Garware Technical Fibres Ltd. has come out with the financial results for the first quarter that ended on 30 June 2019.
Some of the key highlights of the report are as follows:
- Net sales has slumped by 4.9 per cent to Rs. 232.3 crore in Q1 FY20 as compared to Rs. 244.3 crore in Q1 FY19
- Profit before tax reduced by 8.6 percent to Rs. 42.2 crore in Q1 FY20 as compared to Rs. 46.2 crore in Q1 FY19
- Net profit after tax dipped by 5.7 per cent to Rs. 29.6 crore in Q1 FY20 as against Rs. 31.4 Cr in Q1 FY19
- EPS for Q1 FY20 is at Rs. 13.52, which is a de-growth of 5.7 per cent over what it was in Q1 FY19.
Further on the reports, 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.”
He further added “However, we faced headwinds in our Fibre and Industrial Products & 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.”
Garware Technical Fibres Ltd. (formerly Garware-Wall Ropes Ltd.), an ISO 14001:2015 and ISO 9001:2015 certified company, is a leading player in Technical Textiles specialising in providing customised solutions to its customers worldwide.