Pune: 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 FY21 Highlights:

• Net Sales increased by 18.1% to Rs. 278.43 Cr in Q3 FY21 as compared to Rs. 235.78 Cr in Q3 FY20
• Profit before tax increased by 54.1% to Rs. 59.0 Cr in Q3 FY21 as 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 FY21 is at Rs. 20.19; this is a growth of 52.6 % over Q3 FY20

Consolidated: 9M FY21 Highlights:

• Net Sales decreased by 0.2% to Rs. 699.1 Cr in 9M FY21 as compared to Rs. 700.5 Cr in 9M FY20
• Profit before tax increased by 12.2% to Rs. 139.3 Cr in 9M FY21 as compared to Rs. 124.1 Cr in the same period last year
• Net profit (PAT) has increased by 0.3% to Rs. 105.2 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

Management Comments:

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.”