Garware Technical Fibres Ltd (formerly Garware Wall Ropes Ltd), a leading manufacturer of technical textiles for the Indian and global markets, said net profit for the third quarter ending December 2020 increased 49 per cent to ₹43.2 crore year-on-year. It had registered a net profit of ₹28.9 crore in the corresponding period of the previous year.

Net sales increased by 18.1 per cent to ₹278.43 crore in Q3 FY21 compared to ₹235.78 crore in Q3 FY20.

Profit before tax in Q3 FY21 increased by 54.1 per cent to ₹59 crore compared to ₹38.3 crore in the same quarter last year.

However, in the nine months to December 2020, net sales decreased by 0.2 per cent to ₹699.1 crore compared to ₹700.5 crore in the corresponding period previous year.

In a statement, Vayu Garware, CMD, Garware Technical Fibres Ltd, said, “We delivered a powerful consolidated performance with 18.1 per cent sales growth and 54.1 per cent PBT growth in Q3. Demand for our products continued both in the domestic and international markets and our team has executed well.”

Profitability across businesses was well delivered thanks to good sales mix and cost optimisation, he added. “It was also led by a strong performance in new products,” he said.