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Containers & Packaging company Garware Hi-Tech Films announced Q1FY24 results:
- Revenue of Rs 380 crore in Q1FY24 compared to Rs 370 crore in Q1FY23, up 2.7% YoY
- EBITDA of Rs 73 crore in Q1FY24 compared to Rs 71 crore in Q1FY23, up 2.9% YoY
- Cash Profit of Rs 54 crore in Q1FY24 compared to Rs 52 crore in Q1FY23, up 3.3% YoY
- PBT of Rs 59 crore in Q1FY24, down 1% YoY
- PAT of Rs 44 crore in Q1FY24 compared to Rs 43 crore in Q1FY23, down 1.9% YoY
- EPS of Rs 18.81 in Q1FY24 compared to Rs 19.17 in Q1FY23
- Debt prepaid by Rs 50 crore, total debt presently at Rs 73 crore.
- Solar protection and speciality films saw a recovery in volumes during Q1FY24 compared to Q4FY23.
Commenting on the results, Dr. S B Garware, Chairman and Managing Director, said, "GHFL has embarked on a major transformation journey with speciality films, expanded distribution channels, and a customer-centric approach at its core. Building on the initiatives undertaken a few years ago, the company has effectively positioned itself as a leading manufacturer and exporter of Solar Control Films, Paint Protection Films, and other specialised polyester films. In addition, the commitment to financial improvement is reflected in a strong balance sheet with a healthy cash reserve and a remarkable achievement of zero net debt.”
Monika Garware, Vice Chairman and Joint Managing Director added, "Improving our product mix towards value-added films remains a top priority, supported by expected macroeconomic improvements in key markets such as the US and Europe. While the poly-film industry faces challenges from overcapacity and oversupply, GHFL's outstanding performance is attributed to its commitment to value-added products and its ability to navigate through global macroeconomic adversity. These high-value-added speciality films account for a significant 80% of the company's total revenues, playing a key role in maintaining revenue stability and driving profitability.”
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