Garware Hi-Tech Films Ltd. (formerly Garware Polyester Ltd.), the flagship company of the Garware Group and a leading player in speciality Polyester Films in India declared its results for the quarter ended June 30, 2021, on July 29th,2021.
Highlights for Consolidated Q1 FY22 (April-June’21)
Revenue at ₹ 305.60 Cr (vs ₹ 169.44 Cr in Q1 FY’21 up by 80 % on YoY basis)
Exports contributed ₹ 249.06 Cr (vs ₹ 141.35 in Q1FY21) up by ₹ 76 % on a YoY basis
Net Profit for the period after tax at ₹ 35.83 Cr (vs ₹ 13.61 Cr in Q1 FY21) up by 163 % on a YoY basis
Earning per share (EPS) at ₹ 15.42, up by 163 % over the corresponding quarter in FY 2020-21
Unique Products, Global Patents, Focus on Value Added Films, Higher Share of Consumer Products, Focus on Export Markets, etc. have further improved the company's financial results. GHFL announced a Capex of ₹135cr for the new lamination window film line to materialize the company’s aim to expand the window films category across safety, architectural and front window screen glasses.
Earnings Before Interest, Tax, Depreciation, & Amortization (EBITDA) for the quarter stood at ₹ 65.86 Cr (vs ₹ 30.88 Cr in Q1 FY21) reflecting a 21.56% EBITDA margin. EBITDA margin up by 334 Bps on YoY basis due to increase in revenue including speciality products.
“GHFL’s performance in the first quarter was robust across all financial metrics,” said Ms Monika Garware, Vice-Chairperson, and Jt. Managing Director, GHFL. “As the markets are opening up, we hope to maintain the growth momentum. We continue to put efforts into growing our revenue share through exports, which witnessed a growth of 76%% in Q1 on a YoY basis. Consistent improvement in our operating metrics reflects our relentless rigour of execution & our increased focus towards niche high margin speciality products, which has resulted in PBDT Margin reaching 20.1% in Q1FY22. The outlook for the rest of the year is promising with an anticipated incremental revenue contribution from our newly launched PPF line. Given the current visibility and a promising demand landscape, we foresee better times for us going ahead helping us realize our growth aspirations.”
About Garware Hi-Tech Films Limited
Garware Hi-Tech Films Limited (formerly Garware Polyester Ltd.) (BOM: 500655) is the flagship company of the Garware Group co-promoted by the Chairman and Managing Director Mr S.B. Garware in the year 1957 along with the Founder-Chairman Late Padmabhushan Dr Bhalchandra Garware. The company makes Hi-Tech speciality performance polyester Films in India and has its State-of-the-Art manufacturing facilities at Aurangabad in Maharashtra, India. GHFL is the pioneer and one of the largest exporters of Polyester Films in India and the winner of top exporters’ awards for continuous 33 years from PLEXCOUNCIL.
Garware Hi-Tech Films Ltd.’s (GHFL) manufacturing facility in Aurangabad is vertically integrated, from the manufacture of polyester chips to the finished product of polyester films with four independent manufacturing lines and a business that spans the globe. Polyester Films are used for a variety of end-applications such as PET Shrink films for Label application, Low Oligomer PET films for insulation of hermetically sealed compressors motors, Electric motor insulation and cable insulation, sequin application films, TV and LCD screen application, Packaging applications etc. GHFL is also the market leader and India’s only manufacturer of Sun Control window films for Building, safety and auto applications. The company has facilities for manufacturing various coated products and co-extruded products for a speciality application, apart from its capacity to design the recipe for raw material of PET films to suit the end application of the product. The company has also developed surface-protection films and Paint Protection Films designed to deliver the highest level of protection and impact resistance which has applications in many sectors.