Results: Garware Technical Fibres Q4 profit after tax jumps 49%
Results: Garware Technical Fibres Q4 profit after tax jumps 49%

Garware Technical Fibres, formerly Garware-Wall Ropes, on Thursday reported a 49.1 per cent jump in its consolidated profit after tax (PAT) to Rs 53.2 crore for the March 2021 quarter.

The technical textiles manufacturer's PAT had stood at Rs 35.7 crore in the corresponding period of 2019-20, Garware-Wall Ropes said in a statement.

Its net sales in January-March 2021 increased 32.8 per cent to Rs 335.4 crore, compared with Rs 252.6 crore in the year-ago period.

For the full financial year 2020-21, the consolidated PAT rose 12.7 per cent to Rs 158.4 crore as compared with Rs 140.5 crore in the previous financial year.

Net sales in 2020-21 increased 8.5 per cent to Rs 1,034.6 crore, compared with Rs 953.1 crore in 2019-20.

Garware Technical Fibres Chairman and Managing Director Vayu Garware said, "In the fourth quarter, we were able to deliver 33 per cent growth in sales and almost 50 per cent increase in PAT." He added that the international business demand for the firm's solutions remains strong and its execution team was able to meet customer expectations despite the initial challenges in the first quarter of FY21. "The domestic market also recovered well and our team was able to deliver robust growth." Shares of the company on Thursday closed at Rs 2,833.30, up 0.72 per cent on the BSE.

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