The profit before tax (PBT) of Garware Technical Fibres has grown 20.1 per cent to Rs 46.2 crore in the first quarter of 2019 as compared to Rs 38.4 crore in the same quarter last year. The company's net sales was up by just 0.4 per cent to Rs.244.3 crore in the first quarter of 2019 as compared to Rs 243.2 crore in the corresponding period of last year.

In the reported period, net profit (PAT) has increased 20.7 per cent to Rs 31.4 crore as against Rs 26 crore in the corresponding period of FY18. EPS for the period is at Rs14.33, this is a growth of 20.7 per cent over Q1FY18.

"Our profit growth in this quarter has been on track at 20%, spurred on by growth in new markets of our international business and more particularly improvement in mix of value added products. The sales value growth was muted primarily due to the continuing sluggishness in the domestic trade channel post GST implementation and higher pre-GST base effect of last year. This is expected to stabilize over the next few quarters. There is a reduction in other income this quarter, of which a significant portion is due to Ind AS mark to market effect on some treasury investments, related to the recent spike in interest rate. This is non-cash and notional in nature.” Vayu Garware, CMD, Garware Technical Fibres Ltd., said. (RR)