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Results
28-May-24
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Analysis
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Garware Technical Fibres
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Expect a strong H1FY25
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Consolidated
net sales (including other operating income) of Garware Technical Fibres has
increased 3.18% to Rs 382.27 crore.
Sales of Synthetic segment has gone up 8.90% to Rs 334.74 crore
(accounting for 85.78% of total sales).
Sales of Fiber & Industrial segment has gone down 20.49% to Rs 55.51
crore (accounting for 14.22% of total sales).
Inter-segment sales rose Rs 6.72 crore to Rs 7.98 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 10.58% to Rs
92.99 crore. PBIT of Synthetic segment
rose 10.45% to Rs 83.05 crore (accounting for 89.31% of total PBIT). PBIT of Fiber & Industrial segment rose
11.65% to Rs 9.94 crore (accounting for 10.69% of total PBIT).
PBIT
margin of Synthetic segment rose from 24.46% to 24.81%. PBIT margin of Fiber & Industrial segment
rose from 12.75% to 17.90%. Overall PBIT
margin rose from 22.29% to 23.83%.
Operating
profit margin has jumped from 21.51% to 23.89%, leading to 14.62% rise in
operating profit to Rs 91.34 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
25.21% to 23.25%. Purchase of finished
goods cost fell from 3.60% to 1.33%. Employee cost increased from 12.07% to
13.03%. Other expenses rose from 36.19%
to 37.92%.
Other
income rose 59.62% to Rs 12.53 crore.
PBIDT rose 18.65% to Rs 103.87 crore.
Provision for interest rose 74.38% to Rs 5.65 crore.
PBDT
rose 16.51% to Rs 98.22 crore. Provision
for depreciation rose 15.58% to Rs 6.75 crore.
Fixed assets increased to Rs 257.96 crore as of 31 March 2024 from Rs
241.64 crore as of 31 March 2023.
Intangible assets declined from Rs 3.88 crore to Rs 3.81 crore.
Profit
before tax grew 16.58% to Rs 91.47 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 22 crore,
compared to Rs 18.79 crore. Effective
tax rate was 24.03% compared to 23.95%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 16.57% to Rs
69.56 crore.
Equity
capital stood at Rs 20.38 crore as of 31 March 2024 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 2024 ,compared to 52.70% as of 31 March 2023.
In a statement, Mr. Vayu
Garware, CMD, Garware Technical Fibres Ltd. said, "Q4 FY 24 has shown a profit
growth of 17% over previous Q4FY23 on account of strong demand from Norway and
northern Europe. Operating margins improved by 200 basis points over previous
year Q4 on the back of further improved product mix and strong demand for value
added solutions.
In
FY24 the Company was able to cross a milestone of Rs 200cr PAT and EPS crossing
Rs. 100/-. Growth in FY24 was fuelled by Aquaculture, Geosynthetics and from
the domestic business. Net profit before tax increases by 22% in FY24.
Sustained focus on fund generation from operations delivered a strong free cash
flow for the year.
We
look forward for a strong H1FY25 on account of continuing good demand in
Aquaculture segment from Chile & Norway for our newer solutions.
Geosynthetics business also is expected to continue its growth momentum with
good visibility.
Full year results
analysis
Net
sales (including other operating income) of Garware Technical Fibres has
increased 1.54% to Rs 1325.61 crore.
Sales of Synthetic Cordage segment has gone up 1.00% to Rs 1,114.89
crore (accounting for 82.28% of total sales).
Sales of Fiber and Industrial Products & Projects segment has gone
up 8.06% to Rs 240.05 crore (accounting for 17.72% of total sales). Inter-segment sales rose Rs 20.46 crore to Rs
29.33 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 16.23% to Rs
285.33 crore. PBIT of Synthetic Cordage
segment rose 12.03% to Rs 245.45 crore (accounting for 86.02% of total
PBIT). PBIT of Fiber and Industrial
Products & Projects segment rose 51.08% to Rs 39.88 crore (accounting for
13.98% of total PBIT).
PBIT
margin of Synthetic Cordage segment rose from 19.85% to 22.02%. PBIT margin of Fiber and Industrial Products
& Projects segment rose from 11.88% to 16.61%. Overall PBIT margin rose from 18.51% to
21.06%.
Operating
profit margin has jumped from 17.58% to 20.49%, leading to 18.33% rise in
operating profit to Rs 271.61 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
28.21% to 27.13%. Purchase of finished
goods cost fell from 3.15% to 2.44%.
