Net sales (including other operating income) of Garware Technical Fibres has increased 21.20% to Rs 350.72 crore. Sales of Synthetic segment has gone up 15.38% to Rs 275.98 crore (accounting for 77.03% of total sales). Sales of Fiber & Industrial segment has gone up 39.54% to Rs 82.28 crore (accounting for 22.97% of total sales). Inter-segment sales came down from Rs 8.78 crore to Rs 7.54 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 17.59% to Rs 67.89 crore. PBIT of Synthetic segment rose 14.86% to Rs 54.38 crore (accounting for 80.11% of total PBIT). PBIT of Fiber & Industrial segment rose 30.08% to Rs 13.51 crore (accounting for 19.89% of total PBIT). PBIT margin of Synthetic segment fell from 19.79% to 19.70%. PBIT margin of Fiber & Industrial segment fell from 17.61% to 16.41%. Overall PBIT margin fell from 19.36% to 18.95%. Operating profit margin has declined from 18.48% to 18.43%, leading to 20.87% rise in operating profit to Rs 64.64 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 28.22% to 26.81%. Purchase of finished goods cost rose from 3.03% to 4.20%. Employee cost decreased from 15.70% to 15.00%. Other expenses rose from 35.27% to 36.11%. Other income fell 20.86% to Rs 8.88 crore. PBIDT rose 13.63% to Rs 73.52 crore. Provision for interest rose 46.44% to Rs 4.32 crore. PBDT rose 12.06% to Rs 69.2 crore. Provision for depreciation rose 7.86% to Rs 7.27 crore. Profit before tax grew 12.58% to Rs 61.93 crore. Share of profit/loss was 100% higher at Rs 0.02 crore. Provision for tax was expense of Rs 14.16 crore, compared to Rs 11.75 crore. Effective tax rate was 22.86% compared to 21.36%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 10.40% to Rs 47.77 crore. Promoters' stake was 53.00% as of 31 December 2024 ,compared to 52.70% as of 31 December 2023.
The stock trades at Rs 826
In a statement, Mr. Vayu Garware, CMD, Garware Technical Fibres Ltd. said, Q3 FY25 has shown a good Top-line growth of 21% over Q3 FY24. A significant part of the growth in Q3 revenue is led by the Geosynthetics business followed by Aquaculture. Operating EBIDTA for Q3 FY25 has shown a similar 21% growth over Q3 FY24. PBT growth has been impacted to some extent by lower other income. Profit before tax grew by 17% in 9M FY25 against the previous year 9MFY24 and operating EBIDTA has grown by 22 % over 9MFY24 which is on track on our plans. Based on current visibility we expect the full year outlook to be positive.
For year-to-date (YTD) results analysis
Net sales (including other operating income) of Garware Technical Fibres has increased 17.41% to Rs 1107.56 crore. Sales of Synthetic segment has gone up 15.81% to Rs 903.52 crore (accounting for 79.92% of total sales). Sales of Fiber & Industrial segment has gone up 22.98% to Rs 226.96 crore (accounting for 20.08% of total sales). Inter-segment sales rose Rs 21.35 crore to Rs 22.91 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 19.50% to Rs 229.84 crore. PBIT of Synthetic segment rose 18.49% to Rs 192.42 crore (accounting for 83.72% of total PBIT). PBIT of Fiber & Industrial segment rose 24.97% to Rs 37.42 crore (accounting for 16.28% of total PBIT). PBIT margin of Synthetic segment rose from 20.82% to 21.30%. PBIT margin of Fiber & Industrial segment rose from 16.23% to 16.49%. Overall PBIT margin rose from 19.94% to 20.33%. Operating profit margin has jumped from 19.11% to 19.91%, leading to 22.32% rise in operating profit to Rs 220.50 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 28.59% to 26.82%. Purchase of finished goods cost rose from 2.86% to 3.58%. Employee cost decreased from 14.65% to 14.06%. Other