Garware Polyester becomes first PPF manufacturer in India, Eyes 300 er incremental revenue by FY23

Garware Polyester Ltd. (GPL), the flagship company of the Garware Group and a leading player in specialty Polyester Films in India commenced the production of Paint Protection Films (PPF) for automobile paint protection. Currently, Paint Protection Film has an estimated global market size of $500m and is dominated by global giants like 3M, Llumar (from Eastman), XPEL etc.

Paint Protection Film is designed to give automobile paint coatings the highest level of protection and impact resistance, and these films are clear, self-healing Paint Protection Films. This type of special extends the life of the paint coating on vehicles, and has self-healing properties. The PPF is manufactured using a specially formulated Thermoplastic Polyurethane film (TPU), which offers high reliability and consistent performance. The highly specialized film protects the vehicle's paint from scratches, dents and damage caused by road debris and rocks, as well as from environmental elements, through its force-dissipation properties.

With no major domestic manufacturing competition, the company estimates Paint Protection Films to contribute 20% of FY23 revenue estimated at an incremental Rs. 300 Cr. The GPL PPF will also be more competitively priced than those available in the Indian market today, as it is manufactured in GPL's highly efficient, integrated manufacturing set-up.

Commenting on the PPF line production commencement, Mr. S.B. Garware, Chairman and Managing Director, Garware Polyester said, "Garware has been the pioneer in polyester film manufacturing since 1974 and after our strong second quarter performance we expect the commencement of the PPF line to contribute significantly to our topline. The product will be available to both our domestic customers as well as export markets. We plan our product lines very carefully with an aim to acquire global leadership in any specialty product that we manufacture. I am confident that we will achieve the same with our PPF line as well."

Shares of GARWARE POLYESTER LTD. was last trading in BSE at Rs.319.15 as compared to the previous close of Rs. 324.55. The total number of shares traded during the day was 6859 in over 149 trades.

The stock hit an intraday high of Rs. 325 and intraday low of 318. The net turnover during the day was Rs. 2202232.

Source : Equity Bulls

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