Garware Technical Fibres consolidated net profit rises by 11.8% in FY20

Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), a leading manufacturer of technical textiles for the Indian and global markets, has announced its financial results for the quarter and twelve months ended 31st March 2020.

Q4 FY20 Highlights:

- Consolidated Revenue reduced by 12.8% to Rs. 252.56 Cr in Q4 FY20 as compared to Rs. 289.54 Cr in Q4 FY19

- Consolidated Net Profit has decreased by 2.5% to Rs. 35.70 Cr.in the quarter as against Rs. 36.62 Cr in the corresponding period of FY19

- Consolidated EPS for Q4 FY20 is at Rs. 16.32 this is a decline of 2.5 % over Q4 FY19

- Standalone Revenue reduced by 15.7% to Rs. 244.19 Cr in Q4 FY20 as compared to Rs. 289.54 Cr in Q4 FY19

- Standalone Net Profit has increased by 100% to Rs. 73.20 Cr in the quarter as against Rs. 36.61 Cr in the corresponding period of FY19

- Standalone EPS for Q4 FY20 is at Rs. 33.45; this is a rise of 100 % over Q4 FY19

FY20 Highlights:

- Consolidated Revenue reduced by 6-4% to Rs. 953.09 Cr in FY20 as compared to Rs. 1017.82 Cr in FY19

- Consolidated Net Profit has increased by 11.8% to Rs. 140.53 Cr as against Rs. 125.68 Cr in FY19

- Consolidated EPS for FY20 is at Rs. 64.22; this is an increase of 11.8% over FY19

- Standalone Revenue reduced by 7.2% to Rs. 944.72 Cr in FY20 as compared to Rs.1017.82 Cr in FY19

- Standalone Net Profit has increased by 41.7% to Rs. 178.00 Cr in FY20 as against Rs. 125.61 Cr in FY19

- Standalone EPS for FY20 is at Rs. 81.35; this is a rise of 41.7 % over FY19

Stating his views on the results, Mr. Vayu Garware, CMD, Garware Technical Fibres Ltd. said, "The topline and profit performance for the fourth quarter was subdued due to the impact of the lockdown on account of the coronauirus. Particularly, dispatches of our international sales were significantly impacted despite having a strong order book. Domestic sales from depots around the country could also not take place as planned. While the current Covid-19 pandemic continues to pose significant challenges in the first quarter of this year, since approximately 60% of our business caters to end users who are in food related industries, we are hopeful of a reasonable recovery in the second half of the year subject to any unforeseen issues."

Shares of Garware Technical Fibres Ltd was last trading in BSE at Rs.1368 as compared to the previous close of Rs. 1417.8. The total number of shares traded during the day was 1891 in over 236 trades.

The stock hit an intraday high of Rs. 1420.75 and intraday low of 1356.6. The net turnover during the day was Rs. 2656954.

Source : Equity Bulls

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