Garware Technical Fibres on Friday reported an 11.7 per cent decline in profit after tax (PAT) at Rs 28.2 crore for the quarter ended June 30, 2022.
The company’s PAT stood at Rs 31.9 crore in the corresponding period of the previous fiscal, it said in a statement.
Net sales of the company increased by 25 per cent to Rs 304.5 crore in the first quarter of FY23, compared to Rs 243.1 crore in the year-ago period. "We witnessed a strong top line growth during the first quarter. However, the quarter also saw a further increase in raw material and input costs, which have been passed through with a lag. Raw material costs, along with a continuing lack of availability of containers to deliver some of our high margin export sales has temporarily affected the margins for this quarter," Garware Technical Fibres CMD Vayu Garware said.
Delayed shipments have also caused an increase of inventories as of June-end and these materials will be carried forward to the second quarter sales, he added.
The company’s shares on Friday closed at Rs 3,024.85, down 6.26 per cent on BSE.