Garware Technical Fibres Q1 profit after tax up 80.6% at Rs 31.9 crore

Technical textiles manufacturer Garware Technical Fibres, formerly Garware-Wall Ropes, on Thursday posted an 80.6 per cent growth in profit after tax at Rs 31.9 crore during the quarter ending June 30, 2021.

The company's PAT stood at Rs 17.7 crore in the corresponding period of FY21, Garware Technical Fibres said in a statement.

Net sales of the company increased by 59.5 per cent during the quarter under review at Rs 243.1 crore as compared to Rs 152.4 crore in the corresponding quarter of FY'21.

"Lockdowns in April and May due to the resurgence of the second wave of Covid-19 across India had an impact on our domestic business. Despite that, domestic business doubled its sales and delivered a good performance over the lower base of previous year," Garware Technical Fibres chairman and managing director Vayu Garware said.

"In the current quarter, we expect an improvement in momentum in the domestic markets as things are getting back to normal," he said.

"International business, which had seen some continuity of business in the first quarter of last year, registered strong double digit revenue growth in this quarter. Our customers' sustained faith in our products and services helped us in the growth momentum," he added.