Technical textiles manufacturer Garware Technical Fibres, formerly Garware-Wall Ropes, on Thursday reported a 49 per cent growth in consolidated profit after tax (PAT) at Rs 43.2 crore for the December quarter. The company's PAT stood at Rs 28.9 crore during the corresponding quarter of 2019-20, Garware Technical Fibres said in a statement.
Net sales of the company increased by 18.1 per cent during the quarter under review to Rs 278.43 crore compared to Rs 235.78 crore in the same period of FY20. "We delivered a powerful consolidated performance with 18.1 per cent sales growth and 54.1 per cent profit before tax growth… Demand for our products continued both in the domestic and international market and our team has executed well.
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"Profitability across businesses have been well delivered by a good sales mix and excellent work in cost optimisation. It is also led by a strong performance in new products. Funds generated from operations continued to be on plan with good working capital management," Garware Technical Fibres CMD Vayu Garware added. Shares of the company on Thursday closed at Rs 28.20, down 1.22 per cent on NSE.
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