Garware Technical Fibres consolidated net profit after tax increases by 11% in

Q4FY23
Bengaluru , May 25th,2023: Garware Technical Fibres Ltd. a leading manufacturer of technical textiles for
the Indian and global markets, today announced its audited financial results for the quarter and year
ended Mar 31, 2023.
Consolidated: Q4 FY23 Highlights:

Net Sales increased by ~:5%on QoQ basis to Rs. 370.5 Cr in Q4FY23 as compared to Rs. 274.6 cr
in Q3 FY23. On YoYbasis, there is an increase of 4% vs Q4 F22 ofRs. 361.3 cr.

Net profit after tax has increased by 63% on QoQ basis to Rs, 59.6 Cr in Q4 FY23 as against Rs,
36.6 Cr in Q3 F23. On YoYbasis, there is an increase of 11%vs Q4 F22 of Rs. 53.9 cr.

EPS for Q4 FY23 is at Rs. 28.95 this is a growth of 11%over Q4 FY22
Consolidated: 12M FY2::tHighlights:

Net Sales increased by 10% to Rs. 1305.6 Cr in FY23 as compared to Rs, 1189.4 Cr in FY22

Profit before tax increased by 3% to Rs. 223.2 Cr in FY23 as compared to Rs. 216-4Cr in the last
year

Net profit after tax has increased by 5% to Rs. 172.2 Cr in FY23 as against Rs. 164.8 Cr in FY22.

EPS for FY23 is at Rs. 8,3.54this is a growth of 5% over 12M FY22
Management Comments:
In a statement, Mr. Vayu Garware, CMD, Garware Technical Fibres Ltd. said, “Current
quarter results has shown better performance on all fronts. PAT for Q4F23 has significantly grown by
63% over immediately preceding quarter Q3 F23. There is a 11%growth over Q4 FY22. Operating
EBIDTA Margins improved to 21.5% in Q4F23 vs 20.6% in PY Q4F22, primarily on account of strong
pull from customers for new aquaculture products in Chile and Scotland. Geosynthetics business has
registered excellent growth during the current quarter and overall for the year. Due to focused and
concentrated
approach on funds release from operations, the Company has done well on working
capital management and as a result, cash generation from operations has significantly improved over
the previous year. We look forward to a good F24 with international sports business expected to come
back on track and some improvement in orders from Norway, which have been subdued due to the
new resource tax being imposed by the Norwegian Govt.
About Garware TechnicallFibres Ltd. (Formerly Garware-Wall Ropes Ltd.): (BSE: 509557/ NSE:
GARFIBRES)
Garware Technical Fibres Ltd. an ISO 14001:2015 and ISO 9001:2015 certified company is a leading player in
Technical Textiles specializing in providing customized solutions to its customers worldwide. Globally, the
company is known for its applied innovation in the field of sports, fisheries, aquaculture, shipping, agriculture,
coated fabrics and gee-synthetics. The company’s products are manufactured in state-of-art facilities at Wai
and Pune and marketed in more than 75 countries.
For more information, please visit http://www.garwarefibres.com