Annual Report - Done

e
~ GARWARE
TECHNICAL FIBRES
GTFL:SEC:2023 August 26, 2023
BSE Limited
Corporate Relationship Department,
New Trading Ring,
Rotunda Building, P. J. Towers,
Dalal Street, Fort,
Mumbai 400001. (Company code: 509557)
National Stock Exchange of India Ltd.

Exchange Plaza, Plot No. C/1, 'G' Block,
Bandra-Kurla Complex,
Bandra East,
Mumbai 400051. (Symbol: GARFIBRES, Series: EQ)
Sub: Submission of 46th Annual Report for the financial year 2022-23 along
with Notice of 46th Annual General Meeting of the Company.
. .",," '
Dear Sirs,
This is to inform you that the 46th Annual General Meeting ('AGM') of the Company will
be held on Monday, 18th September, 2023 at 10:30 a.m. (1ST), through Video
Conferencing ("VC") or Other Audio Visual Means ("OAVM").
Pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure

Requirements), 2015, please find attach herewith 46th Annual Report for the financial
year 2022-23 along with Notice of 46th Annual General Meeting of the Company, which
is being sent to Shareholders through electronic mode today i.e., 26th August, 2023.
The 46th Annual Report for the financial year 2022-23 along with Notice of 46th Annual
General Meeting of the Company is also available on website of the Company:
www.garwarefibres.com.
Please acknowledge the communication.
Thanking you.
Yours faithfully,
For GARWARE TECHNICAL FIBRES LIMITED
SUNIL Digitally signed by SUNIL
AGARWAL
AGARWAL Date: 2023.08.26 10:33:32

+05'30'
Sunil Agarwal
Company Secretary
M. No. - FCS 6407
Encl: as above
Registered Office
Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.): Plot No. 11, Block D-l, M.l.D.C.,Chinchwad, Pune 411 019, India.
T +912027990000/0306 E pune_admin@garwarefibres.com www.garwarefibres.com CIN: L25209MH1976PLC018939
Garware Technical Fibres Limited
Regd. Off.: Plot No. 11, Block D-1, M.I.D.C., Chinchwad, Pune - 411 019.
CIN: L25209MH1976PLC018939; Telephone No.: (+91-20) 27990000;
E-mail: secretarial@garwarefibres.com;
Better Ideas in Action Website: www.garwarefibres.com
NOTICE
Notice is hereby given that the FORTY-SIXTH (46TH) ANNUAL GENERAL MEETING of the Company will be held on Monday, 18th September, 2023
through Video Conferencing (“VC”) or Other Audio Visual Means (“OAVM”), at 10:30 a.m. (IST) to transact the following business:
ORDINARY BUSINESS:
1. To receive, consider, and adopt:
a. the Audited Standalone Financial Statements of the Company for the financial year ended 31st March, 2023, together with the Reports of
the Board of Directors and Auditors thereon; and
b. the Audited Consolidated Financial Statements for the financial year ended 31st March, 2023 and the Report of the Auditors thereon.
2. To declare Dividend on equity shares for the financial year ended 31st March, 2023.
3. To appoint a Director in place of Mr. V. R. Garware (DIN 00092201), who retires by rotation and being eligible, offers himself for re-appointment.
SPECIAL BUSINESS:
4. Ratification of Cost Auditors' remuneration:
To consider, and, if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution:
“RESOLVED THAT pursuant to the provisions of Section 148(3) and other applicable provisions, if any, of the Companies Act, 2013 read
with the Rule 14(a) of the Companies (Audit and Auditors) Rules, 2014, the payment of remuneration of ` 5,60,000/- (Rupees Five Lakh Sixty
Thousand only) plus applicable taxes and re-imbursement of actual travelling and out-of-pocket expenses to M/s. Joshi Apte & Associates,
appointed as Cost Auditors (Firm Registration No. 000240), by the Board of Directors based on recommendation by the Audit Committee, to
conduct the Audit of the Cost Records in respect of the Products covered under the said Rules for the financial year ended 31st March, 2024,
be and is hereby ratified and approved.”
“RESOLVED FURTHER THAT the Board of Directors of the Company, be and is hereby authorised to do all such acts, deeds, matters and
things as may be necessary, relevant, and / or expedient for giving effect to this resolution.”
By Order of the Board of Directors

