23 Oct, 2022

Garware Technical Fibre's Q2 profit rises 17% at Rs 47cr

Hyderabad: Galware Technical Fibres announcing its September quarter results on Saturday (22 October, 2022) said its net profit has increased by 16.8 per cent to Rs 47.7 crore in Q2 FY23 as against Rs 40.8 crore in the corresponding period of FY22.

Whereas its net sales have surged by 26.3 per cent to Rs 355.9 crore in Q2 FY23 as compared to Rs 281.8 crore in corresponding quarter last fiscal. Vayu Garware, CMD of Garware Technical Fibres said:"We were able to deliver a good operational performance in Q2FY23. With easing of the export supply chain challenges, revenue grew by 26 per cent and operating EBITDA grew by 22 per cent as compared to Q2FY22." He added: "We were also able to get margins back to close to normal levels in Q2.

PBT rose to 17.1 per cent of sales in Q2 FY23 from 12.2 per cent in Q1 FY23. This was despite higher inventory costs carried forwarded from the previous quarter as well as continued higher cost of export freights in Q2 FY23. The easing of raw material costs as well as freight rates from the last quarter's levels should be a positive in the second half of the year."