Garware Technical Fibres consolidated net profit after tax increases by 11% in Q4 FY 23

Hyderabad, May 23, 2023: Garware Technical Fibres Ltd. a leading manufacturer of technical textiles for the Indian and global markets, today announced its audited financial results for the quarter and year ended Mar 31, 2023.

Consolidated: Q4 FY 23 Highlights:
•      Net Sales increased by 35 % on QoQ basis to Rs 370.5 Cr in Q4 FY23 as compared to Rs. 274. 6 cr
in Q3 FY 23.  On YoY basis, there is an increase of 4% VS Q4  F22 Of 361.3 Cr.
•      Net profit after tax has increased by 63% on QoQ basis to Rs 59.6 Cr in Q4 FY23 as against Rs. 36.6 Cr in Q3 FY23. On YoY basis, there is an increase of 11% vs Q4 F22 Of Rs. 53.9 cr.
•      EPS for Q4 FY23 is at  Rs. 28.95 this is a growth of 11% over Q4 FY22

Consolidated: Q4FY23Highlights:
•      Net Sales increased by 10% to Rs 1305.6 Cr in FY23 as compared to Rs. 1189.4 Cr in FY22
•      Profit before tax increased by 3% to Rs. 223.2 Cr in FY23 as compared to Rs. 216.4 Cr in the last
year
•      Net profit after tax has increased by 5% to  Rs. 172.2 Cr in FY23 as against Rs. 164 8 Cr in FY22.
•      EPS for FY23 is at Rs. 83.54 this is a growth of 5% over 12M FY22

In a statement, Vayui  Garware,  CMD,  Garware  Technical  Fibres  Ltd.  said,  “Current quarter results has shown b:etter performance on all fronts. PAT for Q4F23 has significantly grown by 63% over immediately preceding quarter Q3 F23. There is a li% growth over Q4 M22. Operating EBIDTA Margins improved to 21.5% in Q4 F23 VS 2O.6% in PY Q4 FY22, primarily on account of strong pull from customers for new aquaculture products in Chile and Scotland. Geosynthetics business has registered excellent growth during the current quarter and overall for the year. Due to focused and concentrated approach on funds release from operations, the Company has done well on working capital management and as a result, cash generation from operations has significantly  improved over  the previous year. We look forward to a good FY24 th international sports business expected to come back on track and some improvement in orders from Norway, which have been subdued due to the new resource tax being imposed by the Norwegian Govt.”