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Garware Technical Fibres Q2 PAT down 4.1% to Rs 44.3 crore

The company’s PAT stood at Rs 46.2 crore during the corresponding quarter of 2019-20, Garware Technical Fibres said in a statement.

November 05, 2020 / 05:42 PM IST
 
 
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Technical textiles manufacturer Garware Technical Fibres on Wednesday reported a 4.1 percent decline in consolidated profit after tax (PAT) at Rs 44.3 crore for the quarter ended September 30.

The company’s PAT stood at Rs 46.2 crore during the corresponding quarter of 2019-20, Garware Technical Fibres said in a statement.

Net sales rose 15.4 percent to Rs 268.33 crore in the second quarter of FY21 as compared with Rs 232.4 crore in the corresponding period of FY20.

For April-September, the company’s consolidated PAT declined 18.3 percent to Rs 62 crore from Rs 75.8 crore in the corresponding period of FY20.

Similarly, net sales fell 9.5 percent to Rs 420.7 crore in the first half (H1) of FY21 as compared with Rs 464.7 crore a year ago.

"We were able to register significant top and bottom-line growth in the second quarter with good demand across both domestic and international markets. In this quarter, we are happy with the way overall business has picked up and our team’s ability to execute on demand,” Garware Technical Fibres CMD Vayu Garware said.

Profitability across businesses was well supported by a better product mix with high value added products coupled with new products.

Consolidated cash generated from operations has been significantly better in H1 as compared to last year, contributed by overall good working capital management, he said.

"Three patents were granted in this quarter which would further strengthen our differentiated solution approach in meeting the demanding application needs of the users of our products,” Garware said.

"While the PBT (profit before tax) in Q2 reflected robust growth over the corresponding period of F20, the PAT reflected decline as the company exercised the option to compute the revised effective tax rate of 25.17 percent in Q2 last year where there was a significant tax reversal,” he added.

PTI
first published: Nov 5, 2020 05:42 pm

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