172.20
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164.78
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5
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Minority Interest (MI)
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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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59.67
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53.89
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11
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172.20
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164.78
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5
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EPS (Rs)*
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#
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#
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83.5
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79.9
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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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2303
(03)
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2203
(03)
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Var.(%)
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% of (Total)
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2303
(12)
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2203
(12)
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Var.(%)
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Sales
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Synthetic Cordage
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81
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307.39
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310.37
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-1
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83
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1,103.87
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1,030.32
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7
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Fiber and Industrial Products & Projects
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19
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69.81
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52.35
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33
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17
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222.14
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184.2
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21
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Total Reported Sales
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100
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377.2
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362.72
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4
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100
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1,326.01
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1,214.52
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9
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Less: Inter segment revenues
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6.72
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6.41
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5
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20.46
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25.12
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-19
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Net Sales
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370.49
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356.31
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4
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1,305.55
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1,189.40
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10
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PBIT
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Synthetic Cordage
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89
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75.19
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71.21
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6
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89
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219.09
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213.56
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3
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Fiber and Industrial Products & Projects
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11
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8.9
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6.23
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43
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11
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26.4
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22.13
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19
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Total PBIT
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100
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84.1
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77.43
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9
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100
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245.49
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235.69
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4
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Less : Interest
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3.24
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1.47
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120
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11.95
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10.57
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13
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Add: Other un-allcoable
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-2.4
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-4.6
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48
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-10.36
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-8.7
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-19
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PBT
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78.46
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71.36
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10
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223.18
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216.41
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3
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Previous News |
Board of Garware Technical Fibres recommends final dividend
(
Corporate News
-
01-Jun-19
11:23
)
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Garware Wall Ropes
(
Results
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Analysis
25-May-17
11:10
)
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Garware Technical Fibres consolidated net profit declines 7.80% in the September 2021 quarter
(
Results
-
Announcements
13-Nov-21
09:29
)
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Garware Technical Fibres to convene AGM
(
Corporate News
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31-Jul-20
11:38
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Garware Technical Fibres
(
Results
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Analysis
12-Sep-20
12:16
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Garware Technical Fibres to convene board meeting
(
Corporate News
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02-Feb-23
19:01
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Garware Technical Fibres schedules board meeting
(
Corporate News
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10-Aug-23
11:10
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Volumes soar at Garware Technical Fibres Ltd counter
(
Hot Pursuit
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22-Oct-20
11:00
)
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Garware Technical Fibres standalone net profit rises 14.24% in the December 2018 quarter
(
Results
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Announcements
14-Feb-19
17:04
)
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Garware-Wall Ropes standalone net profit rises 15.05% in the December 2017 quarter
(
Results
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Announcements
14-Feb-18
17:03
)
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Garware Technical Fibres to discuss results
(
Corporate News
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25-Oct-18
14:01
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