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Results
15-Nov-24
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Analysis
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Garware Technical Fibres
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Strong growth
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Net
sales (including other operating income) of Garware Technical Fibres has
increased 28.11% to Rs 420.59 crore.
Sales of Synthetic Cordage segment has gone up 25% to Rs 350.86 crore
(accounting for 82% of total sales).
Sales of Fiber & Industrial segment was up 52% to Rs 78.45 crore
(accounting for 18% of total sales).
Inter-segment sales rose from Rs 4.71 crore to Rs 8.71 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 29% to Rs
93.8 crore. PBIT of Synthetic Cordage
segment rose 26% to Rs 79.78 crore (accounting for 85% of total PBIT). PBIT of Fiber & Industrial segment
increased 51% to Rs 14.01 crore (accounting for 15% of total PBIT).
PBIT
margin of Synthetic Cordage segment rose from 22.5% to 22.7%. PBIT margin of Fiber & Industrial segment
fell from 18% to 17.9%. Overall PBIT
margin was flat at 21.8%.
Operating
profit margin has jumped from 20.88% to 21.74%, leading to 33.39% rise in
operating profit to Rs 91.45 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
27.62% to 24.70%. Purchase of finished
goods cost rose from 2.16% to 3.44%.
Employee cost decreased from 14.55% to 12.74%. Other expenses rose from 35.22% to
37.66%.
Other
income fell 3.97% to Rs 9.68 crore.
PBIDT rose 28.60% to Rs 101.13 crore.
Provision for interest rose 52.13% to Rs 6.42 crore. Loan funds rose to Rs 145.91 crore as of 30
September 2024 from Rs 116.16 crore as of 30 September 2023. Inventories rose to Rs 319.01 crore as of 30
September 2024 from Rs 277.92 crore as of 30 September 2023. Sundry debtors were higher at Rs 251.85 crore
as of 30 September 2024 compared to Rs 213.21 crore as of 30 September
2023. Cash and bank balance rose to Rs
55.79 crore as of 30 September 2024 from Rs 33.73 crore as of 30 September
2023. Investments declined from Rs
663.95 crore as of 30 September 2023 to Rs 613.84 crore as of 30 September
2024.
PBDT
rose 27.26% to Rs 94.71 crore. Provision
for depreciation rose 11.92% to Rs 7.04 crore.
Fixed assets increased to Rs 264.57 crore as of 30 September 2024 from
Rs 249.31 crore as of 30 September 2023.
Intangible assets increased from Rs 3.30 crore to Rs 3.57 crore.
Profit
before tax grew 28.68% to Rs 87.67 crore.
Share of profit/loss was 22.22% higher at Rs -0.07 crore. Provision for tax was expense of Rs 21.71
crore, compared to Rs 15.65 crore.
Effective tax rate was 24.78% compared to 23.00%.
Minority
interest increased 22.22% to Rs -0.07 crore.
Net profit attributable to owners of the company increased 25.69% to Rs
65.96 crore.
Equity
capital decreased from Rs 20.38 crore as of 30 September 2023 to Rs 19.85 crore
as of 30 September 2024 . Per share face
Value remained same at Rs 10.00.
Promoters’
stake was 53.00% as of 30 September 2024 ,compared to 52.70% as of 30 September
2023.
In a statement, Mr. Vayu
Garware, CMD, Garware Technical Fibres Ltd. said, "As expected, Q2 FY25 has shown
a good profit growth of -30% over previous year Q2 FY24 mainly on account of a
strong performance from Aquaculture and Geosynthetics businesses which both
grew substantially. We were also able to maintain significant PBT margins in
the range of -20%. First half of FY25 has been good for the Company overall,
GTFL profit before tax grew by 20% in HIFY25 against the previous year H1FY24.
Geo synthetics continued its strong growth in top line and profit during HI
FY25. We expect the continue the growth momentum during the second half of the
year FY25".
For year-to-date (YTD)
results analysis
Net
sales (including other operating income) of Garware Technical Fibres has
increased 15.73% to Rs 756.84 crore.
Sales of Synthetic Cordage segment has gone up 16% to Rs 627.54 crore
(accounting for 81% of total sales).
