Garware Hi-Tech Films Ltd. achieves highest ever H1 consolidated revenue of Rs. 645 crs.

Bangalore ,11^th November 2021 Garware Hi-Tech Films Ltd., the flagship company of the S. B. Garware Group and a leading global player in high performance specialty films declared its results for the second quarter and first half ended September 30th, 2021.

Key Consolidated Financial Highlights:

Q2 FY22 Performance Highlights –

•         Highest revenue ever in a half year period driven by strong revenue growth across segments

•         Sustained margins and strong cash flow defined by disciplined value growth, increased B2C sales. Earnings Before Interest, Tax, Depreciation, & Amortization (EBITDA) for the quarter stood at ₹ 65.86 Cr (vs ₹ 30.88 Cr in Q1 FY21) reflecting a 21.56% EBITDA margin. EBITDA margin up by 334 Bps on YoY basis due to increase in revenue including specialty products.  

•             Strategic scalable initiatives, capacity enhancement, upgradation of existing capacities leading to company generating momentum in marketplace

•         Aggressive investments in innovation, product pipeline, capability building and brand penetration yielding results.

•         Supporting and growing end-user partnerships

•         Technology capability developed for end-user integration of software for product application and innovative new-age technology solutions for specific needs.

The company’s continued focus on 4 pillars of – Innovation, value-added products, higher share of Consumer Division and Technology Integration have contributed in improving company’s financial performance during the quarter.

“GHFL’s strong performance in the first half is driven by all operational and financial metrics,” said Ms. Monika Garware, Vice-Chairperson and Jt. Managing Director, GHFL. “Our constant focus and efforts on high performance and value-added products in key global markets have yielded excellent results. Our revenue share from exports has witnessed a growth of 31% in Q2 on a YoY basis. Our increased focus towards niche high margin specialty products is reflected in our financial performance.  The outlook for the rest of the year continues to remain promising. The global demand scenario in auto, construction, packaging and other sectors remains buoyant and we are hopeful of maintaining the momentum in the remaining half of the financial year.”   Developments during the Quarter –

1)       The new Sun-Control Window film production line the work is in progress. Civil work is almost completed and all machine and equipment are ordered. The shipments are started. This new line shall aid in enhancing GHFL’s sales in the Auto as well as Window films category across architectural, safety and security films in construction sector.

2)       GHFL won the silver medal at India Green Manufacturing Challenge Award 2020-21 hosted by International Research Institute for Manufacturing (IRIM) for its Chikalthana plant at Aurangabad. Companies who have exhibited excellence in the adoption of Green Processes beyond the standards and have established a new benchmark for others to follow are given the award.

3)       CSR – The Company has developed a COVID CARE CENTRE at Chikalthana MIDC, Aurangabad with a capacity of 125 Oxygen beds with all essential infrastructure & facilities and handed over to Aurangabad Disaster management Authority headed by the honorable district collector. The Company has also renovated the heritage school building of Sou Vimlabai Garware High School at Pune.

4)       The Company participated in the  SEMA Show ’21 at Las Vegas, USA held in the first week of Nov 21 wherein it showcased its Paint Protection Films and other top-of-the-line auto products. The event showcases current trends, innovations and discoveries from the automotive aftermarket industry from over 1,300 exhibitors. The booth received tremendous response from PPF &Window film installers from all over the world.