Employee cost increased from 12.92% to 14.21%. Other expenses fell from 37.94% to
36.30%.
Other
income rose 54.80% to Rs 43.19 crore.
PBIDT rose 22.28% to Rs 314.8 crore.
Provision for interest rose 44.02% to Rs 17.21 crore. Loan funds declined from Rs 133.55 crore as
of 31 March 2023 to Rs 123.10 crore as of 31 March 2024. Inventories rose to Rs 256.74 crore as of 31
March 2024 from Rs 214.37 crore as of 31 March 2023. Sundry debtors were higher at Rs 262.37 crore
as of 31 March 2024 compared to Rs 234.04 crore as of 31 March 2023. Cash and bank balance rose to Rs 173.74 crore
as of 31 March 2024 from Rs 45.82 crore as of 31 March 2023. Investments rose to Rs 689.24 crore as of 31
March 2024 from Rs 617.39 crore as of 31 March 2023 PBDT
rose 21.22% to Rs 297.59 crore.
Provision for depreciation rose 16% to Rs 25.88 crore. Fixed assets increased to Rs 257.96 crore as
of 31 March 2024 from Rs 241.64 crore as of 31 March 2023. Intangible assets declined from Rs 3.88 crore
to Rs 3.81 crore.
Profit
before tax grew 21.74% to Rs 271.71 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 63.53
crore, compared to Rs 50.98 crore.
Effective tax rate was 23.38% compared to 22.84%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 20.90% to Rs
208.19 crore.
Equity
capital stood at Rs 20.38 crore as of 31 March 2024 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 2024 ,compared to 52.70% as of 31 March 2023
.
Cash
flow from operating activities increased to Rs 218.80 crore for year ended
March 2024 from Rs 189.38 crore for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 42.01 crore, compared to Rs 28.90
crore during the year ended March 2023.
The stock
trades at Rs 3201
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Garware Technical Fibres :
Consolidated Results
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Particulars
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2403
(03)
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2303
(03)
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Var.(%)
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2403
(12)
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2303
(12)
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Var.(%)
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Net Sales
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382.27
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370.49
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3
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1,325.61
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1,305.55
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2
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OPM (%)
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23.9
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21.5
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20.5
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17.6
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OP
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91.34
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79.69
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15
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271.61
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229.54
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18
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Other Inc.
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12.53
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7.85
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60
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43.19
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27.9
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55
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PBIDT
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103.87
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87.54
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19
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314.80
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257.44
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22
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Interest
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5.65
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3.24
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74
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17.21
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11.95
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44
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PBDT
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98.22
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84.30
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17
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297.59
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245.49
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21
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Depreciation
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6.75
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5.84
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16
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25.88
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22.31
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16
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PBT
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91.56
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78.46
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17
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271.71
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223.18
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22
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Taxation
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22
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18.79
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17
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63.53
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50.98
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25
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PAT
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69.56
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59.67
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17
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208.18
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172.20
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21
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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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69.56
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59.67
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17
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208.18
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172.20
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21
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EPS (Rs)*
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#
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#
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102.1
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84.5
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Notes
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* EPS is on current equity of Rs 20.38 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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2403
(03)
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2303
(03)
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Var.(%)
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% of (Total)
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2403
(12)
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2303
(12)
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Var.(%)
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Sales
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Synthetic Cordage
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86
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334.74
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307.39
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9
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84
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1,114.89
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1,103.87
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1
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Fiber and Industrial Products & Projects
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14
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55.51
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69.81
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-20
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18
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240.05
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222.14
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8
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Total Reported Sales
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100
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390.25
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377.20
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3
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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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7.98
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6.72
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19
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29.33
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20.46
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43
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Net Sales
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382.27
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370.48
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3
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1,325.61
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1,305.55
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2
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PBIT
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Synthetic Cordage
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89
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83.05
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75.19
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10
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86
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245.45
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219.09
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12
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Fiber and Industrial Products & Projects
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11
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9.94
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8.9
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12
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14
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39.88
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26.4
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51
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Total PBIT
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100
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92.99
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84.09
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11
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100
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285.33
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245.49
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16
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Less : Interest
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5.65
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3.24
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74
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17.21
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11.95
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44
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Add: Other un-allcoable
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4.14
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-2.4
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-273
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3.59
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-10.36
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-135
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PBT
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91.48
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78.45
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17
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271.71
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223.18
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22
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