Garware Hi-Tech Films reports steady performance balancing growth and profitability, despite global challenges

Hyderabad: November 11, 2022: Garware Hi-Tech Films Limited (GHFL) (BOM: 500655 | NSE: GRWRHITECH), a global provider of specialty polyester films, announced results for the second quarter and half year ended on September 30, 2022.

Highlights:

Consolidated Q2FY23:

·          Revenue up by 16.2% at Rs. 395 crores visa-vis Rs. 340 crores in Q2FY22

·          EBIDTA up by 10.1% at Rs. 76 crores visa-vis Rs. 69 crores in Q2FY22

·          PAT up by 11.1% at Rs. 48 crores visa-vis Rs. 43 crores in Q2FY22

Consolidated H1FY23:

·          Revenue up by 18.5% at Rs. 765 crores visa-vis Rs. 645 crores in H1FY22

·          EBIDTA up by 8.7% at Rs. 147 crores visa-vis Rs. 135 crores in H1FY22

·          PAT up by 17.1% at Rs. 93 crores visa-vis Rs. 79 crores in H1FY22

Commenting on the results Shri S. B. Garware, Chairperson and Managing Director said, “It has been a steady quarter and half year for GHFL, despite global challenges, as we have been able to find a balance to increase our profitability as well as make investments that will contribute incrementally to GHFL’s top line. These measures will eventually take the company to a niche position in the specialty films market in all the geographies where we have a presence.”

Speaking about the outlook for the year ahead, Ms. Monika Garware, Vice-Chairperson, and Joint Managing Director said, “Keeping in mind the robust demand in the specialty film space in 2023 and beyond, the ongoing production line expansion will help us cater to the increased demand from the auto as well as architectural segments, along with an increased focus and efforts in sales network expansion and marketing activities.”

Consolidated Financial Summary:

Rs in Crores

Garware Hi-Tech Films Limited (GHFL)

Garware Hi-Tech Films Limited (formerly Garware Polyester Ltd.) (BOM: 500655 | NSE: GRWRHITECH) is the flagship company of the Garware Group co-promoted by the Chairman and Managing Director Shri S.B. Garware in the year 1957 along with the Founder-Chairman Late Padmabhushan Dr. B. D. Garware.

GHFL manufactures Hi-Tech specialty performance polyester Films and has State-of-the- Art manufacturing facilities in Aurangabad, Maharashtra, India. GHFL is the pioneer and is one of the largest exporters of Polyester Films in India. GHFL has been the winner of top exporters’ awards for 33 continuous years from PLEXCOUNCIL.

GHFL manufacturing facility at Aurangabad is vertically integrated, from the manufacture of polyester chips to the polyester film finished product with four independent manufacturing lines and a business that spans the globe. Polyester Films are used for a variety of applications such as PET Shrink films for Label applications, Low Oligomer PET films for insulation of hermetically sealed compressors motors, Electric motor insulation, and cable insulation, sequin applications 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.

GHFL has facilities for manufacturing various kinds of Sun Control Films which are used for Architectural and Automotive applications. The company has also developed surface- protection and Paint Protection Films designed to deliver the highest level of protection and impact resistance which has applications in many sectors.