Sunil Agarwal
Pune, Company Secretary
22nd May, 2023 FCS No.: 6407
NOTES:
1. The Ministry of Corporate Affairs (“MCA”) has vide its General Circular No. 10/2022 dated 28th December, 2022 read with General Circular
Nos. 20/2020 dated 5th May, 2020, 14/2020 dated 8th April, 2020 and 17/2020 dated 13th April, 2020 (hereinafter collectively referred to as
“MCA Circulars”) permitted the holding of the Annual General Meeting through Video Conferencing VC or other Audio Visual Means OAVM,
without the physical presence of the Members at a common venue.
2. Accordingly, in compliance with the applicable provisions of the Companies Act, 2013 (“Act”), the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and read with the said MCA Circulars and SEBI Circular dated 5th January, 2023 (hereinafter referred to as
“SEBI Circular”), the Company has decided to convene its ensuing 46th Annual General Meeting through VC / OAVM (“AGM”), and the
Members can attend and participate in the ensuing AGM through VC / OAVM only. In accordance with the Secretarial Standard - 2 on General
Meeting issued by the Institute of Company Secretaries of India (“ICSI”) read with Guidance / Clarification dated 15th April, 2020 issued by
ICSI, the proceedings of the AGM shall be deemed to be conducted at the Registered Office of the Company, which shall be the deemed
Venue of the AGM.
3. The explanatory statement pursuant to Section 102(1) of the Companies Act, 2013, relating to Item No. 4 to be transacted at the Meeting is
annexed hereto.
4. Pursuant to the provisions of the Act, a Member entitled to attend and vote at the AGM is entitled to appoint a proxy to attend and vote on his / her
behalf and the proxy need not be a Member of the Company. Since this AGM is being held through VC / OAVM, whereby physical attendance of
Members has been dispensed with and in line with the said MCA Circulars and SEBI Circular, the facility to appoint a proxy to attend and cast
vote for the Member is not made available for this AGM and hence, the Proxy Form, route map of venue of the AGM and Attendance Slip are
not annexed to this Notice.
In terms of the provisions of Section 112 and 113 of the Act read with the said MCA Circulars and SEBI Circular, Corporate Members are
entitled to appoint their authorized representatives to attend the AGM through VC / OAVM on their behalf and participate thereat, including
cast votes by electronic means. Such Corporate Members are requested to refer “General Guidelines for Shareholders / Members” provided
in the Point No. 15. D herein below, for more information.
5. Disclosure pursuant to Regulation 36 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial
Standard 2 on General Meetings issued by Institute of Company Secretaries of India with respect to Director seeking appointment /
re-appointment / continuation of appointment at the Meeting is given separately in this Notice.
(1)
6. Documents Open for Inspection:
a. The Register of Directors and Key Managerial Personnel and their shareholding, maintained under Section 170 of the Companies Act, 2013
and the Register of Contracts or arrangements in which Directors are interested under Section 189 of Companies Act, 2013, will be available
for inspection of the Members during the AGM, on the Company's website: https://www.garwarefibres.com/.
b. All documents referred to in this Notice and accompanying explanatory statement pursuant to Section 102(1) of the Companies Act, 2013
shall be available for inspection of the Members through electronic mode. Members are requested to write to the Company at
secretarial@garwarefibres.com for inspection of the documents, by mentioning “Request for inspection” in the subject of the Email.
7. In compliance with the aforementioned MCA Circulars and SEBI Circular, the Notice of the Annual General Meeting along with the Annual
Report for the financial year 2022-23 is being sent only by electronic mode to those Members, whose email addresses are registered with the
Company / Depository Participant(s). Members may note that the Notice of Annual General Meeting and Annual Report for the financial
year 2022-23 will also be available on the Company's website: https://www.garwarefibres.com/; websites of the Stock Exchanges i.e. the
BSE Limited and National Stock Exchange of India Ltd at www.bseindia.com and www.nseindia.com respectively and on the website of
National Securities Depository Ltd. (“NSDL”) at www.evoting.nsdl.com. Members can attend and participate in the Annual General Meeting
through VC / OAVM facility only.
8. i) SEBI vide its Circular dated 16th March, 2023, has stated that it is mandatory for all holders of physical securities to furnish their PAN, KYC and
nomination details to the RTA (Registrar and Share Transfer Agent) of the Company in respect of all concerned Folios and the Folios wherein
even any one of the PAN, Address with PIN Code, Email address, Mobile Number, Bank Account details, Specimen Signature and
Nomination by holders of physical securities are not available on or after April 01, 2023, shall be frozen by the RTA. SEBI has introduced Form
ISR - 1 along with other relevant forms to lodge any request for registering PAN, KYC details or any change / updation thereof.
In terms of the SEBI Circular dated 14th December, 2021, effective from 1st January, 2022, any service requests or complaints received
from the Member, will not be processed by RTA till the aforesaid details / documents are provided to RTA.
Members may also note that SEBI vide its Circular dated January 25, 2022 has mandated listed companies to issue securities in
dematerialized form only while processing service requests viz. Issue of duplicate securities certificate; claim from unclaimed suspense
account; renewal / exchange of securities certificate; endorsement; sub-division / splitting of securities certificate; consolidation of securities
certificates / folios; transmission and transposition. In view of the same and to eliminate all risks associated with physical shares and avail
various benefits of dematerialisation, Members are advised to dematerialise the shares held by them in physical form. Accordingly, Members
are requested to make service requests by submitting a duly filled and signed Form ISR-4 along with documents specified therein, the
format of which is available on the Company's website at https://www.garwarefibres.com/.
ii) Members who are holding shares in demat mode are requested to notify any change in their residential address, Bank A/c details and / or
email address immediately to their respective Depository Participants.
9. Pursuant to Section 72 of the Companies Act, 2013 read with Rule 19(1) of the Rules made thereunder, Shareholders are entitled to make
nomination in respect of shares held by them in physical form. Shareholders desirous of making nominations are requested to send their
requests in Form SH-13, which is available on the website of the Company. Further, SEBI vide its Circular dated 16th March, 2023 has mandated
to furnish Form ISR-3 for opting out of Nomination by physical shareholders in case the Shareholder do not wish to register for
the Nomination.
10. Pursuant to Provisions of Sections 124 and 125 of the Companies Act, 2013 (Section 205A and 205C of erstwhile Companies Act, 1956),
any money transferred to the Unpaid Dividend Account which remains unpaid or unclaimed for a period of 07 (seven) years from the date of
such transfer, shall be transferred by the Company to a fund called “Investor Education and Protection Fund” (the “IEPF”) established by
the Central Government.
Accordingly, the unclaimed dividends up to the financial year 2014-2015 have been transferred by the Company to the IEPF.
The unpaid / unclaimed dividend for the financial year 2015-16 and onwards will become transferable to the IEPF at the end of 07 (seven)
years from the respective dates of transfer of such amounts to the Unclaimed Dividend Accounts of the Company. Members are, therefore
requested to check and send their claims, if any, for the relevant financial year 2015-16 and onwards before the respective amounts become
due for transfer to the IEPF.
The Ministry of Corporate Affairs (“MCA”) notified the Investor Education and Protection Fund (Accounting, Audit, Transfer and Refund) Rules,
2016 on 5th September, 2016 (“IEPF Rules”), which is applicable to the Company. In terms of the said IEPF Rules, the Company has uploaded
the information in respect of the Unclaimed Dividends in respect of the financial year 2015-2016 and onwards, on the website of the Company
viz https://www.garwarefibres.com/statement-of-unclaimed-dividend/.
Members are also requested to note that, pursuant to the provisions of Section 124(6) of the Companies Act, 2013 and the IEPF Rules, the
Company is obliged to transfer all shares, in respect of which dividend has remained unpaid or unclaimed for 07 (seven) consecutive years
or more to demat account of the IEPF Authority.
In compliance with the aforesaid Rules, the Company has transferred equity shares pertaining to financial year 2014-15 to IEPF Authority
after providing necessary intimation to concern Members.
The eligible Members are entitled to claim the shares or apply for refund of dividend to IEPF Authority by making an application in prescribed
Form, the details of which are available at www.iepf.gov.in.
11. Non-Resident Indian Members are requested to inform the Company, immediately of change in their residential status on return to India for
permanent settlement.
12. As per the provisions of the Regulation 40 of SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015, except in case of
transmission or transposition of securities, requests for effecting transfer of securities shall not be processed unless the securities are held in
the dematerialized form with a depository. Therefore, Members who still hold share certificates in physical form are advised to get their shares
dematerialised.
(2)
13. The attendance of the Members attending the AGM through VC / OAVM will be counted for the purposes of reckoning the quorum under
Section 103 of the Companies Act, 2013.
14. The Members can join the AGM in the VC / OAVM mode 15 minutes before and after the scheduled time of the commencement of the AGM
by following the procedure mentioned in this Notice. The facility of participation at the AGM through VC / OAVM will be made available for
1,000 Members on “first come first serve” basis. This will not include large Shareholders (Shareholders holding 2% or more shareholding),
Promoters, Institutional Investors, Directors, Key Managerial Personnel(s), Chairpersons of the Audit Committee, Nomination and Remuneration
Committee and Stakeholders Relationship Committee, Auditors, etc., who are allowed to attend the AGM without restrictions of “first-come-first
serve” basis. The Institutional Investors are encouraged to attend the meeting.
15. Voting through electronic means:
A. Pursuant to the provisions of Sections 108 of the Companies Act, 2013, read with Rule 20 of the Companies (Management and
Administration) Rules, 2014 (as amended) and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 (as amended) and MCA Circulars and SEBI Circular, the Company is providing facility of e-Voting to the Members
of the Company to transact the business set out in the Notice of AGM through the electronic voting system. The Company has engaged
the services of National Securities Depository Limited ( "NSDL'') for participation in the AGM through VC / OAVM facility and for facilitating
remote e-Voting as well as voting by electronic means during the proceedings of AGM (“e-Voting at AGM”) (collectively referred to as "e-
Voting”) to enable the Members to cast their votes electronically. Resolution(s) passed by Members through e-Voting is / are deemed to have
been passed as if it / they have been passed at the AGM.
B. Members of the Company holding shares either in physical form or electronic form as on the cut-off date of Monday, 11th September, 2023,
may cast their vote by e-Voting. The remote e-Voting period commences on Friday, 15th September, 2023 at 9:00 a.m. (IST) and ends on
Sunday, 17th September, 2023, at 5:00 p.m. (IST). The remote e-Voting module shall be disabled by NSDL for voting thereafter. Once
the vote on a resolution is cast by the Member, the Member shall not be allowed to change it subsequently.
C. Instructions for Shareholders / Members or remote e-Voting:
How do I vote electronically using NSDL e-Voting system?
The way to vote electronically on NSDL e-Voting system consists of “Two Steps” which are mentioned below:
Step 1: Access to NSDL e-Voting system
I) Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode
In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders holding
securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants.
Shareholders are advised to update their mobile number and email Id in their demat accounts in order to access e-Voting facility.
Login method for Individual shareholders holding securities in demat mode is given below:
Type of Login Method
shareholders
Individual 1. Existing IDeAS user can visit the e-Services website of NSDL Viz. https://eservices.nsdl.com either on a Personal
Shareholders Computer or on a mobile. On the e-Services home page click on the “Beneficial Owner” icon under “Login”
holding which is available under “IDeAS” section , this will prompt you to enter your existing User ID and Password. After
securities in
successful authentication, you will be able to see e-Voting services under Value added services. Click on “Access
demat mode
with NSDL. to e-Voting” under e-Voting services and you will be able to see e-Voting page. Click on company name or e-
Voting service provider - NSDL and you will be re-directed to NSDL e-Voting website for casting your vote during
the remote e-Voting period or joining virtual meeting & voting during the meeting.
2. If the user is not registered for IDeAS e-Services, option to register is available at https://eservices.nsdl.com. Select
“Register Online for IDeAS” Portal or click at https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp.
3. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.com/
either on a Personal Computer or on a mobile. Once the home page of e-Voting system is launched, click on the
icon “Login” which is available under 'Shareholder / Member' section. A new screen will open. You will have to enter
your User ID (i.e. your sixteen digit demat account number held with NSDL), Password / OTP and a Verification
Code as shown on the screen. After successful authentication, you will be redirected to NSDL Depository site
wherein you can see e-Voting page. Click on company name or e-Voting service provider - NSDL and you will be
redirected to e-Voting website of NSDL for casting your vote during the remote e-Voting period or joining virtual
meeting & voting during the meeting.
4. Shareholders / Members can also download NSDL Mobile App “NSDL Speede” facility by scanning the QR code
mentioned below for seamless voting experience.
(3)
Type of Login Method
shareholders
Individual 1. Users who have opted for CDSLEasi / Easiest, can login through their user id and password. Option will be made
Shareholders available to reach e-Voting page without any further authentication. The users to login Easi / Easiest are requested
holding to visit CDSL website www.cdslindia.com and click on login icon & New System Myeasi Tab and then user your
securities in
existing my easi username & password.
demat mode
with CDSL 2. After successful login of Easi / Easiest the user will be also able to see the e-Voting option for eligible companies
where the e-Voting is in progress as per the information provided by company. On clicking the e-Voting option, the
user will be able to see e-Voting page of the e-Voting service provider for casting your vote during the remote e-
Voting period or joining virtual meeting & voting during the meeting. Additionally, there is also links provided to
access the system of all e-Voting Service Providers, so that the user can visit the e-Voting service providers'
website directly.
3. If the user is not registered for Easi / Easiest, option to register is available at CDSL website: www.cdslindia.com
and click on login & New System Myeasi Tab and then click on registration option.
4. Alternatively, the user can directly access e-Voting page by providing Demat Account Number and PAN No. from a
e –Voting link available on www.cdslindia.com home page. The system will authenticate the user by sending OTP
on registered Mobile & Email as recorded in the Demat Account. After successful authentication user will be able to
see the e-Voting option where the e-Voting is in progress and also able to directly access the system of all e-Voting
Service Providers.
Individual You can also login using the login credentials of your demat account through your Depository Participant registered
Shareholders with NSDL / CDSL for e-Voting facility upon logging in, you will be able to see e-Voting option. Click on e-Voting option.
(holding securities Click on e Voting option, you will be redirected to NSDL / CDSL Depository site after successful authentication,
in demat mode)
wherein you can see e-Voting feature. Click on company name or e-Voting service provider i.e., NSDL and you will be
login through
their depository redirected to e-Voting website of NSDL for casting your vote during the remote e-Voting period or joining virtual
participants meeting & voting during the meeting.
Important note: Members who are unable to retrieve User ID / Password are advised to use Forget User ID and Forget Password option
available at above mentioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through
Depository i.e. NSDL and CDSL.
Login type Helpdesk details
Individual Shareholders holding Members facing any technical issue in login can contact NSDL helpdesk by sending a request
securities in demat mode with NSDL at evoting@nsdl.co.in or call at no.: 022-4886 7000 and 022-2499 7000
Individual Shareholders holding Members facing any technical issue in login can contact CDSL helpdesk by sending a request
securities in demat mode with CDSL at helpdesk.evoting@cdslindia.com or contact at toll free no. 1800 22 55 33
II) Login Method for e- Voting and joining virtual meeting for shareholders other than Individual shareholders holding securities in
demat mode and shareholders holding securities in physical mode.
How to Log-in to NSDL e-Voting website?
1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.com/ either on a Personal
Computer or on a mobile.
2. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under 'Shareholder / Member' section.
3. A new screen will open. You will have to enter your User ID, your Password / OTP and a Verification Code as shown on the screen.
Alternatively, if you are registered for NSDL eservices i.e. IDEAS, you can log-in at https://eservices.nsdl.com/ with your existing
IDEAS login. Once you log-in to NSDL eservices after using your log-in credentials, click on e-Voting and you can proceed to Step 2
i.e. Cast your vote electronically.
4. Your User ID details are given below :
Manner of holding shares i.e. Your User ID is:

