The company had reported a PAT Rs 29.6 crore for corresponding quarter of the previous fiscal, Garware Technical Fibres said in a statement.
Net sales of the company during the quarter under review declined to Rs 152.4 crore as compared to Rs 232.3 crore in the year-ago period.
€œBusiness in Q1 was deeply impacted due to the COVID-19 induced lockdown. Manufacturing and sales activities came to a standstill across the country. During the lockdown, we prioritised the health and wellbeing of our team and their families with strict SOPs and regular communications,€? Garware Technical Fibres CMD Vayu Garware said.
The company further focused on collection of receivables, reduction of costs and cash flow, he added.
€œTowards the later part of the first quarter, manufacturing started in a phased manner. Domestic market activities remained on a very low scale. We could gradually pick up supplies to the international market and were thereby able to deliver a reasonable result despite the challenges,€? Garware added.
Shares of Garware Technical Fibres closed at Rs 1,926.30 apiece on the BSE, down 2.38 per cent over previous close.