Garware Hi-Tech Films Q2 net profit rises 14.7% to Rs 43.34 crore

The company's total revenue during the quarter under review rose 36.28 per cent to Rs 339.62 crore

Garware Hi-Tech Films, formerly Garware Polyester, on Thursday posted 14.77 per cent growth in consolidated net profit to Rs 43.34 crore in the second quarter ended September 30.

The company had reported a net profit of Rs 37.76 crore in the year-ago period, Garware Hi-Tech Films said in a statement.

The total revenue during the quarter under review rose 36.28 per cent to Rs 339.62 crore, compared to Rs 249.20 crore in the same period of the last fiscal.

"Our strong performance in the first half is driven by all operational and financial metrics. Our constant focus and efforts on high performance and value-added products in key global markets have yielded excellent results.

Our revenue share from exports has witnessed a growth of 31 per cent in the second quarter on a Y-o-Y basis," GHFL Vice-Chairperson and Joint MD Monika Garware said.

She said the company's increased focus towards niche high margin speciality products is reflected in its financial performance.

"The outlook for the rest of the year continues to remain promising. The global demand scenario in auto, construction, packaging and other sectors remains buoyant, and we are hopeful of maintaining the momentum in the remaining half of the financial year," she added.

Shares of the company on Thursday closed at Rs 942.45, up 3.01 per cent on BSE.