GARWARE HI-TECH FILMS LIMITED EARNS RECORD REVENUE AND PROFITS IN THE FACE OF PANDEMIC AND OTHER EXTERNAL CHALLENGES

Key Highlights:

• FY22 CONSOLIDATED REVENUE AT RS 1,303 CRORES VIS-À-VIS RS 989 CRORES IN FY21 – UP BY 32% YoY

• FY22 CONSOLIDATED EBIDTA AT RS 278 CRORES VIS-À-VIS RS 234 CRORES IN FY21 - UP BY 19% YoY

• FY22 CONSOLIDATED PAT AT RS 167 CRORES VIS-À-VIS RS 126 CRORES IN FY21 - UP BY 33% YoY

• Q4 FY22 CONSOLIDATED REVENUE AT RS 324 CRORES VIS-À-VIS RS 288 CRORES IN Q4 FY21 - UP BY 12% QoQ

• Q4 FY22 CONSOLIDATED PAT AT RS 45 CRORES VIS-À-VIS RS 32 CRORES IN Q3 FY22 - UP BY 42% QoQ

• MRS SARITA GARWARE RAMSAY REJOINS THE BOARD OF DIRECTORS BRINGING IN A WEALTH OF EXPERIENCE AND ALSO ALINGING THE OWNERSHIP INTERESTS AND BOARD LEVEL LEADERSHIP

• NEW LAMINATION CAPACITY AUGMENTING WINDOW FILM BUSINESS WILL COMMENCE PRODUCTION AROUND Q2 FY23

• GARWARE HI-TECH FILMS LIMITED ANNOUNCES DIVIDEND OF RS 10/- PER SHARE

Mumbai, May 26, 2022: Garware Hi-Tech Films Limited (GHFL) (formerly Garware Polyester Limited), a flagship company of Garware Group and a leading player in specialty Polyester Films in India and Worldwide announced its results audited financial results for the Quarter and Year ended on March 31, 2022.

Consolidated Financial Summary:                                                                      (INR in Crores)
		For the Quarter Ended				Year Ended
		Q4FY22	Q4FY21	Change	Q3FY22	FY22	FY21	Change
		Audited	Audited	%	Unaudited	Audited	Audited	%
	Revenue	323.51	287.74	12.43	333.90	1302.63	989.03	31.71
	EBIDTA	70.57	58.11	21.44	72.17	277.49	233.65	18.76
	PBDT	66.00	53.23	23.99	67.54	259.25	214.06	21.11
	PAT	45.12	31.80	41.89	42.89	167.18	125.95	32.74
	EPS in INR	19.42	13.69	-	18.46	71.96	54.21	-
Commenting on the results, Shri S B Garware, Chairperson and Managing Director, GHFL said, “Our business initiatives undertaken few years ago with a long- term and in a financially conservative outlook is bearing fruit, and our Company has earned record revenues and profits, despite challenging external environmental factors. In the coming year, we anticipate, our new lamination facility to commence production, and our paint protection film to see increased volume as it has been tested and approved by our major trading partners in USA and Europe.” “GHFL’s record results is a testament to our commitment to the manufacturing excellence and innovation, all driven by a dedicated team with a strong commitment to sustain world-class quality standards of our products. We are excited about the opportunities ahead in continuing to build a long-term, and a sustainable value for our stakeholders" said Ms. Monika Garware, Vice-Chairperson and Jt. Managing Director, GHFL. Highlights:  GHFL records unswerving and robust performance, while earning record revenue and profits. The Board of Directors has recommended 100% final dividend of Rs 10 per fully paid-up equity share of Rs 10 each for financial year ended March 31, 2022. This payment of dividend is subject to approval of Members of the Company at the ensuing Annual General Meeting of the Company. Mrs Sarita Garware Ramsay, rejoins the board as an Additional Director in the category of Whole-Time Director (Executive Director) termed as Joint Managing Director. Prior the last board meeting, Mrs Sarita Garware Ramsay had desired to step-down from the Board, to pursue her nascent entrepreneurial ventures. In view of her wealth of experience in running the human resources and other critical functions of the Company for nearly two decades, and also as she holds sizable ownership interests in the Company, it was felt necessary by the Board to have her complete alignment to the Company’s cause. Hence, the Board requested her to reconsider the earlier decision, and to rejoin the Board managing her earlier functions. Mrs Sarita Garware Ramsay agreed to the Board’s request. Consequently, in the today’s Board meeting she has been appointed for a tenure of three years subject to the shareholders’ approval. The new Lamination facility augmenting our window film business having an estimated capacity of about 1,440 LSF p.a. is nearing completion and the Company expects to commence commercial production by Q2 FY23.

Garware Hi-Tech Films Limited (GHFL):

Garware Hi-Tech Films Limited (formerly Garware Polyester Ltd.) (BOM: 500655) (BOM: 500655) is the flagship company of the Garware Group co-promoted by the Chairman and Managing Director Shri S.B. Garware in the year 1957 along with the Founder-Chairman Late Padmabhushan Dr. B. D. Garware.

GHFL manufactures Hi-Tech specialty performance polyester Films and has its State- of-the-Art manufacturing facilities at Aurangabad, Maharashtra, India. GHFL is the pioneer and is one of the largest exporters of Polyester Films in India. GHFL has been winner of top exporters’ awards for 33 continuous years from PLEXCOUNCIL.

GHFL manufacturing facility at Aurangabad is vertically integrated, from manufacture of polyester chips to the polyester films finished product with four independent manufacturing lines and a business that spans the globe. Polyester Films are used for variety of end-applications such as PET Shrink films for Label application, Low Oligomer PET films for insulation of hermetically sealed compressors motors, Electric motor insulation and cable insulation, sequin application films, TV and LCD screen application, Packaging applications etc. GHFL is also the market Leader and India’s only manufacturer of Sun Control window films for Building, safety, and auto applications.

GHFL has facilities for manufacturing various coated products and co-extruded products for specialty application, apart from its capacity to design the recipe for raw material of PET films to suit the end application of the product. The company has also developed surface-protection films and Paint Protection Films designed to deliver the highest level of protection and impact resistance which has applications in many sectors.