expenses rose from 35.69% to 36.41%. Other income fell 5.06% to Rs 29.11 crore. PBIDT rose 18.34% to Rs 249.61 crore. Provision for interest rose 46.37% to Rs 16.92 crore. PBDT rose 16.71% to Rs 232.69 crore. Provision for depreciation rose 9.88% to Rs 21.02 crore. Profit before tax grew 17.44% to Rs 211.67 crore. Share of profit/loss was 62.50% higher at Rs -0.03 crore. Provision for tax was expense of Rs 51.18 crore, compared to Rs 41.53 crore. Effective tax rate was 24.18% compared to 23.05%. Minority interest increased 62.50% to Rs -0.03 crore. Net profit attributable to owners of the company increased 15.70% to Rs 160.49 crore. Promoters' stake was 53.00% as of 31 December 2024 ,compared to 52.70% as of 31 December 2023 .The stock trades at Rs 826
| Garware Technical Fibres : Consolidated Results | |||||||||
| Particulars | 2412 (03) | 2312 (03) | Var.(%) | 2412 (09) | 2312 (09) | Var.(%) | 2403 (12) | 2303 (12) | Var.(%) |
| Net Sales | 350.72 | 289.37 | 21 | 1,107.56 | 943.34 | 17 | 1,325.61 | 1,305.55 | 2 |
| OPM (%) | 18.4 | 18.5 | 19.9 | 19.1 | 20.5 | 17.6 | |||
| OP | 64.64 | 53.48 | 21 | 220.5 | 180.27 | 22 | 271.61 | 229.54 | 18 |
| Other Inc. | 8.88 | 11.22 | -21 | 29.11 | 30.66 | -5 | 43.19 | 27.9 | 55 |
| PBIDT | 73.52 | 64.70 | 14 | 249.61 | 210.93 | 18 | 314.80 | 257.44 | 22 |
| Interest | 4.32 | 2.95 | 46 | 16.92 | 11.56 | 46 | 17.21 | 11.95 | 44 |
| PBDT | 69.20 | 61.75 | 12 | 232.69 | 199.37 | 17 | 297.59 | 245.49 | 21 |
| Depreciation | 7.27 | 6.74 | 8 | 21.02 | 19.13 | 10 | 25.88 | 22.31 | 16 |
| PBT | 61.95 | 55.02 | 13 | 211.64 | 180.16 | 17 | 271.71 | 223.18 | 22 |
| Taxation | 14.16 | 11.75 | 21 | 51.18 | 41.53 | 23 | 63.53 | 50.98 | 25 |
| PAT | 47.79 | 43.27 | 10 | 160.46 | 138.63 | 16 | 208.18 | 172.20 | 21 |
| Minority Interest (MI) | 0.02 | 0 | -0.03 | -0.08 | 0 | 0 | |||
| Net profit | 47.77 | 43.27 | 10 | 160.49 | 138.71 | 16 | 208.18 | 172.20 | 21 |
| EPS (Rs)* | # | # | # | # | 21.0 | 17.3 | |||
| Notes | |||||||||
| * EPS is on current equity of Rs 99.27 crore, Face value of Rs 10, Excluding extraordinary items. | |||||||||
| # EPS is not annualised | |||||||||
| bps : Basis points | |||||||||
| Figures in Rs crore | |||||||||
| Source: Capitaline Corporate Database | |||||||||
| Garware Technical Fibres : Consolidated Segment Results | ||||||||||||
|
| % of (Total) | 2412 (03) | 2312 (03) | Var.(%) | % of (Total) | 2412 (09) | 2312 (09) | Var.(%) | % of (Total) | 2403 (12) | 2303 (12) | Var.(%) |
| Sales | ||||||||||||
| Synthetic Cordage | 77 | 275.98 | 239.19 | 15 | 80 | 903.52 | 780.15 | 16 | 84 | 1,114.89 | 1,103.87 | 1 |
| Fiber and Industrial Products & Projects | 23 | 82.28 | 58.96 | 40 | 20 | 226.96 | 184.54 | 23 | 18 | 240.05 | 222.14 | 8 |
| Total Reported Sales | 100 | 358.26 | 298.15 | 20 | 100 | 1130.48 | 964.69 | 17 | 100 | 1,326.01 | 1,214.52 | 9 |
| Less: Inter segment revenues | 7.54 | 8.78 | -14 | 22.91 | 21.35 | 7 | 29.33 | 20.46 | 43 | |||
| Net Sales | 350.72 | 289.37 | 21 | 1107.57 | 943.34 | 17 | 1,325.61 | 1,305.55 | 2 | |||
| PBIT | ||||||||||||
| Synthetic Cordage | 80 | 54.38 | 47.35 | 15 | 84 | 192.42 | 162.4 | 18 | 86 | 245.45 | 219.09 | 12 |
| Fiber and Industrial Products & Projects | 20 | 13.51 | 10.38 | 30 | 16 | 37.42 | 29.95 | 25 | 14 | 39.88 | 26.4 | 51 |
| Total PBIT | 100 | 67.89 | 57.73 | 18 | 100 | 229.84 | 192.35 | 19 | 100 | 285.33 | 245.49 | 16 |
| Less : Interest | 4.32 | 2.95 | 46 | 16.92 | 11.56 | 46 | 17.21 | 11.95 | 44 | |||
| Add: Other un-allcoable | -1.63 | 0.23 | -809 | -1.25 | -0.55 | 127 | 3.59 | -10.36 | -135 | |||
| PBT | 61.94 | 55.01 | 13 | 211.67 | 180.24 | 17 | 271.71 | 223.18 | 22 | |||
