Garware Technical Fibres Q4 net profit at 53.2 crore, up by 49%

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Net profit (PAT) has increased by 12.7% to INR 158.4 crore in 12M FY21 as compared to INR 140.5 crore in the same period last year.

Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), a leading manufacturer of technical textiles for the Indian and global markets, today announced its audited financial results for the year ended March 31, 2021.

Consolidated: Q4 FY21 Highlights:

• Net Sales increased by 32.8% to INR 4 crore in Q4 FY21 as compared to INR 252.6 crore in Q4 FY20
• Net profit after tax has increased by 49.1% to INR 53.2 crore in the quarter as against INR 35.7 crore in the corresponding period of FY20.

Consolidated: 12M FY21 Highlights:

• Net Sales increased by 8.5% to INR 1034.6 crore in 12M FY21 as compared to INR 953.1 crore in 12M FY2o
• Net profit (PAT) has increased by 12.7% to INR 158.4 crore in 12M FY21 as compared to INR 140.5 crore in the same period last year

Vayu Garware, CMD, Garware Technical Fibres Ltd. said “Despite the challenges posed by the Covid-19 pandemic in FY21, especially in the first quarter of the financial year, our team worked with dedication and drive to deliver a robust performance for the year crossing a significant milestone of INR 2oo crore Profit Before Tax and INR 150 crore Profit After Tax. I must also thank all of our customers in India and around the world for maintaining their faith and trust in us and our solutions. In Q4, we were able to deliver 33% growth in sales and almost 50% increase in PAT. The international business demand for our solutions remains strong and our execution team was able to meet customer expectations despite the initial challenges in Q1FY21. The domestic market also recovered well and our team was able to deliver a robust growth. Sustained focus on fund generation from operations has also been one of the highlights of F21 performance”.