Mumbai, Jun 30 (PTI) Technical textiles manufacturer Garware Technical Fibres (formerly Garware-Wall Ropes) on Tuesday reported a 2.5 per cent decline in consolidated net profit at Rs 36 crore for the quarter ended March 2020.

The company had posted a net profit of Rs 37 crore in the fourth quarter of 2018-19, Garware Technical Fibres said in a statement.

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Revenue during the quarter under review declined 13 per cent to Rs 253 crore as compared with Rs 290 crore in Q4 FY19.

However, for fiscal year 2019-20, the company's net profit grew 12 per cent to Rs 141 crore as against Rs 126 crore in FY19.

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Revenue fell 6 per cent to Rs 953 crore in FY20 as compared with Rs 1,018 crore in FY19.

"The topline and profit performance for the fourth quarter was subdued due to the impact of the lockdown on account of coronavirus. Particularly, dispatches of our international sales were significantly impacted despite having a strong order book," Garware Technical Fibres CMD Vayu Garware said.

"Domestic sales from depots around the country could also not take place as planned," he added.

While COVID-19 pandemic continues to pose significant challenges in the first quarter of this year, since about 60 per cent of the company's business caters to end users who are in food related industries, Garware Technical Fibres is hopeful of a reasonable recovery in the second half of the year subject to any unforeseen issues, he said.

Shares of the company on Tuesday closed 3.31 per cent lower at Rs 1,370.85 apiece on the BSE.

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