For the third quarter Garware’s net sales decreased by 11 per cent. Profit before tax decreased by nine per cent. Net profit after tax decreased by four per cent. EPS for the third quarter fell by four per cent. The current quarter results were impacted due to delays in orders from customers in the industrial and sports businesses on account of recessionary pressures in Europe and the US.

Customers adjusted stocks in the third quarter significantly. But the company expects this to be short term in nature and will get corrected from the first quarter of fiscal year 2024. There was an offset to some extent by strong order flows from Chile and Scotland. The aquaculture business is focused on our new innovative products like X18 and CFR. These products are allowing customers to benefit from operational savings which would otherwise be difficult.

Garware has been able to maintain margins during the current quarter and expects that to continue. The company looks forward to a better fourth quarter with current visibility. Garware Technical Fibers,a manufacturer of technical textiles, caters to various segments like aquaculture, sports nets, agriculture, geotextiles etc. through a diverse range of netting products, ropes, coated fabrics and others.