Demat (NSDL or CDSL) or Physical
a) For Members who hold shares in 8 Character DP ID followed by 8 Digit Client ID
demat account with NSDL. For example if your DP ID is IN300*** and Client ID is 12****** then your user ID
is IN300***12******.
b) For Members who hold shares in 16 Digit Beneficiary ID
demat account with CDSL. For example if your Beneficiary ID is 12************** then your user ID is 12**************
c) For Members holding shares in EVEN Number followed by Folio Number registered with the company
Physical Form. For example if folio number is 001*** and EVEN is 101456 then user ID is 101456001***
(4)
5. Password details for shareholders other than Individual shareholders are given below:
a) If you are already registered for e-Voting, then you can use your existing password to login and cast your vote.
b) If you are using NSDL e-Voting system for the first time, you will need to retrieve the 'initial password' which was communicated
to you. Once you retrieve your 'initial password', you need to enter the 'initial password' and the system will force you to change
your password.
c) How to retrieve your 'initial password'?
(I) If your email ID is registered in your demat account or with the company, your 'initial password' is communicated to
you on your email ID. Trace the email sent to you from NSDL from your mailbox. Open the email and open the attachment i.e.
a .pdf file. Open the .pdf file. The password to open the pdf file is your 8 digit client ID for NSDL account, last 8 digits of
client ID for CDSL account or folio number for shares held in physical form. The .pdf file contains your 'User ID' and your 'initial
password'.
(ii) If your email ID is not registered, please follow steps mentioned below in process for those shareholders whose email ids
are not registered
6. If you are unable to retrieve or have not received the “Initial password” or have forgotten your password:
a) Click on “Forgot User Details / Password?” (If you are holding shares in your demat account with NSDL or CDSL) option available
on www.evoting.nsdl.com.
b) Physical User Reset Password?” (If you are holding shares in physical mode) option available on www.evoting.nsdl.com.
c) If you are still unable to get the password by aforesaid two options, you can send a request at evoting@nsdl.co.in mentioning
your demat account number / folio number, your PAN, your name and your registered address etc.
d) Members can also use the OTP (One Time Password) based login for casting the votes on the e-Voting system
of NSDL.
7. After entering your password, tick on Agree to “Terms and Conditions” by selecting on the check box.
8. Now, you will have to click on “Login” button.
9. After you click on the “Login” button, Home page of e-Voting will open.
Step 2: Cast your vote electronically and join Meeting on NSDL e-Voting system.
How to cast your vote electronically and join Meeting on NSDL e-Voting system?
1. After successful login at Step 1, you will be able to see all the companies “EVEN” in which you are holding shares and whose voting
cycle and General Meeting is in active status.
2. Select “EVEN” of company for which you wish to cast your vote during the remote e-Voting period and casting your vote during the
General Meeting. For joining virtual meeting, you need to click on “VC / OAVM” link placed under “Join Meeting”.
3. Now you are ready for e-Voting as the Voting page opens.
4. Cast your vote by selecting appropriate options i.e. assent or dissent, verify / modify the number of shares for which you wish to cast
your vote and click on “Submit” and also “Confirm” when prompted.
5. Upon confirmation, the message “Vote cast successfully” will be displayed.
6. You can also take the printout of the votes cast by you by clicking on the print option on the confirmation page.
7. Once you confirm your vote on the resolution, you will not be allowed to modify your vote.
D. General Guidelines for Shareholders / Members:
1. Institutional Shareholders (i.e. other than individuals / HUF, NRI, etc) are required to send a scanned copy (PDF / JPG Format) of the
relevant Board Resolution / Authority letter etc., with attested specimen signature of the duly authorized signatory(ies) who are
authorized to vote, to the Scrutinizer by email through their registered email address to cs@svdandassociates.com with copies marked to
secretarial@garwarefibres.com, evoting@nsdl.co.in and pune@linkintime.co.in. Institutional shareholders (i.e. other than individuals,
HUF, NRI etc.) can also upload their Board Resolution / Power of Attorney / Authority Letter etc., by clicking on "Upload Board Resolution /
Authority Letter" displayed under "e-Voting" tab in their login.
2. It is strongly recommended not to share your password with any other person and take utmost care to keep your password
confidential. Login to the e-Voting website will be disabled upon five unsuccessful attempts to key in the correct password. In such
an event, you will need to go through the “Forgot User Details / Password?” or “Physical User Reset Password?” option available on
www.evoting.nsdl.com to reset the password.
3. In case of any queries, you may refer the Frequently Asked Questions (FAQs) for Shareholders and e-Voting user manual for
Shareholders available at the download section of www.evoting.nsdl.com or call on toll free no.: 022-48867000 and 022-2499 7000 or
send a request at evoting@nsdl.co.in or contact Mr. Sunil Agarwal, Company Secretary at the Registered office address or Tel. (020)
2799 0000 or e-mail at secretarial@garwarefibres.com.
E. Process for those Shareholders whose email ids are not registered with the depositories for procuring user id and password
and registration of e-mail ids for e-Voting for the resolutions set out in this Notice:
(5)
1. In case shares are held in physical mode please provide Folio No., Name of Shareholder, scanned copy of the share certificate
(front and back), PAN (self attested scanned copy of PAN card), AADHAR (self attested scanned copy of Aadhar Card) by email
to the Company at secretarial@garwarefibres.com and to Link Intime India Private Limited, Registrar and Share Transfer Agent of
the Company at pune@linkintime.co.in.
2. In case shares are held in demat mode, please provide DPID-CLID (16 digit DPID + CLID or 16 digit beneficiary ID), Name, client
master or copy of Consolidated Account statement, PAN (self attested scanned copy of PAN card), AADHAR (self attested scanned
copy of Aadhar Card) to the Company at secretarial@garwarefibres.com and to Link Intime India Private Limited, Registrar and
Share Transfer Agent of the Company at pune@linkintime.co.in. If you are an Individual Shareholders holding securities in demat mode,
you are requested to refer to the login method explained at step 1 (A) i.e. Login method for e-Voting and joining virtual meeting for
Individual Shareholders holding securities in demat mode.
3. Alternatively Shareholder / Members may send a request to evoting@nsdl.co.in for procuring user id and password for e-Voting by
providing above mentioned documents.
4. In terms of SEBI Circular dated December 9, 2020 on e-Voting facility provided by the Company, Individual Shareholders holding
securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants.
Shareholders are required to update their mobile number and email ID correctly in their demat account in order to access e-Voting
facility.
F. The Instructions for Shareholders / Members for e-Voting on the day of the AGM are as under :
1. The procedure for e-Voting on the day of the AGM is same as the instructions mentioned above for remote e-Voting.
2. Only those Members / Shareholders, who will be present in the AGM through VC / OAVM facility and have not casted their vote
on the Resolutions through remote e-Voting and are otherwise not barred from doing so, shall be eligible to vote through e-Voting
system in the AGM.
3. Members who have voted through Remote e-Voting will be eligible to attend the AGM. However, they will not be eligible to vote at
the AGM.
4. The details of the person who may be contacted for any grievances connected with the facility for e-Voting on the day of the AGM
shall be the same person mentioned for remote e-Voting.
G. Instructions for Shareholders / Members to Attend the Annual General Meeting through VC / OAVM are as under :
1. Member will be provided with a facility to attend the AGM through VC / OAVM through the NSDL e-Voting system. Members may
access by following the steps mentioned above for Access to NSDL e-Voting system. After successful login, you can see link of
“VC / OAVM link” placed under “Join meeting” menu against company name. You are requested to click on VC / OAVM link placed
under Join Meeting menu. The link for VC / OAVM will be available in Shareholder / Member login where the EVEN of Company
will be displayed. Please note that the members who do not have the User ID and Password for e-Voting or have forgotten the User
ID and Password may retrieve the same by following the remote e-Voting instructions mentioned in the notice to avoid last minute
rush.
2. Members are encouraged to join the Meeting through Laptops for better experience.
3. Members are encouraged to submit their questions in advance with regard to the financial statements or any other matter to be
placed at the AGM, from their registered e-mail address, mentioning their name, DP ID and Client ID number / folio number and
mobile number, to reach the Company's e-mail address at secretarial@garwarefibres.com. Questions received by the Company
till 5.00 p.m. (IST) on Monday, 11th September, 2023 shall only be considered and responded during the AGM.
4. Members who would like to express their views or ask questions as a Speaker during the AGM may pre-register themselves by
sending a request from their registered e-mail address mentioning their names, DP ID and Client ID / folio number, PAN and mobile
number to secretarial@garwarefibres.com between 9:00 a.m. (IST) on Monday, 11th September, 2023 and 5:00 p.m. (IST) on Thursday,
14th September, 2023. Only those Members who have pre-registered themselves as Speakers will be allowed to express their
views or ask questions during the AGM. The Company reserves the right to restrict the number of Speakers depending on the
availability of time for the AGM.
5. Further Members will be required to allow Camera and use Internet with a good speed to avoid any disturbance during the
Meeting.
6. Please note that Participants Connecting from Mobile Devices or Tablets or through Laptop connecting via Mobile Hotspot may
experience Audio / Video loss due to Fluctuation in their respective network. It is therefore recommended to use Stable Wi-Fi or
LAN Connection to mitigate any kind of aforesaid glitches.
16. Payment of Dividend
i) The Register of Members and the Share Transfer Books of the Company will remain closed from Tuesday, 12th September, 2023 to
Monday, 18th September, 2023, (both days inclusive), for the purpose of determining the names of Members eligible for dividend on
Equity Shares, if declared at the Meeting.
ii) The Dividend of ` 3.50/- per Share (35%) on subscribed equity capital consisting of 2,03,78,169 Equity Shares of face value ` 10/- each of
the Company for the Financial Year 2022- 23, as recommended by Board of Directors, if declared at the Meeting, will be paid, subject to the
(6)
provisions of the Companies Act, 2013, on or after Monday, 18th September, 2023, in respect of shares held in physical form, to those
Members whose names appear on the Register of Members as on Monday, 18th September, 2023, and in respect of shares held in
dematerialised form, to those “Deemed Members” whose names appear in the statement of Beneficial Ownership furnished by National
Securities Depository Limited (“NSDL”) and Central Depository Services (India) Limited (“CDSL”) at the close of business hours on
Monday, 11th September, 2023.
iii) In terms of the provisions of the Income-tax Act, 1961 as amended (“the Act”), dividend paid or distributed by a Company on or after
April 1, 2020, is taxable in the hands of the Members. The Company shall, therefore, be required to deduct TDS at the time of payment of
dividend at the applicable tax rates. The rate of TDS would depend upon the category, residential status of the Member and subject to
fulfillment of certain conditions as provided in the procedure given in email communications sent to the Members on Friday, 14th July, 2023.
The said email communication is available on the Company's Website: https://garwarefibres.com/wp- content/uploads/2022/08/email-
communication-tds-on-dividend-2022.pdf. As it is important for the Company to receive the relevant information / document from Members
to determine the rate of TDS, the Members are requested to furnish relevant information / documentation in the manner provided in the
said email communication.
17. The voting rights of Members shall be in proportion to their shares of the paid-up equity share capital of the Company as on the Cut-off date
i.e., Monday, 11th September, 2023.
18. Any person holding shares in physical form and non-individual shareholders, who acquires shares of the Company and becomes Member
of the Company after the notice is send through e-mail and holding shares as of the Cut-off date i.e. Monday, 11th September, 2023, may
obtain the login ID and password by sending a request at evoting@nsdl.co.in or to the Company at secretarial@garwarefibres.com. However,
if you are already registered with NSDL for remote e-voting, then you can use your existing user ID and password for casting your vote.
If you forgot your password, you can reset your password by using “Forgot User Details/Password” or “Physical User Reset Password” option
available on www.evoting.nsdl.com or call on toll free no. 1800 1020 990 and 1800 22 44 30. In case of Individual Shareholders holding
securities in demat mode who acquires shares of the Company and becomes a Member of the Company after sending of the Notice and holding
shares as of the Cut-off date i.e. Monday, 11th September, 2023, may follow steps mentioned in the Notice of the AGM under “Access to
NSDL e-Voting system”.
19. Mr. Sridhar Mudaliar, Partner (CP. No. 2664) or failing him Mr. S. V. Deulkar, Partner (CP No. 965) of M/s. SVD & Associates, Company
Secretaries has been appointed as Scrutinizer to scrutinize voting process in a fair and transparent manner and in accordance with the
applicable laws.
20. The Chairman shall, at the AGM, at the end of discussion on the resolutions on which voting is to be held, allow voting, by use of e-Voting
system for all those Members who are present during the AGM through VC / OAVM but have not cast their votes by availing the remote
e-Voting facility. The e-Voting system during the AGM shall be disabled by NSDL for voting 15 minutes after the conclusion of the
Meeting.
21. The Scrutinizer shall, immediately after the conclusion of voting at the AGM, unblock the votes cast through remote e-Voting and e-Voting
and make, within two working days of conclusion of the AGM, a consolidated Scrutinizer's Report of the total votes cast in favour or against,
if any, to the Chairman or a person authorised by him in writing, who shall countersign the same.
22. The results declared along with the Scrutinizer's Report shall be placed on the Company's website: www.garwarefibres.com immediately
after the declaration of results by the Chairman or a person authorised by him in writing. The results shall also be communicated to
Stock Exchanges i.e. the BSE Limited and National Stock Exchange of India Limited where the equity shares of the Company are
listed.
23. A person, who is not member as on Cut-off date should treat this Notice for information purposes only.
EXPLANATORY STATEMENT
As required by Section 102 of the Companies Act, 2013, the following explanatory statement sets out the material facts relating to the business
mentioned under Item No. 4 of the accompanying Notice dated 22nd May, 2023.
Item No. 4:
Pursuant to the provisions of Section 148 of the Companies Act, 2013 and the Companies (Cost Records and Audit) Rules, 2014, the Company is
required to appoint a Cost Auditor to conduct the audit of the cost records in respect of the products covered under the said Rules for the financial
year ending on 31st March, 2024. Accordingly, M/s. Joshi Apte & Associates, Cost Accountants have been appointed as the Cost Auditors of the
Company for the financial year 2023-24 by the Board of Directors in its meeting held on 22nd May, 2023, on the recommendation of the Audit
Committee of the Company for conducting the audit of the concerned cost records maintained by the Company.
The Board of Directors has fixed a remuneration of ` 5,60,000/- (Rupees Five Lakh Sixty Thousand only) plus applicable taxes and reimbursement
of actual traveling and out-of-pocket expenses. In terms of Section 148(3) of the Companies Act, 2013 and Rule 14(a) of the Companies
(Audit and Auditors) Rules, 2014 the remuneration of the cost auditors, as fixed by the Board of Directors is required to be ratified by the
Company.
None of the Directors and Key Managerial Personnel and their respective relatives are concerned or interested, financially or otherwise, in there
solution set out at Item No. 4 of this Notice.
The Board of Directors recommends the resolution set out at Item No. 4 for ratification by the Members of the Company as an Ordinary
Resolution.
(7)
Details of the Director seeking re-appointment at the 46th Annual General Meeting of the Company
(Pursuant to Regulation 36 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standard 2 on
General Meetings issued by Institute of Company Secretaries of India)
Name of Director Mr. Vayu Ramesh Garware

