Garware Polyester Consolidated Q3 PBT at ₹64.29 Cr, registers 277 % growth in Q3 in FY21

by Suman Gupta

Mumbai,February 2021:- Garware Polyester Ltd. (GPL), the flagship company of the Garware Group and a leading player in specialty Polyester Films in India declared its results for the quarter ending December 31, 2020 on February 04^th,2021.

Highlights for Standalone Q3 FY’21 (October-December’20)

·         Revenue at ₹259.36 Cr (vs ₹197.94 Cr in Q3 FY’20) up by 31% on Q-o-Q basis

·         Earnings Before Interest, Tax, Depreciation, & Amortization (EBITDA) for the Quarter stood at ₹62.21 cr (vs ₹26.16 Cr in Q3 FY’20) reflecting 24.4% EBITDA margin

·         Net Profit for the period after tax at ₹34.45 Cr (vs ₹10.87 Cr in Q3 FY’20) on Q-o-Q basis

·         Earning per share (EPS) at ₹14.83, up by216.9% over the corresponding quarter in FY 2019-20

The Company has recorded Consolidated Revenues of Rs.287.31 crore for Q3FY21 as against Rs.205.23 crore for Q3FY20 and Rs. 710.65 crore for 9MFY21 as against Rs. 713.79 crore for 9MFY20. The Consolidated Profit Before Tax was Rs. 64.29 crore for Q3FY21 as against Rs. 17.04 crore for Q3FY20 and Rs. 143.47 crore for 9MFY21 as against Rs. 98.85 crore for 9MFY20 up by 45.1%. The Consolidated Profit After Tax was Rs. 42.78 crore for Q3FY21 as against Rs.11.37 crore for Q3FY20 and Rs. 94.15 crore for 9MFY21 as against Rs. 64.95 crore for 9MFY20. The Q3FY21 earnings concall is scheduled on 05^th Feb. 2021 at 03:00 pm.

Commenting on the results, Mr. S.B. Garware, Chairman and Managing Director, GPL, said, “PAT has increased by 217% QoQ underscoring our focus on world-class execution and operational excellence and satisfied with our robust third quarter performance. As a responsible Hi-Tech performance film manufacturing company, we seek to deliver long-term economic value to our stakeholders. Emphasis towards specialty products has fueled additional growth in the margins which has resulted in PBDT Margin reaching 22.75% in quarter 3 FY21. We continue our focus on growth & see a strong and secure future for the organization given this growth approach.”

About Garware Polyester Limited: 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 Specialty Performance Polyester Films in India and has its State-of-the-Art manufacturing facilities at Aurangabad in Maharashtra, India. GPL is the pioneer and one of the largest exporter of Polyester Films in India and the winner of top exporters’ awards for continuous 33 years from PLEXCOUNCIL.

Garware Polyester Ltd.’s (GPL) manufacturing facility in Aurangabad is vertically integrated, from 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 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. Garware Polyester Ltd 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 specialty 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 designed to deliver the highest level of protection and impact resistance which has applications in many sectors.