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Home / News / Garware Technical Fibres net profit falls 5.7% in Q1

Garware Technical Fibres net profit falls 5.7% in Q1

10
Aug '19
Pic: Garware Technical Fibers
Pic: Garware Technical Fibers
Garware Technical Fibres, a manufacturer of technical textiles for the Indian and global markets, has reported a decrease in net sales by 4.9 per cent to `232.3 crore in Q1 FY20 ending June 30, 2019, as compared to `244.3 crore in Q1 FY19. Net profit after tax dropped by 5.7 per cent to `29.6 crore in Q1 as against `31.4 crore in corresponding period of FY19.

"The year has begun with a steady performance in our Synthetic cordage segment. Our V2 technology based products are seeing good customer acceptance and excellent order flow. However, we faced headwinds in our Fibre and Industrial Products & Projects segment wherein the general elections led to a slowdown in release of tenders by both government and private sector. Post-election, some of these key projects have now been tendered and awarded. We will be working hard to make up for the delay in Q3 and Q4," said Vayu Garware, CMD, Garware Technical Fibres. 

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. (PC)

Fibre2Fashion News Desk – India

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