Mumbai, Nov 4 (PTI) Technical textiles manufacturer Garware Technical Fibres on Wednesday reported a 4.1 per cent decline in consolidated profit after tax (PAT) at Rs 44.3 crore for the quarter ended September 30.

The company's PAT stood at Rs 46.2 crore during the corresponding quarter of 2019-20, Garware Technical Fibres said in a statement.

Also Read | Kerala Withdraws General Consent to CBI After Maharashtra; Know What General Consent Is and What Happens if It is Withdrawn.

Net sales rose 15.4 per cent to Rs 268.33 crore in the second quarter of FY21 as compared with Rs 232.4 crore in the corresponding period of FY20.

For April-September, the company's consolidated PAT declined 18.3 per cent to Rs 62 crore from Rs 75.8 crore in the corresponding period of FY20.

Also Read | Vivo S7e 5G With 4,100mAh Battery Launched; Check Prices, Features, Variants & Specifications.

Similarly, net sales fell 9.5 per cent to Rs 420.7 crore in the first half (H1) of FY21 as compared with Rs 464.7 crore a year ago.

"We were able to register significant top and bottom-line growth in the second quarter with good demand across both domestic and international markets. In this quarter, we are happy with the way overall business has picked up and our team's ability to execute on demand," Garware Technical Fibres CMD Vayu Garware said.

Profitability across businesses was well supported by a better product mix with high value added products coupled with new products.

Consolidated cash generated from operations has been significantly better in H1 as compared to last year, contributed by overall good working capital management, he said.

"Three patents were granted in this quarter which would further strengthen our differentiated solution approach in meeting the demanding application needs of the users of our products," Garware said.

"While the PBT (profit before tax) in Q2 reflected robust growth over the corresponding period of F20, the PAT reflected decline as the company exercised the option to compute the revised effective tax rate of 25.17 per cent in Q2 last year where there was a significant tax reversal," he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)