Q2FY23 Quarterly Result Announced for Garware Technical Fibres Ltd.
Garware Technical Fibres announced Q2FY23 results: Q2FY23: Net Sales increased by 26.3% to Rs. 355.9 crore in Q2FY23 as compared to Rs. 281.8 crore in Q2 FY22 Profit before tax increased by 15.5% to Rs. 61.0 crore in Q2FY23 as compared to Rs. 52.8 crore in the same period last year Net profit after tax has increased by 16.8% to Rs. 47.7 crore in Q2 FY23 as against Rs. 40.8 crore in the corresponding period of FY22. EPS for Q2 FY23 is at Rs. 23.17 this is a growth of 16.8% over Q2 FY22 H1FY23: Net Sales increased by 25.8% to Rs. 660.4 crore in H1FY23 as compared to Rs. 524.9 crore in H1FY22 Profit before tax increased by 4.2% to Rs. 98.2 crore in H1FY23 as compared to Rs. 94.1 crore in the same period last year Net profit after tax has increased by 4.3% to Rs. 75.9 crore in H1 FY23 as against Rs. 72.8 crore in the corresponding period of FY22. EPS for H1FY23 is at Rs. 36.84 this is a growth of 4.3% over H1 FY22 In a statement, Mr. Vayu Garware, CMD, Garware Technical Fibres Ltd. said, "We were able to deliver a good operational performance in Q2FY23. With easing of the export supply chain challenges, revenue grew by 26% and operating EBITDA grew by 22% as compared to Q2FY22. We were also able to get margins back to close to normal levels in Q2. PBT rose to 17.1% of sales in Q2 FY23 from 12.2% in Qt FY23. This was despite higher inventory costs carried forwarded from the previous quarter as well as continued higher cost of export freights in Q2FY23. The easing of raw material costs as well as freight rates from the last quarter's levels should be a positive in the second half of the year." Result PDF21-10-2022