Garware Technical Fibres consolidated net profit falls by 40.3% in Ql FY21

Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), a leading manufacturer of technical textiles for the Indian and global markets, today announced its financial results for the first quarter ended June 30, 2020.

Consolidated: Q1 FY21 Highlights:

- Net Sales decreased by 34.4% to Rs. 152.4Cr in Q1 FY21 as compared to Rs. 232.3 Cr in Q1 FY20

- Profit before tax reduced by 46.6% to Rs. 22.6 Cr in Q1 FY21 as compared to Rs. 42.3 Cr in the same quarter last year

- Net profit after tax has dropped by 40.3% to Rs. 17.7Cr in the quarter as against Rs. 29.6 Cr in the corresponding period of FY20.

- EPS for Q1 FY21 is at Rs. 8.08; this is a de-growth of 40.3 % over Q1 FY20

In a statement, Mr. Vayu Garware, CMD,Garware Technical Fibres Ltd. said, Business in Qi was deeply impacted due to the COVID19 induced lockdown. Manufacturing and sales activities came to a standstill across the country. During the lockdown period, we prioritized the health and wellbeing of our team and their families with strict SOPs and regular communications. We further focused on collection of receivables, reduction of costs and Cash flow. Towards the later part of Q1, manufacturing started in a phased manner. Domestic Market activity remained on a very low scale. We could gradually pick up supplies to the international market and were thereby able to deliver a reasonable result despite the challenges.

Shares of Garware Technical Fibres Ltd was last trading in BSE at Rs.1973.2 as compared to the previous close of Rs. 1894.75. The total number of shares traded during the day was 2827 in over 732 trades.

The stock hit an intraday high of Rs. 1992 and intraday low of 1905.2. The net turnover during the day was Rs. 5532506.

Source : Equity Bulls

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