Garware Technical Fibres Q3 PAT up 17.2% at Rs 28.95 cr

Technical textiles manufacturer Garware Technical Fibres (formerly Garware-Wall Ropes) reported a 17.2 per cent growth in profit after tax at Rs 28.95 crore for the October-December quarter compared to the year-ago period.

The company's PAT stood at Rs 24.71 crore in the corresponding period of FY2018-19, a release said here.

Net sales of the company increased by 6.1 per cent to Rs 235.78 crore in the third quarter of FY2020, against Rs 222.18 crore in the same quarter of FY2019.

"We have had a comeback to top line growth in the third quarter on the back of timely and excellent execution of projects by our geosynthetic business of tenders won in the first quarter as well as the continued robust performance of our international business," Garware Technical Fibres CMD Vayu Garware said.

He said the company's international aquaculture business continued to grow with heightened market shares through acquisition of new customers as well as enhanced preference of our differentiated products and solutions.

"On the innovation front, recently three patents had been granted that would enhance our mission of delivering value to our customers. Quarter four looks quite positive with a strong international order book and improved operating leverage," he added.