Director Identification Number 00092201
Date of Birth and 18/02/1972
Age 51 years
Date of Appointment on the Board 01/12/1995
Qualifications Graduate Cum Laude in B Sc Economics (Specialization in Finance) from the Wharton Business
School of the University of Pennsylvania, U.S.A.
Experience and nature of expertise in Mr. V. R. Garware initially served the Company as a director for one (1) year upto November,
specific Functional Area 1996 and thereafter, as a whole-time director from December, 1996 to November, 2011.
Mr. V. R. Garware was elevated to the position of Managing Director of the Company, designated
as Chairman & Managing Director, in the year 2011. In present term, Mr. V. R. Garware has
been re-appointed as Managing Director designated as Chairman & Managing Director effective
from 1st December, 2021, for a period of five (5) years. Mr. V. R. Garware being Chairman &
Managing Director of the Company is in-charge of the overall management of the Company
and reports to the Board of Directors of the Company.
Name of other Companies in which Director Garware Capital Markets Limited
holds Directorship as on 31st March, 2023 VMIR Investment Limited
VRG Investments Limited
Sanand Investments And Trading Co. Pvt. Ltd.
Consolidated Agricultural And Dairy Farming Co. Pvt. Ltd.
Manmit Investments And Trading Co Pvt. Ltd.
Moonshine Investments And Trading Co. Pvt. Ltd.
Starshine Comtrade Private Ltd.
Sukukar Holdings And Trading Co. Pvt. Ltd.
Garware Infrastructure Pvt. Ltd.
Garware Environmental Services Pvt. Ltd.
Garware Meditech Private Limited
Gurukrupa Comtrade Pvt. Ltd.
Garware Technical Textile Pvt. Ltd.
Garware Technical Fibres Foundation
Vimlabai Garware Research Institute Private Limited
Garware Research Institute
Garware Technical Fibres Chile SpA
Garware Technical Fibres USA Inc.
Name of the Committees of the other Mr. V. R. Garware does not hold membership of Committees of the Board of Directors of any of
Companies in which the Director holds the above companies.
Membership as on 31st March, 2023
Shareholding in the Company as on 13,17,347 Equity Shares*
31st March, 2023 *Out of 13,17,347 equity shares,
i. 10 equity shares are held on behalf of Vayu Garware Family Trust.
ii. 10 equity shares are held on behalf of VRG Family Trust.
Relationship with other Directors, Mr. V. R. Garware is not related to any Director and Key Managerial Personnel except
Manager and other Key Managerial Ms. M. V. Garware.
Personnel of the Company
Other details such as the number of Meetings of the Board attended during the Financial Year 2022-23 and remuneration drawn have been
given in Corporate Governance Report, which forms part of the Annual Report.
By Order of the Board of Directors

Sunil Agarwal
Pune, Company Secretary
22nd May, 2023 FCS No.: 6407
(8)
46th Annual Report 2022-2023
INSIDE
2 14 28 42 71
From the Directors' Corporate Business Management
Chairman's Report Governance Responsibility Discussion and
Desk Report and Sustainability Analysis
Report
73 80 81 83 85
Independent Balance Sheet Statement of Cash Flow Notes to Financial
Auditors' Report Profit and Loss Statement Statements
CONSOLIDATED FINANCIALS
125 130 131

Independent Balance Sheet Statement of
Auditors' Report Profit and Loss
133 135 173

Cash Flow Notes to Financial Form AOC-1
Statement Statements
46th ANNUAL GENERAL MEETING

DAY & DATE : Monday, 18th September, 2023
TIME : 10.30 am (IST)
Corporate Information
Founder Chairman
nLate Shri. B. D. Garware
Chairman Emeritus
nLate Shri. R. B. Garware
Board of Directors
nV. R. Garware - Chairman & Managing Director
nMs. M. V. Garware
nR. M. Telang
nS. P. Kulkarni
nS. S. Rajpathak
nMs. Mallika Sagar
Company Secretary
nSunil Agarwal
Bankers
nBank of India HDFC
n Bank Ltd.
nBank of Baroda HSBC
n Bank Ltd.
nDBS Bank India Ltd. ICICI Bank Ltd.
n
nCitibank NA
Auditors
nMehta Chokshi & Shah LLP, Chartered Accountants
Share Transfer Agent

Link Intime India Pvt. Ltd.
202, 2nd Floor, Akshay Complex, Off Dhole Patil Road,
Near Ganesh Temple, Pune - 411 001.
Tel : +91-20-4601 4473
E-mail : pune@linkintime.co.in
Website : www.linkintime.co.in
Registered Office
Plot No. 11, Block D-1, MIDC, Chinchwad, Pune - 411 019.
Tel : +91-20-2799 0000/0306
E-mail : secretarial@garwarefibres.com
Website : www.garwarefibres.com
CIN : L25209MH1976PLC018939
Mumbai Offices
39, S. K. Hafizuddin Marg, Byculla, Mumbai - 400 008.
Tel : +91-22-2309 1164/1168/5111
Annual Report 2022-2023 1

From the Chairman's Desk
Strong, Resilient and Future-Ready

Dear Shareholders, year. However, a steep rise in raw material costs
coupled with a continuing shortage in containers
I am pleased to present the annual report of your
affected our margins, and led to an increase in
Company for the financial year (FY) 2022-23.
inventories. All these setbacks to revenue growth
During the year, the global economy witnessed a were substantially overcome from the second
widespread slowdown along with high inflation. quarter onward. While recessionary pressures in
The war in eastern Europe and increasing Europe and USA affected the demand for some
interest rates dampened the outlook for people of our products, our overall performance by
and businesses at large. Steep increases in the end of the year was satisfactory despite the
food prices hit vulnerable populations across external challenges.
the globe. Recessionary trends began to emerge
Among the highlights of our performance were a
in many economies. Nevertheless, the Indian
massive penetration into the aquaculture market
economy continued to show robust growth
in South America and spectacular growth in our
buoyed by high investment activity and private
geosynthetics business.
consumption. The favourable environment
supported top-line growth of your Company in A large part of the breakthrough in South
domestic markets during the first quarter of the America was achieved through Sapphire X18,
your Company's ingenious, tailor-made solution Your Company remains a financially robust
to the problem of sea lions attacking salmon organization with strong cash flows, a diversified
fish-farmers' nets. In comparison to traditional portfolio of value-added products, proven
solutions, X18 stands out for its efficiency and expertise in customer-focused innovation, and a
ease of use, giving benefits in terms of operational high weightage in the food sector, which has a
ease, cost savings, and safety. relatively inelastic demand profile. These
attributes give your Company the strength and
Your Company's geosynthetics business recorded
resilience to stay on the path of continuous
increased momentum of growth, higher margins
growth and profitability even in adverse
and a higher volume of large-value orders, all
conditions.
leading to a very impressive return on capital
employed (ROCE). Your Company is also committed to a sustainable
environment, and demonstrates this internally
Your Company continued to invest heavily in
and externally, through its manufacturing
new product development, and several of its
operations and product offerings.
recent innovations garnered high interest. Our
manufacturing plants responded well to the Looking at the future, we have firmed up several
challenges of meeting customer demand, promising plans. While farmed salmon is a
and notched significant improvements in top-selling species globally, and meeting the
productivity and cost savings. Our inventory needs of the salmon aquaculture industry
management was excellent, and we returned to will continue to be one of our priorities, we will
our track record of healthy cash generation. also be reaching out intensively to potential
customers who farm other fish species. In
I am also happy to inform you that for the sixth
FY 22-23 itself we gained such customers in
year in a row your Company was ranked among
several countries of Asia and America, as well
India's top manufacturing companies as a
as a breakthrough order from Africa. Our
'Great Place to Work'. Our senior management
portfolio for the sports segment, which witnessed
team was strengthened with the infusion of
sluggish growth in the year under review, is
some highly experienced professionals, and we
being expanded. International sales, which
also expanded our overseas teams.
constitute the major part of our total revenue, will
Your Company registered total revenue of be bolstered with aggressive forays in south
` 1305.55 crores for the year ended 31st March Europe and other geographies.
2023, an increase of 9.77% over the previous
I look forward to your support in our exciting
year. Consolidated operating earnings before
journey ahead.
interest, taxes, depreciation and amortization
(EBITDA) increased by 3% to touch ` 230 crores.
Consolidated profit before tax was ` 223.21 V. R. Garware
Chairman & Managing Director
crores, an increase of 3.13% over the previous
year. The consolidated return on invested
capital (ROIC) was 47.2%. Your Board of
Directors has declared an equity dividend of 35%
amounting to ` 3.50 per share.

A strong foundation is the key to
creating long-term success.
Michael Leonard
Strong Foundations based on Values
Driven by the mission of providing innovative, application focused solutions
to enhance values of customers globally, Garware Technical Fibres Ltd.
(GTFL) has an enviable track record of continuous profitability and growth.
With around 70% of its business connected to the food sector, which enjoys
perennial demand, and a diversified product portfolio covering multiple
sectors, industries and geographies, the Company has the muscle to weather
business cycles and disruptions in demand-supply channels.
Over the years, the Company has consistently strengthened its financial
fundamentals despite challenges like the disruptions caused by the Covid-19
pandemic. Along with a dominant position in domestic markets, the Company
has multiplied its revenue from international sales, and recorded steady
increases in its overall profits. The Company has also generated substantial
volumes of free cash-flows, increasing its power to withstand shocks.
This growth trajectory was maintained in FY 22-23 despite challenges in

the domestic market and some major international markets. Through deeper
penetration in select geographies and product lines, increased savings in
manufacturing costs, and astute inventory management, the Company
ensured a healthy return on invested capital (ROIC).

Growth is never by chance;
it is the result of forces working together.
James Cash Penney

Expanding Global Footprint
With presence in over 75 countries, GTFL is a major global player in several
business segments. The Company's international outlook is consistently
reflected in its financials, with revenue from overseas markets constituting
around 60% of the total revenue.
The global presence was strengthened in FY 22-23 through a slew of

strategic initiatives. Years of continuous dialogue with customers in South
America paid off with a dramatic increase in sales from that region. The
Company also strengthened its relations with one of the largest producers
of farmed salmon in Europe. While aquaculture salmon accounts for a large
part of global fish sales, GTFL made notable inroads into markets for other
high-value farmed fish as well. To service international customers more
efficiently, the Company has expanded its teams in America and Europe.
While the Company's value-adding innovations in aquaculture and trawl

fishing continue to generate high demand, its offerings for other segments
also have good growth potential in international markets.

