Garware Technical Fibres net profit before tax increases by 54.1%in Q3 FY21

Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), a leading manufacturer of technical textiles for the Indian and global markets, today announced its financial results for the Quarter and Nine months ended December 31, 2020.

Consolidated: Q3 FY21Highlights:

- Net Sales increased by 18.1%to Rs. 278.43 Cr in Q3 FY21as compared to Rs. 235.78 Cr in Q3 FY20

- Profit before tax increased by 54.1%to Rs. 59.0 Cr in Q3 FY21as compared to Rs. 38.3 Cr in the same quarter last year

- Net profit after tax has increased by 49% to Rs. 43.2 Cr in the quarter as against Rs. 28.9 Cr in the corresponding period of FY20.

- EPS for Q3 FY21is at Rs. 20.19; this is a growth of 52.6 % over Q3 FY20

Consolidated: 9M FY21Highlights:

- Net Sales decreased by 0.2% to Rs. 699.1 Cr in 9M FY21as compared to Rs. 700.5 Cr in 9M FY20

- Profit before tax increased by 12.2% to Rs. 139.3 Cr in 9M FY21as compared to Rs. 124.1Cr in the same period last year

- Net profit (PAT) has increased by 0.3% to Rs. lO5.2 Cr in the period as against Rs. 104.8 Cr in the corresponding period of FY20

- EPS for the period is at Rs. 49.22 in 9M FY21; this is an increase of 2.7% over 9M FY20

In a statement, Mr. Vayu Garware, CMD, Garware Technical Fibres Ltd. said, "We delivered a powerful consolidated performance with 18.1%sales growth and 54.1 % PBT growth in Q3. Demand for our products continued both in Domestic and International market and our team has executed well. Profitability across businesses have been well delivered by a good Sales mix and excellent work in cost optimization. It is also led by a strong performance in new products. Funds generated from operations continued to be on plan with good working capital management."

Shares of Garware Technical Fibres Ltd was last trading in BSE at Rs.2315 as compared to the previous close of Rs. 2250.6. The total number of shares traded during the day was 4327 in over 1146 trades.

The stock hit an intraday high of Rs. 2365.15 and intraday low of 2259.75. The net turnover during the day was Rs. 10076267.

Source : Equity Bulls

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