Garware Technical hits record high post Q2; board approves bonus issue

Garware Technical Fibres shares rose 13.8 per cent on Monday and logged an all time high at Rs 4,485.05 per share on BSE. The stock gained after the company posted healthy Q2 performance and board gave nod to bonus issue.

 

Around 9:28 AM, Garware Technical Fibres shares were up 13.42 per cent at Rs 4,482 per share on BSE. In comparison, the BSE Sensex was down 0.50 per cent at 77,194.27. The market capitalisation of the company stood at Rs 8,898.19 crore. The 52-week high of the stock was at Rs 4,567.8 per share on BSE and 52-week low of the stock was at Rs 3,116.1 per share.

 

In the September quarter, the company reported a 26 per cent year-on-year (Y-o-Y) growth in the consolidated net profit to Rs 66 crore, compared to Rs 52 crore in Q2 FY24.

 

The company's revenue from operation stood at Rs 421 crore as compared to Rs 328 crore a year ago which implies an increase of 28.1 per cent. 

 

Meanwhile, Earnings before interest, tax, and depreciation amortisation (Ebitda) stood at Rs 91 crore as compared to Rs 69 crore a year ago. The Ebitda margins stood at 21.7 per cent as compared to 20.9 per cent a year ago. 

 

The textile product company's board approved a bonus issue of 7,94,12,676 shares of Rs 10 each.

 

The bonus issue ratio is fixed at 4: 1 i.e., 4 new fully paid-up equity shares of Rs 10 each for every 1 existing fully paid-up equity share of Rs 10 each.

 

As per the filing, the pre-bonus issue paid-up equity share pre bonus capital is Rs 19,85,31,6901 consisting of 1,98,53,169 fully paid-up equity shares of Rs 10 each.

 

The post-bonus issue paid-up equity share capital is at Rs 99,26,58,4501 consisting of 9,92,65,845 fully paid-up equity shares of Rs 10 each.

 

Garware Technical Fibres Ltd is an Indian company that specialises in the manufacturing and development of technical and industrial textiles. Formerly known as Garware-Wall Ropes Ltd., the company is a leader in providing high-performance solutions across various industries, including agriculture, aquaculture, automotive, and infrastructure.  Founded in 1976 and headquartered in Pune, Maharashtra, Garware Technical Fibres has established itself as a prominent player in the technical textiles segment, with a strong focus on innovation, quality, and sustainability.

 

The company’s product portfolio includes a wide range of synthetic fibers, nets, ropes, and fabrics, which are used in applications such as crop protection, fishing nets, geosynthetics, and safety products.

 

In the past one year, Garware Technical Fibres shares have gained 24.8  per cent against Sensex's rise of 18 per cent.