We innovate by starting with the customer
and working backwards.
Jeff Bezos
Demand for Innovation
Technological innovation constitutes GTFL's invaluable capital. The
Company has a large R&D team consisting of scientists holding doctorates
and master's degrees in textile technology from world-ranked institutions
and aggregate experience of over 30 years. This top-notch team has enabled
the Company to file around 90 patent applications, of which 24 have been
granted. Apart from offering differentiated and profitable solutions to
customers, the GTFL innovations address the challenges of environmental
sustainability, with benefits of lower carbon, energy and water footprints
compared to competitive products.
The thrust on application-focused innovation was maintained in FY 22-23,

and yielded rich dividends. Among the GTFL solutions that garnered high
market interest were Sapphire CFR, a new-age predator net; X18, a stiff
predator net that combines superior protection with ease of handling;
energy-efficient Garflow fishing nets; and X12, a non-pharmacological
shield that prevents sea lice from entering salmon aquaculture cages.
Positive market feedback was also received for SNG, a braided bottom-
trawling HDPE net that has high strength and abrasion resistance, thus
enhancing trawl life and reducing fuel bills.

Breakthrough is how to distinguish a leader
and who followed.
Steve Jobs
Breakthroughs in Geosynthetics
GTFL has over the years expanded its portfolio to cater to several segments
apart from fishing and shipping, such as sports, agriculture, building
construction, infrastructure development, environment protection,
transportation and packaging. In this diversified portfolio, the Company's
geosynthetic solutions recorded remarkable growth in FY 22-23. The
superlative performance was achieved through a wider customer base in
the domestic and international markets, higher margins and a clutch of
high-value orders in excess of ` 100 million.
On the domestic front, a challenging project successfully executed in

FY 22-23 was for the protection of the Kargil-Zanskar highway in Ladakh
from avalanches. The project involved the complex design and installation
of barriers in the avalanche zone, using technical guidelines developed by
the Swiss Federal Institute for Snow and Avalanche Research. Another
major project successfully executed in the year was the scientific closure
and capping of a hazardous waste landfill in central India.
On the export front, there was a substantial increase in business in South

America, Europe and USA. The Company's geo-textile bags and geo-textile
containers for protection of coastlines and infrastructure of ports and
harbours also drew positive interest internationally. Overall, this segment
looks to be on the fast track for growth in the years to come.

In the long run, your human capital is
your main base of competition.
Bill Gates
Maximizing Human Capital
GTFL's people are its core strength, and providing them with an empowering
work culture is a top priority for the organisation. The Company's myriad
efforts to enhance business performance through enhanced human capital
was once again recognised by the prestigious Great Place to Work (GPTW)
survey, which evaluates the work culture of organisations on the basis of
five parameters: innovation, values, trust, leadership effectiveness, and
maximising human potential. In FY 22-23, GTFL was ranked by GPTW among
India's top 25 'best workplaces in manufacturing' and among India's top 50
workplaces for 'building a culture of innovation for all'.
Among the several programmes launched during the year to enhance

human capital was 'Tavamitram', an initiative focused on holistic wellness.
'Tavamitram' acts as a sounding board for employees to seek expert support
on personal issues without the fear of being judged. The support is offered
through various channels including a one-on-one helpline, 24X7 chat facility,
a weekly counselling cell with a dedicated therapist, monthly support
groups, and counselling sessions on topics such as elderly care and teenage
parenting. 'Tavamitram' aims to enhance trust, safety and joy in the
workplace, prevent burnout, and strengthen overall employee well-being,
ultimately boosting productivity.
GTFL's
TM
TRUST INDEX SCORE
(As per GPTW)
92
OUT OF 100

Directors' Report
(For the Financial Year ended 31st March, 2023)
To The Members,
Your Directors have pleasure in presenting the Forty-Sixth Annual Report along with Audited Financial Statements
of the Company for the financial year ended 31st March, 2023.
n
FINANCIAL SUMMARY:
( ` in lakhs)
Particulars Standalone Consolidated
Year ended 2022-2023 Year ended 2021-2022 Year ended 2022-2023 Year ended 2021-2022
Revenue from Operations 1,25,361.68 1,17,605.46 1,30,554.85 1,18,939.87

Other Income 2,785.22 2,547.03 2,790.48 2,554.00
Total Income 1,28,146.90 1,20,152.49 1,33,345.33 1,21,493.87
Profit subject to
Depreciation & Taxation 22,895.38 23,141.49 24,548.58 23,787.29
Less: Depreciation and
Amortisation Expenses 2,223.76 2,140.75 2,230.75 2,145.98
Profit Before Tax 20,671.62 21,000.74 22,327.83 21,641.31
Less: Tax Expenses
Current Tax 5,062.80 5,156.41 5,397.32 5,390.72
Deferred Tax (298.19) (228.73) (299.46) (227.47)
4,764.61 4,927.68 5,097.86 5,163.25
Profit After Tax 15,907.01 16,073.06 17,219.97 16,478.06
Share of (Profit)/Loss
from Investment in
Associate & Join Venture – – – 0.03
Profit for the year 15,907.01 16,073.06 17,219.97 16,478.09
2022 - 2023 – THE YEAR UNDER REVIEW:

n OPERATIONS:
n
During the year under review, your Company recorded The operations of the Company are elaborated in the
satisfactory performance despite challenging annexed “Management Discussion and Analysis
external situation. Report”.
Your Company recorded standalone revenue of SUBSIDIARIES AND ASSOCIATE:
n
` 1,253.62 crore for the year ended 31st March, 2023, Garware Technical Fibres USA INC. ("GTF USA INC"),
an increase of 6.60% over the previous year's is a Wholly Owned Subsidiary of your Company
standalone revenue of ` 1,176.05 crores. incorporated in the State of Washington, United State
Domestic Sales amounted to ` 498.79 crores, and of America. GTF USA INC is engaged in the business of
the Export Sales amounted to ` 754.83 crores for sale and supply of the products to technical textile
the year ended 31st March, 2023, on standalone industry in USA markets. GTF USA INC recorded
basis. revenue of ` 163.66 crores and earned net profit of
Further, your Company earned consolidated ` 6.51 crores for the year ended 31st March, 2023, as
revenue of ` 1,305.55 crores for the year ended compared to revenue of ` 166.64 crores and net
31st March, 2023, an increase of 9.77% over the profit of ` 5.99 crores during the previous year.
previous year's consolidated revenue of ` 1,189.40 Garware Technical Fibres Chile SpA ("GTF Chile SpA"),
crores. is a Wholly Owned Subsidiary of your Company
Consolidated Profit Before Tax is ` 223.18 crores incorporated in Republic of Chile. GTF Chile SpA is
against ` 216.41 crores of the previous year. engaged in the business of sale and supply of the
14 Annual Report 2022-2023

products to technical textile industry in Chile markets. 'control' over Garware Technical Fibres Foundation
GTF Chile SpA recorded revenue of ` 123.15 crores and thus, the same was not consolidated alongwith the
and earned net profit of ` 4.30 crores for the year Financial Statement of the Company.
ended 31st March, 2023, as compared to revenue of Pursuant to the provisions of Section 136 of the
` 63.71 crores and net profit of ` 2.22 crores during Companies Act, 2013, the Standalone Financial
the previous year. Statements of the Company, Consolidated Financial
Garware Environmental Services Private Limited Statements along with relevant documents and
(“GESPL”) and Garware Technical Textile Private Financial Statements in respect of its Subsidiaries
Limited (“GTTPL”), are Wholly Owned Subsidiaries of and Associate Company are also uploaded on the
your Company. GESPL and GTTPL are yet to commence Company's website: https://www.garwarefibres.com/
commercial operations. investors/financial-information/shareholder-meeting
Garware Technical Fibres Foundation is a Wholly #investorsmenu.
Owned Subsidiary of your Company incorporated The Financial Statements of the Subsidiaries,
under Section 8 of the Companies Act, 2013, to Associate Company and the related detailed
undertake various Corporate Social Responsibility information will be made available to any Member of
activities in areas or subjects specified in Schedule VII the Company / its Subsidiaries and Associate Company,
of the Companies Act, 2013. who may be interested in obtaining the same. The
The Company does not have any material subsidiary. Financial Statements of the Subsidiaries and
Associate Company will also be kept for inspection by
Garware Meditech Private Limited is an associate of
any Member at the Company's Registered Office and
your Company and presently not having any business
that of the Subsidiaries and Associate Company.
activity.
RESERVES:
n
Pursuant to provisions of first proviso of sub-section (3)
of Section 129 of the Companies Act, 2013, a Your Directors do not propose to transfer any amount
Statement containing salient features of the Financial to the General Reserves and retain of ` 89,214.47/-
Statement of its Subsidiaries and Associate Company in lakhs in the statement of the Profit and Loss.
Form No. AOC-1 is attached to the Financial Statement, BUY-BACK OF EQUITY SHARES:
n
which forms an integral part of this Report. During the year under review, your Company has
CONSOLIDATED FINANCIAL STATEMENTS:
n bought back 2,40,000 equity shares of the Company
Pursuant to the provisions of Section 129 of the of face value of ` 10/- each representing 1.16% of
Companies Act, 2013, read with the Companies the Equity Shares in the then existing total equity
(Accounts) Rules, 2014 and applicable Accounting paid-up capital of the Company, from all Eligible
Standards, the Company has prepared a Consolidated Shareholders on a proportionate basis, through the
Financial Statement of the Company, its Subsidiaries 'Tender Offer' process, at a price of ` 3,750/- per
and Associate Company in the same form and equity share, payable in cash, for an aggregate
manner as that of the Company, which shall be laid maximum amount of ` 90 crores, pursuant to the
before the ensuing Annual General Meeting of the provisions of the SEBI (Buy-back of Securities)
Company along with the laying of the Company's Regulations, 2018 and the Companies Act, 2013.
Standalone Financial Statement. Pursuant to the issuance of Letter of Offer, tender
The Annual Report of the Company inter alia contains period for buy-back was opened on 05th December,
the Standalone Audited Financial Statement of the 2022 and closed on 16th December, 2022. Your
Company and Consolidated Audited Financial Company bought back 2,40,000 equity shares of the
Statement of the Company and its Subsidiaries and Company of face value of ` 10/- each from all Eligible
Associate Company except its wholly owned subsidiary Shareholders, who tendered the shares on a
Garware Technical Fibres Foundation, a company proportionate basis and extinguished the same on
incorporated under Section 8 of the Companies Act, 27th December, 2022. The total paid up capital of
2013. your Company stands reduced from ` 20,61,81,690/-
Considering the nature and insignificant variability of divided into 2,06,18,169 equity shares of face value
its return, it has been concluded that it does not have of ` 10/- each to ` 20,37,81,690/- divided into

