Garware Technical Fibres Ltd, a leading manufacturer of technical textiles for the Indian and global markets, today announced its financial results for the second quarter and half year ended September 30, 2019.
The Net Sales declined by 11.2percent to Rs. 232.42 Cr in Q2 FY20 as compared to Rs. 261.83 Cr in Q2 FY19Condidering the profit before tax reduced by 10.6 percent to Rs. 43.54 Cr in Q2 FY20 as compared to Rs. 48.69 Cr in the same quarter last year. The net profit after tax has grown by 40.5 percent to Rs. 46.26 Cr in the quarter as against Rs. 32.93 cr in the corresponding period of FY19. Following EPS for Q2 FY20 is at Rs. 21.14; this is a growth of 40.5 percent over Q2 FY19
Following the result Net Sales decreased by 8.2percent to Rs. 464.75 Cr in H1FY20 as compared to Rs. 506.09 Cr in H1FY19. Profit before tax decreased by 9.6percent to Rs. 85.74 Cr in H1FY20 as compared to Rs. 94.84 Cr in the same period last year.Net profit (PAT) has increased by 18percent to Rs. 75.86 Cr in the period as against Rs. 64.30 Cr in the corresponding period of FY19. EPS for the period is at Rs. 34.67 in H1FY20; this is a rise of 18percent over H1FY19.
However, the company has good visibility for the second half of the year and will play for the improved year-end result. On the plus side good working capital management in the first half, resulting in higher fund generation from operations.