Garware Technical Fibres Q1 results: PAT down 3% at Rs 18 cr

MUMBAI: Garware Technical Fibres (formerly Garware-Wall Ropes) on Friday reported a 3 per cent decline in its consolidated profit after tax for the first quarter of this financial year at Rs 17.7 crore.

The company had reported a PAT Rs 29.6 crore for corresponding quarter of the previous fiscal, Garware Technical Fibres said in a statement.

Net sales of the company during the quarter under review declined to Rs 152.4 crore as compared to Rs 232.3 crore in the year-ago period.

€œBusiness in Q1 was deeply impacted due to the COVID-19 induced lockdown. Manufacturing and sales activities came to a standstill across the country. During the lockdown, we prioritised the health and wellbeing of our team and their families with strict SOPs and regular communications,€? Garware Technical Fibres CMD Vayu Garware said.

The company further focused on collection of receivables, reduction of costs and cash flow, he added.

€œTowards the later part of the first quarter, manufacturing started in a phased manner. Domestic market activities remained on a very low scale. We could gradually pick up supplies to the international market and were thereby able to deliver a reasonable result despite the challenges,€? Garware added.

Shares of Garware Technical Fibres closed at Rs 1,926.30 apiece on the BSE, down 2.38 per cent over previous close.