Garware Technical Fibres net profit falls by 5.7% in Q1 FY20

Bangalore, August 7, 2019: 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, 2019.

Standalone: Q1 FY20 Highlights:

§  Net Sales decreased by 4.9% to Rs. 232.3 Cr in Q1 FY20 as compared to Rs. 244.3 Cr in Q1 FY19

§  Profit before tax reduced by 8.6% to Rs. 42.2 Cr in Q1 FY20 as compared to Rs. 46.2 Cr in the same quarter last year

§  Net profit after tax has dropped by 5.7% to Rs. 29.6 Cr in the quarter as against Rs. 31.4 Cr in the corresponding period of FY19

§  EPS for Q1 FY20 is at Rs. 13.52; this is a de-growth of 5.7 % over Q1 FY19

Management Comments:

In a statement, Mr. Vayu Garware, CMD, Garware Technical Fibres Ltd. said, “The year has begun with a steady performance in our Synthetic cordage segment. Our V2 technology based products are seeing good customer acceptance and excellent order flow. However, we faced headwinds in our Fibre and Industrial P roducts & Projects segment wherein the general elections led to a slowdown in release of tenders by both government and private sector. Post-election, some of these key projects have now been tendered and awarded. We will be working hard to make up for the delay in Q3 and Q4.” 

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