Garware Technical Fibres announces FY23 Q3 Results
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Hyderabad : Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), a leading manufacturer of technical textiles for the Indian and global markets, today announced its unaudited financial results for the quarter and nine months ended Dec 31, 2022.
Consolidated: Q3 FY23 Highlights:
* Net Sales decreased by 11%to Rs. 274.6 Cr in Q3FY23 as compared to Rs. 308.1 Cr in Q3 FY22
* Profit before tax decreased by 9% to Rs. 46.6 Cr in Q3FY23 as compared to Rs. 50.9 Cr in the same period last year
* Net profit after tax has decreased by 4% to Rs. 36.6 Cr in Q3 FY23 as against Rs. 38.1 Cr in the corresponding period of FY22.
* EPS for Q3 FY23 is at Rs. 17.74 this is a de-growth of 4% over Q3 FY22
Consolidated: 9M FY23 Highlights:
* Net Sales increased by 12% to Rs. 935.1 Cr in 9MFY23 as compared to Rs. 833.1 Cr in 9M FY22
* Profit before tax remained flat Rs. 144.7 Cr in 9MFY23 as compared to Rs. 145.1 Cr in the same
period last year
* Net profit after tax has increased by 2% to Rs. 112.5 Cr in 9M FY23 as against Rs. 110.9 Cr in the
corresponding period of FY22.
* EPS for 9M FY23 is at Rs. 54.58 this is a growth of 2% over 9M FY22
Management Comments:-
In a statement, Mr. Vayu Garware, CMD, Garware Technical Fibres Ltd. said, "The current quarter results have been impacted due to delay in orders from our customers in the industrial and sports businesses on account of recessionary pressures in Europe and USA. We saw customers adjusting stocks in Q3 significantly. We expect this to be short term in nature and will get corrected from Q1 FY24. There was an offset to some extent by strong order flow from Chile and Scotland
Aquaculture business, focused on our new innovative products like X18 and CFR, from major customers there. These products are allowing customers to benefit from operational savings which would otherwise be difficult. We have been able to maintain margins during the current quarter and expect that to continue. We look forward to a better fourth quarter with current visibility.
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