Garware Technical Fibres Limited, a manufacturer of technical textiles for the Indian and global markets, posted 6 per cent revenue decline to ₹953 crore in fiscal 2020 ended on March 31, 2020 compared to revenue of ₹1,018 crore in previous fiscal year. However, net profit for the year jumped 12 per cent to ₹141 crore (FY19: ₹126 crore).
Revenue for the fourth quarter (Q4) FY20 fell 13 per cent to ₹253 crore (Q4 FY19: ₹290 crore). Net profit for the quarter dropped 2.5 per cent to ₹36 crore (Q4 FY19: ₹37 crore).
“The topline and profit performance for the fourth quarter was subdued due to the impact of the lockdown on account of the coronavirus,” Vayu Garware, CMD, Garware Technical Fibres Ltd, said in a press release.
Particularly, dispatches of our international sales were significantly impacted despite having a strong order book. Domestic sales from depots around the country could also not take place as planned.”
“While the current Covid-19 pandemic continues to pose significant challenges in the first quarter of this year, since approximately 60 per cent of our business caters to end users who are in food related industries, we are hopeful of a reasonable recovery in the second half of the year subject to any unforeseen issues,” Garware said.
Fibre2Fashion News Desk (JL)