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Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd), a manufacturer of technical textiles, on Thursday announced a 4.9 per cent decline in its Q1 FY20 net sales to ₹232.3 crore, against ₹244.3 crore in Q1 FY19.
Profit before tax fell 8.6 per cent to ₹42.2 crore (₹46.2 crore). Net profit after tax dropped by 5.7 per cent to ₹29.6 crore (₹31.4 crore). Its EPS declined 5.7 per cent to ₹13.52.
Vayu Garware, CMD, Garware Technical Fibres, said in a press statement: “The year has begun with a steady performance in our synthetic cordage segment. Our V2 technology-based products are seeing good customer acceptance and excellent order flow. However, we faced headwinds in our fibre and industrial products and projects segment, wherein the general elections led to a slowdown in release of tenders by both the government and private sector.
“Post election, some of these key projects have been tendered and awarded. We will be working hard to make up for the delay in Q3 and Q4.”
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