Sales of Fiber & Industrial segment was up 15% to Rs 144.67 crore
(accounting for 19% of total sales).
Inter-segment sales rose from Rs 12.57 crore to Rs 15.37 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 20% to Rs
161.96 crore. PBIT of Synthetic Cordage
segment rose 20% to Rs 138.04 crore (accounting for 85% of total PBIT). PBIT of Fiber & Industrial segment
increased 22% to Rs 23.92 crore (accounting for 15% of total PBIT).
PBIT
margin of Synthetic Cordage segment rose from 21.3% to 22%. PBIT margin of Fiber & Industrial segment
rose from 15.6% to 165%. Overall PBIT
margin was rose from 20.2% to 21%.
Operating
profit margin has jumped from 19.39% to 20.59%, leading to 22.93% rise in
operating profit to Rs 155.85 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
28.75% to 26.83%. Purchase of finished
goods cost rose from 2.79% to 3.29%.
Employee cost decreased from 14.19% to 13.62%. Other expenses rose from 35.87% to
36.54%.
Other
income rose 4.06% to Rs 20.23 crore.
PBIDT rose 20.42% to Rs 176.08 crore.
Provision for interest rose 46.23% to Rs 12.59 crore. Loan funds rose to Rs 145.91 crore as of 30
September 2024 from Rs 116.16 crore as of 30 September 2023. Inventories rose to Rs 319.01 crore as of 30
September 2024 from Rs 277.92 crore as of 30 September 2023. Sundry debtors were higher at Rs 251.85 crore
as of 30 September 2024 compared to Rs 213.21 crore as of 30 September
2023. Cash and bank balance rose to Rs
55.79 crore as of 30 September 2024 from Rs 33.73 crore as of 30 September
2023. Investments declined from Rs
663.95 crore as of 30 September 2023 to Rs 613.84 crore as of 30 September
2024.
PBDT
rose 18.81% to Rs 163.49 crore.
Provision for depreciation rose 10.98% to Rs 13.75 crore. Fixed assets increased to Rs 264.57 crore as
of 30 September 2024 from Rs 249.31 crore as of 30 September 2023. Intangible assets increased from Rs 3.30
crore to Rs 3.57 crore.
Profit
before tax grew 19.58% to Rs 149.74 crore.
Share of profit/loss was 44.44% higher at Rs -0.05 crore. Provision for tax was expense of Rs 37.02
crore, compared to Rs 29.78 crore.
Effective tax rate was 24.73% compared to 23.80%.
Minority
interest increased 44.44% to Rs -0.05 crore.
Net profit attributable to owners of the company increased 18.11% to Rs
112.72 crore.
Equity
capital decreased from Rs 20.38 crore as of 30 September 2023 to Rs 19.85 crore
as of 30 September 2024 . Per share face
Value remained same at Rs 10.00.
Promoters’
stake was 53.00% as of 30 September 2024 compared to 52.70% as of 30 September
2023 .
The stock
trades at Rs 3951
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Garware Technical Fibres :
Consolidated Results
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Particulars
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2409
(03)
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2309
(03)
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Var.(%)
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2409
(06)
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2309
(06)
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Var.(%)
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2403
(12)
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2303
(12)
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Var.(%)
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Net Sales
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420.59
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328.3
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28
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756.84
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653.97
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16
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1,325.61
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1,305.55
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2
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OPM (%)
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21.7
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20.9
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20.6
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19.4
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20.5
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17.6
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OP
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91.45
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68.56
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33
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155.85
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126.78
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23
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271.61
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229.54
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18
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Other Inc.
