Net sales for Garware Technical Fibres Ltd, a manufacturer of technical textiles for Indian and global markets, declined by 11.2 per cent to ₹232.42 crore in Q2 FY20 ending September 30, 2019, as compared to ₹261.83 crore in Q2 FY19. The net profit after tax grew by 40.5 per cent to ₹46.26 crore in Q2 as against ₹32.93 crore in corresponding period of FY19.

For H1FY20, the net sales decreased by 8.2 per cent to ₹464.75 crore in H1FY20 as compared to ₹506.09 crore in H1FY19. Profit before tax decreased by 9.6 per cent to ₹85.74 crore in H1FY20 as compared to ₹94.84 crore in the same period last year.

“The first half results have been a mixed bag. On the domestic front, the cyclones as well as the extended rains affected our growth in the fisheries segment. In our international business, we have had some delays in receipt of substantial orders as many of the aquaculture customers gauged our new innovative V2 technology offerings before placing their requirements. However, we now have good visibility for the second half of the year and will look towards an improved year end result. On the plus side, we have had good working capital management in the first half, resulting in higher fund generation from operations,” said Vayu Garware, CMD, Garware Technical Fibres Ltd.  

Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd), an ISO 14001:2015 and ISO 9001:2015 certified company is a leading player in technical textiles specialising in providing customised 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 geo-synthetics. The company`s products are manufactured in state-of-art facilities at Wai and Pune and marketed in more than 75 countries.