Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), the manufacturer of technical textiles for the Indian and global markets, today announced its financial results for the quarter ended Jun 30, 2022.
Consolidated: Q1FY23 Highlights:
- Net Sales increased by 25% to Rs 304.5 Cr in Q1FY23 as compared to Rs 243.1 Cr in Q1 FY22
- Profit before tax decreased by 10.2% to Rs 37.1 Cr in Q1FY23 as compared to Rs 41.3 Cr in the same period last year
- Net profit after tax has decreased by 11.7% to Rs 28.2 Cr in Q1 FY23 as against Rs 31.9 Cr in the corresponding period of FY22.
- EPS for Q1 FY23 is at Rs 13.67 this is a degrowth of 11.7% over Q1 FY22
In a statement, Vayu Garware, CMD, Garware Technical Fibres Ltd. said, “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. Delayed shipments have also caused an increase of inventories as of June quarter end. These materials will be carried forward to Q2 sales.
“With good movement of export orders so far in Q2 as well as a recent softening in the raw material, we expect to have a positive second quarter in FY23.
“We are also proud that GTFL’s deep connect with its team was independently recognized by the Great Place to Work@ Institute India. In 2022, GTFL was ranked 49th amongst India’s best companies to work for, across sectors. There was a significant increase in our trust index score under this survey”.