2,03,78,169 equity shares of face value of ` 10/- each your Company during the Financial Year ended
post extinguishment of the said 2,40,000 equity 31st March, 2023.
shares of the Company. The Buyback resulted MATERIAL CHANGES AND COMMITMENT
n
in a cash outflow of ` 90 crores (excluding transaction AFFECTING FINANCIAL POSITION:
costs). The Company funded the Buyback from its
There were no material changes and commitments,
free reserves. In accordance with Section 69 of the
affecting the financial position of the Company
Companies Act, 2013, the Company has created capital
occurred between the end of the Financial Year of the
redemption reserve of ` 24.00 lakhs equal to the
Company i.e. 31st March, 2023 and the date of this
nominal value of the shares bought back as an
Directors' Report i.e. 22nd May, 2023.
appropriation from general reserves.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
n
DIVIDEND:
n
The Board of your Company is duly constituted in
Your Directors, after taking into account, the various
accordance with the requirements of the Companies
provisions of Dividend Distribution Policy of the
Act, 2013 read with the SEBI (Listing Obligation and
Company, have recommended a Dividend of ` 3.50/-
Disclosure Requirements) Regulations, 2015.
per share (35%) on the subscribed equity capital
consisting of 2,03,78,169 Equity Shares of face Pursuant to the provisions of Section 152 of the
value of ` 10/- each, of the Company existing as on Companies Act, 2013, read with Article 96 of the Articles
31st March, 2023, for your consideration at ensuing of Association of the Company, Mr. V. R. Garware (DIN
Annual General Meeting of the Company. The total 00092201) is liable to retire by rotation at the ensuing
proposed dividend for the year would absorb an Annual General Meeting of the Company and, being
amount of ` 7,13,23,592/-. eligible, offers himself for re-appointment. The Board
Pursuant to the provisions of Income-tax Act, 1961 recommends his re-appointment.
as amended, dividends paid or distributed by the The details of Mr. V. R. Garware, as required under
Company shall be taxable in the hands of the the SEBI (Listing Obligations and Disclosure
Shareholders. The Company shall, make the payment Requirements) Regulations, 2015 and as per Secretarial
of the final dividend after deduction of tax at source Standard - 2 of General Meeting are contained in the
as per the applicable statutory provisions. accompanying Notice calling Forty-Sixth (46th) Annual
The Dividend as recommend by the Board of Directors, General Meeting of the Company, which forms an
if approved by the Members of the Company, will be integral part of this Report.
paid to the eligible Members within the stipulated During the year under review, Mr. Mukesh Surana,
time. ceased to hold the position of Chief Financial Officer
DIVIDEND DISTRIBUTION POLICY:
n (Key Managerial Personnel) of the Company with effect
Pursuant to the provision of Regulation 43A of the SEBI from 30th December, 2022.
(Listing Obligations and Disclosure Requirements) In order to comply with the provision of Section 203 of
Regulations, 2015, the Board of Directors of the the Companies Act, 2013 and Rules made thereunder
Company has adopted a Dividend Distribution Policy and the SEBI (Listing Obligations and Disclosure
and the same is uploaded on the Company's website: Requirements) Regulations, 2015, the Board of
https://www.garwarefibres.com/investors/policies/divi Directors at its meeting held on 22nd May, 2023,
dend-distribution-policy /. designated Mr. Dhwanee Buch, who is working with
DEPOSITS:
n the Company as AVP-Accounts, as a Chief Financial
During the year under review, your Company has Officer (Key Managerial Personnel) of the Company
neither accepted nor renewed any deposit within the for the interim period, based on the re-commendation
meaning of Sections 73 of the Companies Act, 2013, of the Nomination and Remuneration Committee
read with the Companies (Acceptance of Deposits) and approval of the Audit Committee of the Board.
Rules, 2014 (including any statutory modification(s) Pursuant to the provisions of Section 203 of the
or re-enactment(s) for the time being in force). Companies Act, 2013, Mr. V. R. Garware, Chairman
CHANGE IN THE NATURE OF BUSINESS, IF ANY:
n & Managing Director, Mr. Dhwanee Buch, Chief
There was no change in the nature of business of Financial Officer and Mr. Sunil Agarwal, Company

Secretary and Compliance Officer, are discharging and prudent have been made, where necessary so as
the functions and responsibilities of whole-time to give a true and fair view of the state of affairs of
Key Managerial Personnel of the Company. the Company as on 31st March, 2023 and of the
Profit and Loss of the Company for the year ended
During the Financial Year 2022-23, there was no change
31st March, 2023;
in the composition of the Board of Directors and the
Key Managerial Personnel, except as stated above. 3. proper and sufficient care has been taken for
DECLARATION BY INDEPENDENT DIRECTORS:
n the maintenance of adequate accounting records,
for safeguarding the assets of the Company and
The Company has received declarations from all the
for preventing and detecting fraud and other
Independent Directors, confirming that they meet the
irregularities in accordance with the provisions of
criteria of independence as provided in sub-section (6)
the Companies Act, 2013;
of Section 149 of the Companies Act, 2013 and Rule 5
of the Companies (Appointment and Qualification of 4. the Annual Financial Statements have been
Directors) Rules, 2014 and Regulation 16(1)(b) of the prepared on a “Going Concern” basis;
SEBI (Listing Obligations and Disclosure Requirements) 5. proper Internal Financial Controls were followed by
Regulations, 2015. the Company and that such Internal Financial
In terms of Regulation 25(8) of the SEBI (Listing Controls are adequate and were operating effectively;
Obligations and Disclosure Requirements) Regulations, and
2015, the Independent Directors have confirmed that 6. proper systems to ensure compliance with the
they are not aware of any circumstance or situation, provisions of all applicable laws were in place and
which exist or may be reasonably anticipated, that such systems were adequate and operating
that could impair or impact their ability to discharge effectively.
their duties. ANNUAL EVALUATION BY THE BOARD:
n
In terms of Rule 6(3) of Companies (Appointment In view of the provisions of the Companies Act, 2013
and Qualification of Directors) Rules, 2014, the and considering the Guidance Note dated 5th January,
Independent Directors have confirmed that they are 2017, issued by the Securities and Exchange Board of
in compliance with sub-rule (1) and (2) of Rule 6 of India (“SEBI”), the Nomination & Remuneration
Companies (Appointment and Qualification of Committee of the Board had laid down comprehensive
Directors) Rules, 2014. framework including the criteria for evaluation of
STATEMENT OF BOARD OF DIRECTORS:
n performance of the Board as a whole and various
The Board of Directors of the Company are of the committees of the Board and individual Directors,
opinion that all the Independent Directors of the including Independent Directors.
Company possesses the attributes of integrity, Based on the above mentioned comprehensive
expertise and experience required to best serve the framework, the Board of Directors of the Company had
interest of the Company. carried out Annual Evaluation of the performance of
n DIRECTORS' RESPONSIBILITY STATEMENT: the Board as a whole, the Directors individually and
also the working of its Audit Committee, Nomination
Your Directors, to the best of their knowledge and belief
& Remuneration Committee, Corporate Social
and according to the information and explanations
Responsibility Committee, Stakeholder Relationship
obtained by them and pursuant to the provisions of
Committee and Risk Management Committee.
Section 134(3)(c) read with Section 134(5) of the
Companies Act, 2013, hereby state and confirm that: On collation of all the responses, feedback was provided
1. in the preparation of the Annual Financial by Chairman of the Board to the Board of Directors
Statements for the year ended 31st March, 2023, the and each member of the Board.
applicable Accounting Standards have been followed The Board noted the evaluation results that were
and there are no material departures; collated and presented to the Board.
2. for the Financial Year ended 31st March, 2023, such The Directors expressed their satisfaction with the
Accounting Policies as mentioned in the Notes to the evaluation process.
Financial Statements have been applied consistently A separate meeting of Independent Directors was held
and judgments and estimates that are reasonable on Friday, 21st October, 2022, without the presence of

Non-Independent Directors and members of the Companies Act, 2013, read with Rule 9 of the
management, inter alia, to: Companies (Appointment and Remuneration of
i. Review the performance of Non-Independent Managerial Personnel) Rules, 2014, the Board of
Directors and the Board as a whole; Directors of the Company had appointed M/s. SVD &
ii. Review the performance of the Chairperson of the Associates, Company Secretaries as Secretarial
Company, taking into account the views of Executive Auditor for the year ended 31st March, 2023.
Director and Non-Executive Directors; The Secretarial Auditor has submitted its Report in
iii.Assess the quality, quantity and timeliness of flow of Form No. MR-3 for the Financial Year ended on 31st
information between the Company management and March, 2023 and the same as set out in “Annexure 1”,
the Board that was deemed necessary for the Board to forms an integral part of the Directors' Report. There are
effectively and reasonably perform their duties. no qualifications, reservations or adverse remarks or
disclaimers made in the Secretarial Audit Report.
NUMBER OF MEETINGS OF THE BOARD:
n
COST AUDIT :
n
There were four (04) meetings of the Board of Directors
held during the year, details of which are given in the The Company made and maintained the Cost
annexed “Corporate Governance Report”. Accounting Records under Section 148 of the
Companies Act, 2013 for the Financial Year 2022-23.
COMPOSITION OF THE COMMITTEES OF THE
n
M/s. Joshi Apte & Associates, Cost Accountants, (Firm
BOARD:
Registration No. 000240), were appointed as Cost
The details relating to the composition of Auditor for conducting audit of Cost Accounting
Audit Committee, Nomination and Remuneration Records maintained by the Company, for the Financial
Committee, Corporate Social Responsibility Year 2022-23.
Committee, Stakeholders Relationship Committee
The Audit Report for the Cost Accounting records
and Risk Management Committee are given in the
maintained by the Company for the Financial Year
annexed “Corporate Governance Report”.
2022-23, is under preparation and the same will be
AUDITORS:
n filed with the Central Government within the
1. STATUTORY AUDITORS: prescribed time limit.
Pursuant to the provisions of Section 139, 142 and M/s. Joshi Apte & Associates, Cost Accountants, (Firm
other applicable provisions, if any, of the Companies Registration No. 000240), were re-appointed as Cost
Act, 2013 read with the Companies (Audit and Auditors) Auditor for conducting an audit of Cost Accounting
Rules, 2014, and pursuant to the recommendation of Records maintained by the Company, for the Financial
the Audit Committee, M/s. Mehta Chokshi & Shah Year 2023-24.
LLP, Chartered Accountants (Firm Registration no. A resolution proposing ratification of the
106201W/W100598), were appointed as Statutory remuneration of the said Cost Auditors' for the
Auditors at the 45th Annual General Meeting to hold Financial Year ended 31st March, 2024, forms part of
the office for a second term of five (05) consecutive the Notice of the Forty-Sixth (46th) Annual General
years, from the conclusion of 45th Annual General Meeting of the Company as Special Business by way of
Meeting till the conclusion of 50th Annual General Ordinary Resolution.
Meeting of the Company.
PARTICULARS OF LOANS, GUARANTEES AND
n
STATUTORY AUDITORS' REPORT: INVESTMENTS:
There are no audit qualifications, reservations or Details of loans and guarantees given and investments
adverse remarks or disclaimers, in the Auditors' Report, made during the Financial Year 2022-23, under the
as annexed elsewhere in this Annual Report. provisions of Section 186 of the Companies Act, 2013,
During the year under review, the Statutory Auditors read with the Companies (Meetings of Board and
have not reported any instances of frauds committed its Powers) Rules, 2014 are given in the notes to
in the Company by its officer and employees under Financial Statements, which forms an integral part
Section 143(12) of the Companies Act, 2013. of this Report.
2. SECRETARIAL AUDIT: RELATED PARTY TRANSACTIONS:
n
Pursuant to the provisions of Section 204 of the All the transactions with Related Parties entered

