Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), a leading manufacturer of technical textiles for the Indian and global markets, has announced its financial results for the first quarter ended June 30, 2019.
As per the company, its Net Sales decreased by 4.9 percent to Rs. 232.3 cr in Q1 FY20 as compared to Rs. 244.3 cr in Q1 FY19, Profit before tax reduced by 8.6 percent to Rs. 42.2 cr in Q1 FY20 as compared to Rs. 46.2 cr in the same quarter last year, Net profit after tax has dropped by 5.7 percent to Rs. 29.6 cr in the quarter as against Rs. 31.4 Cr in the corresponding period of FY19, EPS for Q1 FY20 is at Rs. 13.52; this is a de-growth of 5.7 percent over Q1 FY19.
In a statement, Vayu Garware, CMD, Garware Technical Fibres Ltd. said, “The year has begun with a steady performance in our Synthetic cordage segment. Our V2 technology based products are seeing good customer acceptance and excellent order flow. However, we faced headwinds in our Fibre and Industrial Products & Projects segment wherein the general elections led to a slowdown in release of tenders by both government and private sector. Post-election, some of these key projects have now been tendered and awarded. We will be working hard to make up for the delay in Q3 and Q4.”
Garware Technical Fibres Ltd. (formerly Garware-Wall Ropes Ltd.), an ISO 14001:2015 and ISO 9001:2015 certified company is a leading player in Technical Textiles specializing in providing customized solutions to its customers worldwide. Globally, the company is known for its applied innovation in the field of sports, fisheries, aquaculture, shipping, agriculture, coated fabrics and geo-synthetics. The company`s products are manufactured in state-of-art facilities at Wai and Pune and marketed in more than 75 countries.