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9.68
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10.08
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-4
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20.23
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19.44
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4
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43.19
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27.9
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55
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PBIDT
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101.13
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78.64
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29
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176.08
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146.22
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20
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314.80
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257.44
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22
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Interest
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6.42
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4.22
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52
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12.59
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8.61
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46
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17.21
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11.95
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44
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PBDT
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94.71
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74.42
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27
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163.49
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137.61
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19
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297.59
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245.49
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21
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Depreciation
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7.04
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6.29
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12
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13.75
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12.39
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11
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25.88
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22.31
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16
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PBT
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87.60
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68.04
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29
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149.69
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125.13
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20
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271.71
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223.18
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22
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Taxation
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21.71
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15.65
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39
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37.02
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29.78
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24
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63.53
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50.98
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25
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PAT
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65.89
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52.39
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26
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112.67
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95.35
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18
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208.18
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172.20
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21
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Minority Interest (MI)
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-0.07
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-0.09
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-0.05
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-0.09
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0
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0
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Net profit
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65.96
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52.48
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26
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112.72
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95.44
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18
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208.18
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172.20
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21
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EPS (Rs)*
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#
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#
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#
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#
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104.9
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86.8
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Notes
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* EPS is on current equity of Rs 19.85 crore, Face value of Rs
10, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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Figures in Rs crore
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Source: Capitaline Corporate Database
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Garware Technical Fibres :
Consolidated Segment Results
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% of (Total)
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2409
(03)
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2309
(03)
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Var.(%)
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% of (Total)
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2409
(06)
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2309
(06)
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Var.(%)
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% of (Total)
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2403
(12)
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2303
(12)
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Var.(%)
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Sales
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Synthetic Cordage
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82
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350.86
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281.44
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25
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81
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627.54
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540.96
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16
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84
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1,114.89
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1,103.87
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1
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Fiber and Industrial Products & Projects
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18
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78.45
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51.57
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52
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19
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144.67
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125.58
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15
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18
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240.05
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222.14
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8
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Total Reported Sales
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100
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429.30
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333.01
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29
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100
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772.21
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666.53
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16
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100
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1,326.01
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1,214.52
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9
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Less: Inter segment revenues
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8.71
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4.71
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85
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15.37
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12.57
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22
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29.33
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20.46
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43
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Net Sales
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420.59
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328.30
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28
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756.84
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653.97
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16
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1,325.61
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1,305.55
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2
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PBIT
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Synthetic Cordage
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85
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79.78
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63.31
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26
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85
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138.04
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115.05
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20
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86
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245.45
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219.09
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12
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Fiber and Industrial Products & Projects
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15
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14.01
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9.30
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51
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15
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23.92
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19.56
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22
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14
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39.88
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26.4
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51
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Total PBIT
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100
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93.80
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72.61
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29
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100
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161.96
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134.61
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20
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100
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285.33
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245.49
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16
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Less : Interest
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6.42
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4.22
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52
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12.59
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8.61
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46
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17.21
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11.95
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44
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Add: Other un-allcoable
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0.30
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-0.26
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-214
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0.38
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-0.78
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-149
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3.59
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-10.36
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-135
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PBT
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87.67
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68.13
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29
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149.74
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125.23
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20
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271.71
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223.18
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22
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Previous News |
Garware Technical Fibres consolidated net profit rises 16.57% in the March 2024 quarter
(
Results
-
Announcements
27-May-24
16:40
)
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Garware Technical Fibres consolidated net profit rises 18.29% in the December 2023 quarter
(
Results
-
Announcements
30-Jan-24
12:28
)
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Garware Technical Fibres revises record date for buyback of shares
(
Market Beat
-
Reports
20-Feb-24
15:29
)
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Garware Technical Fibres
(
Results
-
Analysis
22-Oct-22
12:08
)
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Garware Technical Fibres to convene board meeting
(
Corporate News
-
31-Oct-23
15:20
)
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Garware Technical Fibres receives upgrade in LT ratings
(
Corporate News
-
21-Jan-23
12:59
)
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Garware Technical Fibres
(
Results
-
Analysis
01-Jul-20
10:11
)
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Garware Technical Fibres consolidated net profit rises 1.26% in the March 2022 quarter
(
Results
-
Announcements
05-May-22
16:53
)
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Volumes spurt at Garware Technical Fibres Ltd counter
(
Hot Pursuit
-
09-Jul-21
14:30
)
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Garware Technical Fibres
(
Results
-
Analysis
01-Nov-18
18:09
)
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Garware Technical Fibres
(
Results
-
Analysis
03-Feb-20
17:54
)
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