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ICICI Direct Report
Garware Technical Fibres Ltd. reported steady revenue growth with QoQ margin improvement.
Revenue grew 26% YoY to Rs 356 crore. However, lower gross margins (down 352 basis points YoY to 66.1%) impacted profitability.
Positive operating leverage led to lower employee cost to sales ratio (declined 104 bps YoY) and lower other expenses to sales ratio (declined 182 bps YoY), which restricted the decline in Ebitda margin to 66 bps YoY to 17.4%.
Garware Technical Fibres' absolute Ebitda increased 22% YoY to Rs 62 crore. Higher depreciation and interest expense along with lower other income on a YoY basis led to net profit growth being restricted to 17% YoY to Rs 48 crore.
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