Garware Hi-Tech Films: India’s only manufacturer of Sun Control films and Paint Protection Films

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I invest my time in reading about companies and enjoy thinking about the growth aspects of each portfolio company i have in my portfolio

While reading, i make my notes that are helpful for me 

  • Garware Hi-Tech Films: India’s only manufacturer of Sun Control films and Paint Protection Films
  • Market leader with more than 90% market share in Shrink film manufacturing in India
  • Fully vertically integrated, chips-to film manufacturer with over 60+ years of industry experience
  • Exported to more than 80+ Countries worldwide ~73% Exports contribution to Revenue in FY22
  • The Vision of Garware Hi-Tech Films Limited is ‘To be a global leader in Specialty Performance films by incessantly exploring the cutting edge of chemistry and technology to create a better tomorrow.’
  • Garware Hi-Tech Films is a pioneer in Polyester Film manufacturing in India and the country’s largest exporter of Polyester films, winning PLEXCOUNCIL’s top Exporters’ Awards continuously for 34 continuous years. Garware Hi-Tech Films have recognized brand names in USA, Europe and Middle East
  • Garware Hi-Tech Films products serve the needs of variety of Industries for specialty applications like Automobile Paint Protection, Solar Control, Shrink Label, Packaging, Reprographics, Electrical & Thermal Insulation and many other important applications.
  • Garware Hi-Tech Films is among the few companies in the world that has a vertically integrated chips-to-films plants, with multiple adaptable manufacturing lines that can produce a highly flexible product-mix in its’ state-of-the-art plants in Aurangabad.
  • GHFL has embarked on a major transformation journey with speciality films, expanded distribution channels and a customer‐centric approach at its core
  • Building on the initiatives undertaken a few years ago, the company has effectively positioned itself as a leading manufacturer and exporter of Solar Control Films, Paint Protection Films, and other specialised polyester films
  • Paint Protection Film (PPF): As the only manufacturer of premium PPF in the country, around 80% of GHFL's products are exported to key global markets
  • Sun Control Film: About half of the GHFL’s revenue comes from Sun Control films which has applications across the automobile and architectural industries. The commissioning of an additional manufacturing facility has increased the Sun Control film capacity by 70%. Our brand ‘Global Window Films’ falls under the premium Tier‐ 1 category and has a strong brand recall in the US, EU and Middle‐East markets
  • In addition, the commitment to financial improvement is reflected in a strong balance sheet with a healthy cash reserve and a remarkable achievement of zero net debt
  • Latest numbers:
    • EBITDA %   :  19.2% Vs  19.1%  
    • PAT % :  11.5% Vs  12.0% 
    • PAT :  44 Vs  45 
    • PAT 23:  166 
    • Debt prepaid by Rs 50 crore, total debt presently at Rs 73 crore
    • PPF business has grown significantly as a result of the expansion of the distribution network and the focus on the premium car segment
    • PPF business is expected to maximize capacity utilisation in the coming quarters
  • Management:
    • Dr S. B. Garware also said, “Our investments in Sun Control Film and Paint Protection Film businesses would drive top‐line and bottom‐line growth going forward. With the 250‐300 LSF PPF and 1,800 LSF lamination facilities we will be best positioned to capture the latent demand from the automotive sector in the USA once inflationary pressure eases.”
    • In the forthcoming year, we anticipate, our new Lamination facility to commence production, and our Paint Protection Film business to witness increased volumes as it has been tested and approved by our major customers and trading partners in USA and Europe.”

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