Conference Call with Garware Hi-Tech Films Management and Analysts on Q2FY24 Performance and Outlook. Listen to the full earnings transcript.
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.” Result PDF
Containers and Packaging company Garware Hi-Tech Films announced Q4FY23 & FY23 results: Consolidated FY23 Revenue stood at Rs 1,438 crores up by 10.4% and PAT at Rs 166 crores remained stable vis-a-vis FY22 Consolidated Q4FY23 Revenue stood at Rs 349 crores up by 7.9% and PAT at Rs 43 crores remained stable vis-a-vis Q4FY22 Sun control films and speciality films during the quarter witnessed better offtake from USA and other international customers Higher volume growth for paint protection films through strong marketing efforts, expanding distributors/Garware application studio (GAS) network 60% market share of the domestic shrink films market by providing tailored and eco-friendly solutions to the food, cosmetics, and pharma sectors Proposed final dividend of Rs 10/- per share Commenting on the results, Dr S B Garware, Chairman and Managing Director, said, "We have increased our focus and efforts on distribution network expansion and marketing activities to build brand awareness and demand for our world-class PPF and SCF products. We have also engaged Boston Consulting Group (BCG) to accelerate B2C growth in the domestic market. For the PPF business, we are setting up B2C application studios, already associated with 65+ GAS partners and 100+ dealership networks to provide seamless service to our customers. We are running pilots with two major OEMs for the PPF pre-installation and are also in advanced talks with many other brands. We are leveraging SCF's existing established dealer and tinter network to accelerate growth in the architectural film business. A team of trained applicators from Garware Training Centre creating a market for our products. Lastly, our digitally driven awareness initiatives and influencer campaign with customers and applicators are driving greater adoption of automotive and architectural films in the domestic market". Result PDF
Garware Hi-Tech Films announced Q3FY23 results: Q3FY23 & 9MFY23 : 9MFY23 Revenue at Rs 979 crore, up by 11.2% 9M EBITDA at Rs 199 crore 9M PAT at Rs 123 crore Commissioned new lamination facility of 1,800 LSF p.a. Cyclical downturn in Q3 exacerbated by an economic downturn in USA and Europe, aggressive destocking by international customers, lockdown in China, and increased geopolitical risks A strong balance sheet with negative net debt, low working capital cycle and consistent cashflows from our world class value added products. Commenting on the results Dr. S. B. Garware, Chairperson and Managing Director said, “We have witnessed a temporary cyclical downturn in performance in Q3. Despite the near term uncertainty caused by macroeconomic issues, our strong product portfolio in the export market would ensure steady performance from a long term perspective. We pride ourselves on navigating these business challenges and in our ability to provide world class products that enable us to export 70% of our manufacture contributing to the Make in India initiative of the Government in our small way.” Dr. S. B. Garware also said, “Our investments in Sun Control Film and Paint Protection Film businesses would drive top line and bottom line growth going forward. With the 250-300 LSF PPF and 1,800 LSF lamination facilities we will be best positioned to capture the latent demand from the automotive sector in the USA once inflationary pressure eases.” Result PDF
Containers & packaging company Garware Hi-Tech Films announced Q2FY23 results: Consolidated Q2FY23: Revenue up by 16.2% at Rs 395 crore in Q2FY23 vis-a-vis Rs 340 crore in Q2FY22 EBIDTA up by 10.1% at Rs 76 crore in Q2FY23 vis-a-vis Rs 69 crore in Q2FY22 PAT up by 11.1% at Rs 48 crore in Q2FY23 vis-a-vis Rs 43 crore in Q2FY22 (consolidated) H1FY23: Revenue up by 18.5% at Rs 765 crore in H1FY23 vis-a-vis Rs 645 crore in H1FY22 EBIDTA up by 8.7% at Rs 147 crore H1FY23 vis-a-vis Rs 135 crore in H1FY22 PAT up by 17.1% at Rs 93 crore H1FY23 vis-a-vis Rs 79 crore 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.” Result PDF
Garware Hi-Tech Films announced Q1FY23 results: Revenues up by 21% at Rs 370 crores VIS-À-VIS Rs 306 crores in Q1FY22 EBIDTA up by 7% at Rs 71 crores VIS-À-VIS Rs 66 crores in Q1FY22 PAT up by 24% at Rs 45 crores VIS-À-VIS Rs 36 crores in Q1FY22 Commenting on GHFL’s journey, Shri S. B. Garware, Chairperson and Managing Director, GHFL said, “The company’s transitioning towards a B2C company providing highly specialized and value-added products in the marketplace is seen in its growth trajectory and the efforts put in over last few years are clearly visible in the financial results. GHFL continues to craft a unique position for itself in the marketplace with a variety of offerings catering to individuals and industry by leveraging on its technology and in-house expertise. During the current year, we are increasingly optimistic about growing our sales network of dealers, distributors, and applicators in key markets across geographies.” Result PDF
Conference Call with Garware Hi-Tech Films Management and Analysts on Q4FY22 Performance and Outlook. Listen to the full earnings transcript.