Garware Hi-Tech Films Q4 results: Profit soars 42% to Rs 45 cr

The new lamination facility is nearing completion and expects commence commercial production by the second quarter of FY23

AgenciesUpdated: Saturday, May 28, 2022, 05:12 PM IST
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For the full 2021-22 fiscal, the company reported a 33 percent jump in PAT to Rs 167 crore compared to Rs 126 crore in FY2020-21. / Representative Image |

Specialty polyester films exporter Garware Hi-Tech Films Ltd's (GHFL) profit after tax soared by around 42 percent to Rs 45.12 crore in January-March 2021-22. GHFL had posted a PAT of Rs 31.80 crore in the last quarter of FY2020-21, the company said in a statement.

Its revenue on a consolidated basis rose by over 12 percent to around Rs 324 crore in the last quarter of FY22 compared to Rs 287 crore in the year-ago period.

''Our Company has earned record revenues and profits, despite challenging external environmental factors. In the coming year, we anticipate, our new lamination facility to commence production, and our paint protection film to see increased volume as it has been tested and approved by our major trading partners in USA and Europe," GHFL Chairperson and Managing Director S B Garware said.

For the full 2021-22 fiscal, the company reported a 33 percent jump in PAT to Rs 167 crore compared to Rs 126 crore in FY2020-21. Its revenue on a consolidated basis jumped by 32 percent to Rs 1,303 crore in FY22 against Rs 989 crore in FY21.

The company also announced that its new lamination facility is nearing completion and it expects to commence commercial production by the second quarter of FY23.

GHFL also said that Sarita Garware Ramsay will rejoin its board as an additional director in the category of whole-time director (executive director) termed as Joint Managing Director.

The board of directors has recommended a 100 percent final dividend of Rs 10 per fully paid-up equity share of Rs 10 each for the financial year ended March 31, 2022. Shares of GHFL closed higher by 1.22 per cent at Rs 682.10 apiece on BSE on Friday.

GHFL, formerly Garware Polyester Limited, is the flagship company of Garware Group and a leading player in specialty polyester films in India and globally. It has manufacturing facilities at Aurangabad, Maharashtra.

(With PTI inputs)

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