Garware Q2 revenues up, profits down

Pune: City-based Garware Technical Fibres has reported increased year-on-year revenues for Q2 of the ongoing fiscal, but saw its profits drop.

Garware is primarily known for its presence in the ropes and nets business, with significant interests aquaculture and fisheries, sports and shipping. In a release, the company noted an uptick in its international business, especially in sports. For Q2 FY22, Garware’s sales grew by around 5% to around Rs 282 crore. In the same period, its profits declined by around 8% to around Rs 41 crore.

Chairman and MD Vayu Garware said that they have been able to pass on the cost of rising input prices to their customers. “Another major hurdle has been the global supply chain disruption, which has led to an unprecedented increase in freight costs,” Garware said.