during the Financial Year 2022-23 by the Company, business policy to counter and combat the adverse
were in the ordinary course of business and on arm's consequential effects of various risks.
length basis. Risk Management involves the following:
There were no Material Related Party Transaction(s) Identification
l of risks.
made with a Related Party as per Regulation 23 of Evaluation
l of the risks as to likelihood and
the SEBI (Listing Obligations and Disclosure consequences.
Requirements) Regulations, 2015. Assessment of options for minimising / covering the
l
All Related Party Transactions were placed before the risks.
Audit Committee for their prior approval. Action
l Plan for the implementation of the Risk
Omnibus approval of Audit Committee was Management Plans.
obtained for the year for transactions which were of Review
l of the Risk Management efforts.
repetitive nature. The Policy on Related Party Cyber
l Security Risk.
Transactions as approved by the Board has been The Risk Management Committee of the company has
uploaded on the Company's website: https://www. been entrusted by the board with the responsibilities
garwarefibres.com/investors/related-party- of risk assessment, management and mitigation
transactions-policy/. within the framework of the Risk Assessment and
Pursuant to the provisions of Section 134(3)(h) of the Minimization Policy Statement. Details of the terms of
Companies Act, 2013, Form AOC-2 is not applicable reference and meeting of Risk Management
to the Company. Committee have been outlined in the annexed
ADEQUACY OF INTERNAL FINANCIAL CONTROL:
n “Corporate Governance Report”.
Your Company, continued to remain focused on VIGIL MECHANISM:

n
ensuring a robust and effective Internal Financial The Board of Directors of the Company has formulated
Control framework. a Vigil Mechanism Policy which is in compliance
Internal Financial Controls laid down by your with the provisions of Section 177(10) of the
Company with reference to the Financial Statements Companies Act, 2013, Regulation 22 of the SEBI
are adequate, operating effectively and commensurate (Listing Obligations and Disclosure Requirements)
to the size, scale of operations and nature of business Regulations, 2015 and Regulation 9A of SEBI
of the Company. (Prohibition of Insider Trading) Regulations, 2015,
details of which are given in the annexed “Corporate
REMUNERATION POLICY:
n
Governance Report”.
The Board of Directors of the Company has approved
CORPORATE SOCIAL RESPONSIBILITY (CSR):
n
the Policy relating to remuneration for the Directors,
Key Managerial Personnel and Senior Management Pursuant to the provisions of Section 135 of the
based on recommendation of Nomination & Companies Act, 2013, read with the Companies
Remuneration Committee of the Board. (Corporate Social Responsibility), Rules, 2014, your
Company has established Corporate Social
The salient aspects covered in the Policy have been
Responsibility (CSR) Committee and an Annual Report
outlined in the Corporate Governance Report, which
on CSR Activities, forming an integral part of the
forms an integral part of this Report.
Directors' Report is set out in “Annexure 2”.
As per the requirements of Section 178(4) of the
THE CONSERVATION OF ENERGY, TECHNOLOGY
n
Companies Act, 2013 details of such a Policy
ABSORPTION, FOREIGN EXCHANGE EARNINGS
have been uploaded on the Company's website:
AND OUTGO:
https://www.garwarefibres.com/remuneration-policy/.
Information in accordance with the provisions of
RISK MANAGEMENT POLICY:
n Section 134(3)(m) of the Companies Act, 2013, read
The Company recognizes the importance of Risk with Rule 8(3) of the Companies (Accounts) Rules,
Management and hence the Board of Directors of the 2014, pertaining to the Conservation of Energy,
Company has adopted Risk Assessment and Technology Absorption, Foreign Exchange Earnings
Minimization Policy Statement. This Policy Framework and Outgo is set out in “Annexure 3”, forming an
has been adopted as a fundamental part of the integral part of the Directors' Report.

ANNUAL RETURN:
n the SEBI (Listing Obligations and Disclosure
Pursuant to the provisions of Sections 92(3) of Requirements) Regulations, 2015, as amended vided
the Companies Act, 2013 your Company has SEBI notification dated 5th May, 2021, Business
uploaded its Draft Annual Return for the Financial Responsibility and Sustainability Report detailing the
Year 2022-23 on the Company's website: various initiatives taken by the Company from an
https://www.garwarefibres.com/investors/financial- environmental, social and governance perspective is
information/shareholder-meeting#investorsmenu. set out in separate section, which forms an integral
part of this Report.
PERSONNEL:
n
The relations with employees and workman at all levels OTHER DISCLOSURES:
n
continued to be cordial throughout the year. There were no significant and material orders
PARTICULARS OF EMPLOYEES:
n passed by Regulators / Courts / Tribunals that would
impact the going concern status of the Company and
The information required pursuant to the provisions
its future operations. Except an application pending
of Section 197 of the Companies Act, 2013, read with
under Section 9 of the Insolvency and Bankruptcy
Rule 5 of the Companies (Appointment and
Code, 2016 filed by Operational Creditors in year
Remuneration of Managerial Personnel) Rules, 2014
2020 for a claimed amount of ` 23.24 lakhs, against
is set out in “Annexure 4”, forming an integral part of
which interlocutory application challenging the
the Directors' Report.
maintainability of such IBC application filed by
THE SEXUAL HARASSMENT OF WOMEN AT
n the Company is pending for hearing as on 31st
WORKPLACE (PREVENTION, PROHIBITION AND March, 2023, there is no other application filed or
REDRESSAL) ACT, 2013 (“the Sexual Harassment pending under Insolvency and Bankruptcy Code, 2016
Act”): against the Company during the Financial Year
Your Company, has zero tolerance towards any action 2022-23.
on the part of any employee, which may fall under
SECRETARIAL STANDARDS:
n
the ambit of “Sexual Harassment” at workplace, and is
The Company is in compliance with the applicable
fully committed to uphold and maintain the dignity of
Secretarial Standards issued by the Institute of
every woman employee working in the Company.
Company Secretaries of India (ICSI) and approved by
Your Company, has formulated and implemented a
the Central Government under Section 118(10) of the
Policy under the Sexual Harassment Act and Rules
Companies Act, 2013.
framed thereunder.
ACKNOWLEDGMENT:
n
As per the provisions of the Sexual Harassment Act
and Rules made thereunder, your Company has Your Directors gratefully acknowledge the support
constituted Internal Complaints Committee (ICC). given by the Customers, Dealers, Distributors,
Suppliers, Bankers, various departments of the Central
During the Financial Year 2022-23, there were no
and State Governments, Local Authorities and also
complaints reported under the Sexual Harassment Act.
the Members of the Company.
CORPORATE GOVERNANCE:
n
Your Directors would further like to record their
Pursuant to Regulation 34 read with Schedule V appreciation for the unstinted efforts put in by all
of the SEBI (Listing Obligations and Disclosure Employees of the Company during the year.
Requirements) Regulations, 2015, Corporate
Governance as well as the Auditor's Certificate
regarding compliance of conditions of Corporate
Governance are set out in separate section, which
forms an integral part of this Report.
The Report on Corporate Governance also contains
certain disclosures required under the Companies On behalf of the Board of Directors,
Act, 2013.
V. R. GARWARE
BUSINESS RESPONSIBILITY REPORT:
n Pune Chairman & Managing Director
Pursuant to the provisions of Regulation 34(2)(f) of 22nd May, 2023 DIN 00092201

ANNEXURE 1 TO DIRECTORS' REPORT 2022-23

Secretarial Audit Report - Form No. MR-3
(For the Financial Year ended 31st March, 2023)
[Pursuant to Section 204 (1) of the Companies Act, 2013 and Rule no. 9 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 and Pursuant to Regulation 24A of SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015]
To,
The Members,
Garware Technical Fibres Limited,
Plot No. 11, Block D-1, M.I.D.C., Chinchwad, Pune-411019
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by Garware Technical Fibres Limited, CIN: L25209MH1976PLC018939 (hereinafter called “the
Company”). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate
conducts / statutory compliances and expressing our opinion thereon.
Based on our verification of the Company's books, papers, minute books, forms and returns filed and other records
maintained by the Company and also the information provided by the Company, its officers, agents and authorized
representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during the
audit period covering the financial year ended on 31st March, 2023 complied with the statutory provisions listed hereunder
and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner
and subject to the reporting made hereinafter :
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company
for the financial year ended on 31st March, 2023 according to the provisions of :
i. The Companies Act, 2013, (the Act) as amended from time to time and the rules made thereunder;
ii. The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the rules made thereunder;
iii. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
iv. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign
Direct Investment, Overseas Direct Investment and External Commercial Borrowings, wherever applicable;
v. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992
('SEBI Act'):-
a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements), Regulations, 2018 (not
applicable to the Company during the audit Period);
d) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021
(not applicable to the Company during the audit Period);
e) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations 2021
(not applicable to the Company during the audit Period);
f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
regarding the Companies Act and dealing with client (not applicable to the Company during the audit Period);
g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulation 2021 (not applicable to the
Company during the audit Period); and
h) The Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018;
vi. We further report that having regards to the compliance system prevailing in the Company and on examination of the
relevant documents and records in pursuance thereof, no other law was applicable specifically to the Company.
We have also examined compliance with the applicable clauses and regulations of the following:
i. Secretarial Standards issued by The Institute of Company Secretaries of India; and
ii. The Listing Agreement entered into by the Company with Stock Exchanges pursuant to The Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 including any amendments
thereto.
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. mentioned above.
We further report that:
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. There is no change in the composition of the Board of Directors during the period
under review.

Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at
least seven days in advance and a system exists for seeking and obtaining further information and clarifications on the
agenda items before the meeting and for meaningful participation at the meeting.
All decisions at Board Meetings and Committee Meetings are carried out unanimously as recorded in the minutes of the
meetings of the Board of Directors or Committees of the Board, as the case may be.
We further report that there are adequate systems and processes in the Company commensurate with the size and
operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
We further report that during the audit period, there were no specific events / actions having a major bearing on the
Company's affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards, etc. except following:
1. During the year, the Company has done a buy-back of 2,40,000 (Two Lakh Forty Thousand) fully paid-up equity shares of
` 10/- (Rupees Ten) each, representing 1.16% of the paid-up equity capital of the Company from all eligible equity
shareholders on proportionate basis through the 'tender offer' process, at a price of ` 3,750/- (Rupees Three Thousand
Seven Hundred Fifty only) per equity share payable in cash. Accordingly the paid up capital of the Company has been
reduced.
For SVD & Associates
Company Secretaries
Sridhar Mudaliar
Partner
FCS No: 6156
C P No: 2664
Place: Pune Peer Review No:P2013MH075200
Date: 22nd May, 2023 UDIN:F006156E000341271
Note: This report is to be read with letter of even date by the Secretarial Auditors, which is annexed as Annexure A and forms an
integral part of this report.
'ANNEXURE A'
To,
The Members,
Plot No. 11, Block D-1, M.I.D.C., Chinchwad, Pune-411019
Our Secretarial Audit Report of even date is to be read along with this letter.
Management's Responsibility
1. It is the responsibility of the management of the Company to maintain secretarial records, devise proper systems to
ensure compliance with the provisions of all applicable laws and regulations and to ensure that the systems are
adequate and operate effectively.
Auditor's Responsibility
2. Our responsibility is to express an opinion on these secretarial records, standards and procedures followed by the
Company with respect to secretarial compliances.
3. We believe that audit evidence and information obtained from the Company's management is adequate and
appropriate for us to provide a basis for our opinion.
4. We have physically verified the documents and evidences and also relied on data provided through electronic mode to us.
5. Wherever required, we have obtained the management's representation about the compliance of laws, rules and
regulations and happening of events, etc.
Disclaimer
6. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.
7. We have not verified the correctness and appropriateness of financial records and books of accounts of the Company.

