Consolidated H1FY23 revenue up by 18.5% at Rs. 765 crores

Steady performance balancing growth and profitability, despite global challenges

Consolidated PAT up by 17% at Rs. 93 crores

Bangalore, November 11, 2022: Garware Hi-Tech Films Limited (GHFL) (BOM: 500655 | NSE: GRWRHITECH), a global provider of specialty polyester films, announced results for the second quarter and half year ended on September 30, 2022.
Highlights:

Consolidated Q2FY23:

• Revenue up by 16.2% at Rs. 395 crores visa-vis Rs. 340 crores in Q2FY22
• EBIDTA up by 10.1% at Rs. 76 crores visa-vis Rs. 69 crores in Q2FY22
• PAT up by 11.1% at Rs. 48 crores visa-vis Rs. 43 crores in Q2FY22

Consolidated H1FY23:

• Revenue up by 18.5% at Rs. 765 crores visa-vis Rs. 645 crores in H1FY22
• EBIDTA up by 8.7% at Rs. 147 crores visa-vis Rs. 135 crores in H1FY22
• PAT up by 17.1% at Rs. 93 crores visa-vis Rs. 79 crores in H1FY22

Commenting on the results Shri S. B. Garware, Chairperson and Managing Director said, “It has been a steady quarter and half year for GHFL, despite global challenges, as we have been able to find a balance to increase our profitability as well as make investments that will contribute incrementally to GHFL’s top line. These measures will eventually take the company to a niche position in the specialty films market in all the geographies where we have a presence.”

Speaking about the outlook for the year ahead, Ms. Monika Garware, Vice-Chairperson, and Joint Managing Director said, “Keeping in mind the robust demand in the specialty film space in 2023 and beyond, the ongoing production line expansion will help us cater to the increased demand from the auto as well as architectural segments, along with an increased focus and efforts in sales network expansion and marketing activities.”

Consolidated Financial Summary:

Rs in Crores