21 Oct, 2022

Latest News | Garware Technical Fibres Q2 Profit Rises 17 Pc at Rs 47.7 Crore


Mumbai, Oct 21 (PTI) Technical textiles manufacturer Garware Technical Fibres on Friday reported a 16.8 per cent growth in profit after tax at Rs 47.7 crore in the September quarter.

The company's Profit After Tax (PAT) stood at Rs 40.8 crore in the year-ago period, it said in a statement.

Formerly known as Garware-Wall Ropes, the company's net sales increased 26.3 per cent during the quarter under review to Rs 355.9 crore.

In the year-ago period, the same stood at Rs 281.8 crore.

"We were able to deliver a good operational performance in the second quarter of FY23. 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 the second quarter of FY22," Garware Technical Fibres Chairman and Managing Director Vayu Garware said.

The company was also able to get margins back close to normal levels in the second quarter, he added.

"The easing of raw material costs as well as freight rates from the last quarter's levels should be positive in the second half of the year," he said.

On Friday, shares of the company traded 1.30 per cent higher to settle at Rs 3,459.60 apiece on BSE.