Garware Hi-Tech Films Ltd reports resilient Q4FY21

Mumbai: Garware Hi-Tech Films Ltd. (formerly Garware Polyester Ltd.), the flagship company of the Garware Group and a leading player in specialty Polyester Films in India declared its results for the quarter & year ended March 31, 2021 on May 27th,2021.

Highlights for Consolidated FY21 (April’20 - March’21)

Revenue at ₹ 989.03 Cr (vs ₹ 924.83 Cr in FY20) up by 6.9 % on Y-o-Y basis

·Exports contributed ₹ 734.73 Cr (vs ₹ 634.52 in FY20) up by  ₹ 100.21 Cr on Y-o-Y basis

·Earnings Before Interest, Tax, Depreciation, & Amortization (EBITDA) for the year stood at ₹ 233.65 cr (vs ₹ 173.47 Cr in FY20) up by 34.7 % on Y-o-Y basis. EBITDA margin improved by 4.9 Bps on Y-o-Y basis.

·Net Profit for the period after tax at ₹ 125.95 Cr (vs ₹ 86.02 Cr in FY20) on Y-o-Y basis

·Earnings per share (EPS) at ₹ 54.21 up by 46.4 % on Y-o-Y basis

·ROE (excluding revaluation reserves) increased from 13.44 % in FY20 to 15.75 % in FY21

 Highlights for Consolidated Q4 FY21 (January-March’21)

·Revenue at ₹ 287.74 Cr (vs ₹ 220.67 Cr in Q4 FY’20) up by 30.4 % on Q-o-Q basis

·Earnings Before Interest, Tax, Depreciation, & Amortization (EBITDA) for the Quarter stood at ₹ 58.11 cr (vs ₹ 45.85 Cr in Q4 FY20) reflecting 20.2 % EBITDA margin

·Net Profit for the period after tax at ₹ 31.80 Cr (vs ₹ 21.07 Cr in Q4 FY20) on Q-o-Q basis

·Earning per share (EPS) at ₹ 13.69, up by 50.9 % over the corresponding quarter in FY 2019-20

Unique Products, Global Patents, Focus on Value Added Films, Higher Share of Consumer Products, Focus on Export Markets, etc. have further improved the company financial results. The Company recorded highest ever consolidated revenues of ₹ 989.03 Cr in FY21 due to improved product mix & market mix. The company aims to expand window films category across safety, architectural and front window screen glasses.

Commenting on the results, Mr. S.B. Garware, Chairman and Managing Director, GHFL, said, “Over the past eight decades, we’ve built a strong reputation for quality, value addition, application-focused innovation. I am delighted with the way we have finished the financial year as the company delivered a fifth consistent year of strong bottom-line growth. As we continue to operate in an environment made difficult by Covid uncertainties, I would like to thank our employees for their commitment, customer focus and resilience that has helped us register our highest ever revenue even in tough times. Given the current visibility and a promising demand landscape, we foresee better times for us going ahead helping us realize our growth aspirations.”

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 05th 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.”