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Garware Technical Fibres Ltd. (formerly Garware-Wall Ropes Ltd.), a leading manufacturer of technical textiles for the Indian and global markets, on Thursday announced its audited financial results for the quarter and year ended March 31, 2022.
The net sales increased by 15 per cent to ₹1,189.4 crore in FY22 as compared to ₹1,034.6 crore in FY21. Profit before tax increased by 4 per cent to ₹216.41 crore in FY22 as compared to ₹208.1 crore in the same period last year. Net profit after tax has increased by 4 per cent to ₹164.8 crore in FY22 as against ₹158.4 crore in the corresponding period of FY21.
EPS for FY22 is at ₹79.92 — this is a growth of 7.1 per cent over FY21.
Net sales increased by 6.2 per cent to ₹356.3 crore in Q4 FY22 as compared to ₹335.4 crore in Q4 FY21. Profit before tax increased by 3.7 per cent to ₹71.4 crore in Q4 FY22 as compared to ₹68.8 crore in the same quarter last year. Net profit after tax has increased by 1.3 per cent to ₹53.9 crore in the quarter as against ₹53.2 crore in the corresponding period of FY21.
Stellar performance
In a statement, Vayu Garware, CMD of the company, said, “During Q4 FY22, the operating EBITDA margin at 20.6 per cent has improved by 2.7 per cent compared to ITD Dec-21 despite very high inflationary headwinds which we have been able to pass on to the maximum extent with a little lag. Stellar performance of international business continues at a double digit growth with strong performance in aquaculture cages and sports sectors in Q4.”
He added, “In the challenging environment in FY22 with high inflationary headwinds and global supply chain disruption, we have delivered about 9 per cent growth in operating EBITDA with the strength of our products and solutions with high value propositions and strong brands. Meanwhile, PAT growth has been lower at 4 per cent due to lower other income which was impacted by mark-to-market valuation of treasury investments.”
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