In FY ‘19, Garware Technical Fibres Limited (GTFL) crossed a major milestone, notching up sales turnover of over Rs. 1000 crores for the first time, Rs. 1038.80 crores to be precise. It became one of India’s top 500 companies on the basis of market capitalisation. The feat was achieved through impressive performances across the board.
GTFL was established in 1976 and is a leading manufacturer of technical textiles. A global player, GTFL provides innovative solutions in the field of fisheries, aquaculture, shipping, sports, agriculture, coated fabrics, and geo-synthetics. The company’s products are manufactured in state-of-art facilities at Wai and Pune (both in Maharashtra, India) and are marketed in more than 75 countries worldwide.
GTFL had undertaken a major rebranding exercise in 2018 to convey the breadth and depth of its operations and to infuse fresh energy in its drive for excellence. As part of this process, the company prepared a detailed road map for sustained growth in profit over the next five years.
GTFL has deep presence in several markets across the world. In FY 2018-19, the company reinforced that presence by netting international sales in excess of Rs. 500 crores. Stellar performance was recorded in Chile and Scotland. Through a solutions-based approach, the Company expanded its portfolio of products sold in the aquaculture and sports segments. The Company also earned accolades for developing environment-friendly solutions. BBC had reported that by protecting salmon farms from seals, GTFL’s Sapphire Sealpro has led to a record decrease in the licensed culling of seals in a Scottish sea farm. Working in tandem with the International division, the Coated Fabrics division registered excellent growth in sale of protective shields for use in marine environments.
Innovation
Application-focused innovation is part of GTFL’s DNA. The Company’s R&D wing scaled new heights of success. X12 and V2 products earned patents in India, and Sapphire Ultracore was awarded a patent in Chile. V2, an aqua net that reduces costs related to bio fouling by 50% and prevents copper-oxide pollution, bagged the prestigious Economic Times Polymers award, and proved to be a runaway success in several international markets. X12, which acts as a shield against harmful marine pests, showed excellent results in field operations, and promises to be good revenue-earner. Several other innovative solutions are in the pipeline.
GTFL thus entered the trajectory of next-level growth, setting new performance benchmarks for itself. Manufacturing plants are the backbone of the Company’s success. Successful efforts to increase automation in operations increased efficiency. Continuous improvements in manufacturing processes have empowered the Company to respond to market demand with speed, efficiency and flexibility.