Investing.com — One of India’s leading specialty polyester firms Garware Polyester Ltd (BO:) is trading at a multi-year high not seen since 1994!
Garware Poly is trading at Rs 355.95 today, up over 10% from Rs 322.55 on December 9. The bump in its share price came after it became the first Indian company to enter into the paint protection film (PPF) space in India. On Friday it said that it expects to see Rs 300 crore incremental revenue rise by FY23 based on the PPF foray.
In a press release the company said, “With no major domestic manufacturing competition, the company estimates PPF to contribute 20 per cent of FY23 revenue estimated at an incremental Rs 300 crore. The GPL PPF will also be more competitively priced than those available in the Indian market today, as it is manufactured in GPL’s highly efficient, integrated manufacturing set-up.”
PPF is of great demand in the automobile industry. PPF is a ‘self-healing’ film applied to painted surfaces of a new or used car in order to protect the paint from stone chips, bug splatters, and minor abrasions. The current global market for PPF is estimated at $500 million.
The company’s results for the quarter ended September 2020 showed a 41% jump in net profit to Rs 37.76 crore.