Garware Hi-Tech Films Limited Q4 FY 2024 Reflects Stellar Growth With Record PAT Surge

On May 29, 2024, Garware Hi-Tech Films Limited (GHFL), renowned for its production of Paint Protection Films (PPF), Solar Control Films (SCF), and various speciality polyester films, disclosed its financial outcomes for the quarter/year ending on March 31, 2024.

Consolidated Quarterly Performance

Garware Hi-Tech Films Limited achieved its highest Profit After Tax (PAT) for Q4 FY 2024 and fiscal year 2024. The company’s consolidated annual performance showcased impressive growth, with revenues reaching ₹1,677.0 crore, marking a significant 16.6% year-on-year (Y-o-Y) increase.

Similarly, the EBITDA surged to ₹321.1 crore, up 19.2% Y-o-Y, while the PAT soared to ₹203.3 crore, reflecting a substantial 22.4% Y-o-Y rise. Regarding quarterly performance, Q4 FY 2024 versus Q4 FY 2023, Garware Hi-Tech Films Limited exhibited robust growth, with revenues amounting to ₹446.6 crore, a notable 28% Y-o-Y increase. EBITDA for the quarter stood at ₹89.7 crore, up by 27.5% Y-o-Y, and PAT rose to ₹57.8 crore, indicating a significant 34.2% Y-o-Y growth.

Quarterly Performance Highlights (Q4 FY 2024 vs Q4 FY 2023)

Compared to last year’s fourth quarter of FY 2024, the company experienced a significant 28% year-on-year revenue growth. This growth was primarily fueled by the continued momentum in the Paint Protection Film (PPF) and Sun Control Film (SCF) businesses.

EBITDA margin remained stable at 20.1% year-on-year. Overall, the Profit After Tax (PAT) surged by 34% year-on-year, attributed to a better product mix and increased sales of speciality products.

Annual Performance Overview

The company’s revenue surged by 16.6% year-on-year, mainly driven by solid growth in the PPF and SCF sectors. Introducing new PPF variants like Titanium, Mat, Black, and White met diverse customer demands, significantly boosting the PPF business. Expansion of sales teams in new global markets also increased revenue in the SCF segment. Additionally, the Industrial Product Division (IPD) business recovered in the last quarter, with expectations of sustained improvement shortly.

Moreover, the company’s EBITDA margin improved by 19.1% by 40 basis points year over year, while the overall PAT margin increased by 50. This improvement was attributed to reduced finance costs and better margins on speciality products.

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