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.”

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