Garware Technical Fibres net profit after tax increased by 17% in Q2 FY23

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Bengaluru, Oct 21, 2022: Galware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), a leading manufacturer of technical textiles for the Indian and global markets, today announced its unaudited financial results for the quarter and half year ended Sep 30, 2022.

Consolidated: Q2 FY23 Highlights:

  • Net Sales increased by 26.3% to Rs. 355.9 Cr in Q2FY23 as compared to Rs. 281.8 Cr in Q2 FY22 https://mail.google.com/mail/u/0/#inbox/FMfcgzGqRGWSJLBrqmTvqGsKCxTWcGzm
  • Profit before tax increased by 15.5% to Rs. 61.0 Cr in Q2FY23 as compared to Rs. 52.8 Cr in the same period last year
  • Net profit after tax has increased by 16.8% to Rs. 47.7 Cr in Q2 FY2’3 as against Rs. 40.8 Cr in the corresponding period of FY22.
  • EPS for Q2 FY23 is at Rs. 23.17 this is a growth of 16.8% over Q2 FY22

Consolidated: HI FY23 Highlights:

  • Net Sales increased by 25.8% to Rs. 660.4 Cr in H1FY23 as compared to Rs. 524.9 Cr in H1FY22 https://mail.google.com/mail/u/0/#inbox/FMfcgzGqRGWSJLBrqmTvqGsKCxTWcGzm
  • Profit before tax increased by 4.2% to Rs. 98.2 Cr in H1FY23 as compared to Rs. 94.1 Cr in the same period last year
  • Net profit after tax has increased by 4.3% to Rs. 75.9 Cr in H1 FY23 as against Rs. 72.8 Cr in the corresponding period of FY22.
  • EPS for H1 FY23 is at Rs. 36.84 this is a growth of 4.3% over H1 FY22

Management Comments:

In a statement, 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 Q1 FY23. This was despite higher inventory costs carried forwarded from the previous quarter as well as continued higher cost of export freights in Q2 FY23. The easing of raw material costs, as well as freight rates from the last quarter’s levels, should be positive in the second half of the year. “

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