Garware Technical Fibers, a leading manufacturer of technical textiles for the Indian and global markets, today announced its financial results for the first quarter ended June 30, 2020.
The company’s net sales decreased by 34.4 per cent to Rs.152.4 crore in Q1 FY21 as compared to Rs. 232.3 crore in Q1 FY20. Profit before tax reduced by 46.6 per cent to Rs. 22.6 crore in Q1 FY21 as compared to Rs. 42.3 crore in the same quarter last year Net profit after tax has dropped by 40.3 per cent to Rs. 17.7 crore in the quarter as against Rs. 29.6 crore in the corresponding period of FY20. EPS for Q1 FY21 is at Rs. 8.08; this is a de-growth of 40.3 per cent over Q1 FY20
During the lockdown period, the company focused on collection of receivables, reduction of costs and cash flow. Towards the later part of Q1, manufacturing started in a phased manner. Domestic Market activity remained on a very low scale. Garware could gradually pick up supplies to the international market and thereby deliver a reasonable result despite the challenges.