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Home STOCKS Garware Technical Fibres Q4 success: Net profit down 2.5% at Rs 36...

Garware Technical Fibres Q4 success: Net profit down 2.5% at Rs 36 crore

Mumbai: Specialized textiles manufacturer Garware Technological Fibres (formerly Garware-Wall Ropes) on Tuesday noted a 2.5 for every cent drop in consolidated net profit at Rs 36 crore for the quarter ended March 2020.
The firm had posted a net profit of Rs 37 crore in the fourth quarter of 2018-19, Garware Complex Fibres reported in a assertion.
Revenue in the course of the quarter less than review declined 13 per cent to Rs 253 crore as as opposed with Rs 290 crore in Q4 FY19.
Nonetheless, for fiscal year 2019-20, the company’s net profit grew 12 for every cent to Rs 141 crore as in opposition to Rs 126 crore in FY19.
Revenue fell 6 for every cent to Rs 953 crore in FY20 as in comparison with Rs 1,018 crore in FY19.
“The topline and profit effectiveness for the fourth quarter was subdued owing to the influence of the lockdown on account of coronavirus. Particularly, dispatches of our worldwide sales had been substantially impacted regardless of obtaining a sturdy order book,” Garware Technological Fibres CMD Vayu Garware said.
“Domestic sales from depots about the state could also not just take area as planned,” he included.
When COVID-19 pandemic continues to pose sizeable problems in the to start with quarter of this 12 months, considering the fact that about 60 per cent of the company’s organization caters to finish customers who are in food items related industries, Garware Technological Fibres is hopeful of a sensible restoration in the second half of the yr topic to any unforeseen concerns, he explained.
Shares of the organization on Tuesday shut 3.31 for each cent lower at Rs 1,370.85 apiece on the BSE.

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