Q3 FY22 Revenue up by 18% at INR 334 crores vs. INR 283 crores in Q3 FY21 – Margins Improve Quarter-on-Quarter

Mumbai : Garware Hi-Tech Films Limited (GHFL) (formerly known as Garware Polyester Limited), the flagship company of Garware Group and a leading player in specialty Polyester Films in India and Worldwide announced its un-audited financial results for the quarter and nine months ended on December 31, 2021.

	For the Quarter Ended	Nine Months Ended
	Q3 FY22	Q3 FY21	Change %	Q2 FY22	9M FY22	9M FY21	Change %
Revenue	333.90	282.65	18.1	339.62	979.12	701.29	39.6
EBIDTA	72.17	74.94	(3.7)	68.89	206.92	175.54	17.9
PBDT	67.54	70.26	(3.9)	64.24	193.25	160.83	20.2
PAT	42.89	42.78	0.3	43.34	122.06	94.15	29.6
EPS in INR	18.46	18.41	0.3	18.65	52.54	40.53	29.6

Commenting on GHFL’s journey, Shri S. B. Garware, Chairperson and Managing Director, GHFL said, “Garware Hi-Tech has worked hard over the years to create a unique position for itself in the marketplace with a variety of offerings catering to individuals and industry. Leveraging on our technology and expertise we are increasingly optimistic in transitioning towards a B2C company providing highly specialized and value-added products in marketplace. Our focus in the current year remains on growing the sales network of dealers, distributors, and applicators in key markets of USA and Europe with hi-tech products for consumers.”

“GHFL has consolidated its position during the period under review. The third quarter’s performance is in line with our projections despite certain disruptions due to Omicron” said Ms. Monika Garware, Vice-Chairperson and Jt. Managing Director, GHFL. “GHFL continues to maintain its growth momentum. Exports continue to witness strong growth. The outlook for the rest of the year continues to remains promising. We are hopeful of surpassing our previous best performance in the remaining part of the financial year.”  

Business Updates:

• On February 3, 2022, the Company also listed on the National Stock Exchange (NSE) to provide an additional platform for new investors to participate in GHFL’s growth journey, increase investor participation and enhance value for all shareholders. The Company’s shares are already listed and traded on the Bombay Stock Exchange (BSE).
• The Erection work for new Lamination line has commenced and the Company expects production by Q1 FY23.
• Company was awarded the “British Retail Consortium Global Standard For Packaging Materials (BRCGS)” – Grade “A” Certificate from Intertek Team (UK) for its Waluj facility.

Other Updates:

• In line with the current trend of having a smaller-sized board to enable greater participation, quicker decision making and diversity, Company has thought it prudent to reduce its board size which till recently had 13 members.
• The said board size rationalization plan has been in action since early 2021, and it included portfolio allocation, succession planning, increasing bench strength, skill sets, enabling the Company to navigate towards a dynamic and exciting future.
• The Company has in last few years, identified successors of Mr. C. J. Pathak, and Mr. B. D. Doshi, and had them share responsibility enabling a smooth transition.
• Consequent to a succession transition, Mr. B. D. Doshi, Non-Independent Director (77 years), reiterated his long-standing request to step-down from the Board of the Company to enjoy a retired life.
• Simultaneously, Mrs. Sarita Garware Ramsay, Joint Managing Director, desired to step-down from her duties to the Company, to pursue an entrepreneurial venture, which is unrelated to Company’s business.
• The Board took note of their resignations, acknowledged their contributions to the Company, and wished them success in their future endeavors.
• The Board also took the opportunity to acknowledge contributions, and wish success to the former directors, Mr. C. J. Pathak, (68 years) resigned on January 13, 2022, and Mr. B. Moradian (72 years) resigned on February 4, 2022.