India’s Garware Technical Fibres’ sales rise 26.3% in Q2FY23

The net sales of Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), a leading manufacturer of technical textiles for the Indian and global markets, has increased 26.3% to RS 355.9 crore in the second quarter of 2023 as compared to RS 281.8 crore in the second quarter of 2022. Profit before tax increased by 15.5% to RS 61.0 crore.

In the first half of fiscal 2023, net sales increased by 25.8% to RS 660.4 crore as compared to RS 524.9 crore in the first half of fiscal 2022. The company’s profit before tax increased by 4.2% to RS 98.2 crore in the first half of fiscal 2023 as compared to RS 94.1 crore in the same period last year, the company said in a press release.

"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 Q1FY23. This was despite higher inventory costs carried forward 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 positive in the second half of the year,” said Vayu Garware, CMD, Garware Technical Fibres Ltd.