Company Secretaries
Sridhar Mudaliar
Partner
FCS No: 6156
C P No: 2664
Place: Pune Peer Review No:P2013MH075200


The Annual Report on Corporate Social Responsibility (CSR) Activities for the Financial Year 2022-23
[Pursuant to the provision of Section 135 & Schedule VII of the Companies Act, 2013 read with Companies (Corporate Social
Responsibility Policy), Rule, 2014, and forming part of the Directors Report for the year ended 31st March, 2023].
1. Brief outline of CSR Policy of the Company

The Board of Directors of the Company in compliance of the provisions of the Companies Act, 2013, and after taking
into account the recommendations of the CSR Committee of the Company, has formulated the CSR policy and the
same has been displayed on the Company's website: https://www.garwarefibres.com/investors/csr-policy/.
The major thrust areas of CSR policy are promoting education, promoting research and development in agriculture /
horticulture / aquaculture / fisheries etc., promoting health care, empowering women, undertaking environmental
friendly measures like tree plantation, and rural / agricultural extension / development projects, mainly in and
around the geographical areas where the Company's plant / businesses are located.
A brief overview of your Company's CSR Projects / Programme is given below:
Project SwasthayaSeva:-
Good health is a vital asset for full individual development and sustainable progress of a society. Recognising the
importance of this asset and the critical gaps that exist between demand and supply of health services in India, the
Company has been contributing to strengthening of health infrastructure and facilities. In FY 2022-23, the Company
contributed towards the procurement of medical equipment like laparoscopy Instruments and blood analysis system
for a hospital that caters to needy people in a rural area.
Project Sarva Shiksha:-
Partnering in the national goal of education for all, the Company has been contributing to improvements in school
infrastructure which caters largely to the marginalised sections of society. The quality of education in over 100 schools
in the vicinity of the Company's Wai plant has been improved by providing cycles to students, toilets, computer labs
and other facilities. In FY 2022-23, the Company also provided support for post-doctoral research in the areas covered
under CSR to selected candidates. To increase awareness about traffic rules among all sections of society including
the youth, the Company supported special drives on this vital but often overlooked issue.
Project Vikas:-
The Company contributes to the overall development of rural area particularly keeping in focus of disadvantaged
communities like fisher folk, farmers etc. by initiating various development projects like constructing community
development centers for social, educational and other cultural programmes or other infrastructural support like
contribution in basic amenities for safe drinking water and disaster management. In continuation of these efforts, in
FY 2022-23, the Company contributed for the installation of RO water system to provide safe drinking water in a rural
area and procurement of a fire tender for a local body.
As a natural calamity led to food insecurity among low-income and disadvantaged families, the Company arranged
for distribution of rice to needy families.
Project Atmanirbhar:-
To ensure sustainable and remunerative livelihoods, the Company focuses on empowering the youth of the country
with adequate skill sets that will enable their employment in relevant sectors and also improve productivity. The
Wai area, where the Company has its manufacturing facility, has a significant youth population with varying levels of
skills and education. However, there is a lack of skill development programs tailored to the specific needs and interests
of these youth. Partnering with a local NGO, the Company has kicked off a skill development project to equip the youth
with necessary skills and knowledge to enhance their employability and entrepreneurial capacity.

2. Composition of the CSR Committee:
Sr. Name of the Designation / Nature Number of Meetings Number of Meetings of

No. Director of Directorship of CSR Committee CSR Committee Attended
Held During the Year During the Year
1 Mr. R. M. Telang Chairman, 4 4

Independent-Non-Executive Director
2 Mr. S. P. Kulkarni Member, 4 4

Independent-Non-Executive Director
3 Mr. V. R. Garware Member, 4 4

Executive and Non-Independent Director
4 Ms. M. V. Garware Member, 4 4

Non-Executive and Non-Independent
Director
3. Web-link where composition of CSR Committee, CSR Policy and CSR Projects approved by the Board are disclosed on
the website of the Company:
Sr. No. Particulars Web-link
1 Composition of CSR Committee https://www.garwarefibres.com/investors/board-of-directors/
2 CSR Policy and CSR Projects https://www.garwarefibres.com/investors/csr-policy/
4. Executive summary along with web-link(s) of Impact Assessment of CSR Projects carried out in pursuance of sub-rule (3)
of rule 8: Not Applicable.
5. a. Average net profit of the company as per Section 135(5) – ` 16,991.65 lakhs.
b. Two percent of average net profit of the company as per Section 135(5) for the Financial Year – ` 339.83 lakhs
c. Surplus arising out of the CSR projects or programmers or activities of the previous Financial Years. - Nil
d. Amount required to be set off for the Financial Year, if any – Nil
e. Total CSR obligation for the Financial Year (5b+5c-5d) – ` 339.83 lakhs
6. a. Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project) – ` 74.61 lakhs.
b. Amount spent in Administrative Overheads – ` 16.95 lakhs
c. Amount spent on Impact Assessment, if applicable – Nil
d. Total amount spent for the Financial Year (6a+6b-6c) – ` 91.56 lakhs
e. CSR amount spent or unspent for the Financial Year 2022-23:
Total Amount Spent Amount Unspent (in `)
for the Financial Year Total Amount Transferred to Unspent Amount Transferred to any Fund Specified under
( ` in lakhs ) CSR Account as per Section 135(6). Schedule VII as per Second Proviso to Section 135(5).
Amount Date of transfer Name of the Fund Amount Date of transfer
(` in lakhs)
91.56 248.27 25-04-2023 Not Applicable Nil Not Applicable
f. Excess amount for set off, if any: No
Sr. No. Particular Amount (` in lakhs)

(i) Two percent of average net profit of the Company as per Section 135(5) 339.83
(ii) Total amount spent for the Financial Year 91.56
(iii) Excess amount spent for the Financial Year [(ii)-(i)] Nil
(iv) Surplus arising out of the CSR projects or programmes or activities of the Nil
previous Financial Years, if any
(v) Amount available for set off in succeeding Financial Years [(iii)-(iv)] Nil

7. Details of Unspent CSR amount for the preceding three Financial Years:
Sr. Preceding Amount Balance Amount Amount transferred to Amount Deficiency,
No. Financial transferred to Amount in spent in the any fund specified under remaining if any
Year Unspent CSR Unspent CSR reporting Schedule VII as per to be spent in
Account under Account under Financial Year Section 135(6), if any succeeding
Section 135 (6) subsection (6) (` in lakhs) Financial
(` in lakhs) of section 135 Amount Date of Years
(` in lakhs) (` in lakhs ) transfer (` in lakhs)
1. FY 2019-20 - - - - - - -
2. FY 2020-21 219.73 29.61 19.61 Nil NA 10.00 NA
3. FY 2021-22 154.61 154.61 35.00 Nil NA 119.61 NA
8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in the
Financial Year: Yes
Number of Capital assets created : 1
Details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount spent in the
Financial Year:
Sr. Short particulars of the Pincode Date of Amount of Details of entity/ Authority/
No. property or asset(s) of the creation CSR amount beneficiary of the registered
[including complete property spent owner
address and location of or asset(s) (` in lakhs) CSR Registration Name Registered
the property] Number, address
if applicable
(1) (2) (3) (4) (5) (6)
1. Community Hall 362225 Community 16.50 NA Kharva Mangrol Port,
at Mangrol Port, Development Gnati Dist. Junagadh,
Dist. Junagadh, Center is under Mangrol Gujarat
Gujarat Construction Trust
9. Specify the reason(s), if the Company has failed to spend two per cent of the average net profit as per Section 135(5):
Not Applicable
V. R. Garware R. M. Telang
Chairman & Managing Director Chairman, CSR Committee
DIN: 00092201 DIN: 00092103

The Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo
[Pursuant to the provisions of Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts)
Rules, 2014].
A. CONSERVATION OF ENERGY:
i) The Company constantly takes effective steps towards energy conservation. Some of the measures taken by the
Company during the year are as under:
a. Installation of Equipment's for OHT Hot Water System for Steam.
b. Installation of Puff Panel to the impregnation room to control temperature.
c. Replacement of Thermic Fluid Heater Coil and upgration of accessories of Thermic Fluid Boiler.
d. Fire Hydrant System Replacement of corroded pipe line.
e. Replacement of DC Motor and DC Drive of Extrusion machine by AC Variable Frequency Drive and AC Motor.
f. Installation of 120W LED lamps.
g. Variable speed Eddy Current drive and motor of eight strand rope making machine is replaced by AC motor and AC
drive.
h. Installation of AC Motor and AC drive to replace mechanical fluid coupling drive used for soft starting for three strand
rope making machine.
i. Installation of high efficiency motors for winding machines.
j. Installation of 80W LED lamps.
k. Variable Frequency Drive (5HP) Installation on Fish net machines for AC motor.
l. Variable Frequency Drive (5HP) Installation on Process Power winch for AC motor.
m. Motion sensor tube lights in Canteen, offices & changing rooms.
ii) The steps taken by the company for utilising alternate sources of energy:
The Company is not consuming any alternate source of energy in its operations.
iii)The Capital Investment on energy conversation equipments:
The Company has spent ` 92.80/- lakhs as Capital Investment on energy conversation equipments during the Financial
Year 2022-23.
B. TECHNOLOGY ABSORPTION:
i) The efforts made towards technology absorption and benefit derived:
The Company has no active technology transfer or know-how / royalty agreements. However, the Company
makes continuous efforts to gain data, knowledge and expertise from all its suppliers, customers, service providers,
channel partners, etc., in their respective areas of operation and apply the same towards continually improving
and innovating products and services offerings to its customers. This results in various benefits such as better
solutions to satisfy customer needs, higher efficiencies and lower costs of operations, reduced carbon footprint,
better utilization of capital, etc.
ii) In case of Imported Technology:
Your Company does not employ any foreign technology, which needs absorption or adaption. Your Company has
developed on its own, various new products.
iii) The Expenditure incurred on Research & Development: ( ` in lakhs)
a) Capital 72.36
b) Revenue / Recurring 1,040.93
d) Total (a + b) 1,113.29
e) Total of Research & Development as a percentage of Revenue from Operation 0.89%
C. FOREIGN EXCHANGE EARNINGS AND OUTGO:
1. Total Foreign Exchange earned and used: ( ` in lakhs)
A. Total Foreign Exchange earned: 75,482.58

Total value of exports 75,482.58
B. Total Foreign Exchange used:
a) Import of raw materials stores & spares, traded goods and capital goods 10,910.79
b) Expenditure in foreign currencies for business travel, subscription, professional fees,
commission on export sales and overseas branch expenses, etc. 1,980.98
12,891.77
On behalf of the Board of Directors
V. R. GARWARE
Pune, Chairman & Managing Director
22nd May, 2023 DIN: 00092201


The information pursuant to the provision of Section 197(12) the Companies Act, 2013, read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
PART A :
The ratio of the remuneration of each director to the median employee's remuneration and other details in terms of Section
197 (12) of the Companies Act, 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014:
Sr.
No. Requirement Disclosure
1. The ratio of the remuneration of each Mr. V. R. Garware, Chairman & Managing Director – 133.43
Director to the median remuneration of the
employees of the Company for the
Financial Year 2022-23.*
2. The percentage increase in remuneration Mr. V. R. Garware, Chairman & Managing Director : (4.60)%
of each Director, Chief Financial Officer, Mr. Mukesh Surana, Chief Financial Officer : NA**
Chief Executive Officer, Company
Mr. Sunil Agarwal, Company Secretary : 18.62%
Secretary or Manager, if any, in the
Financial Year 2022-23; (as compared to
last year).
3. The percentage increase in the median 5.34%

remuneration of employees in the
Financial Year 2022-23.
4. The number of permanent employees 1,166

on the roll of the Company as on 31st (Including apprentice and probationer)
March, 2023.
5. Average percentile increase already made The average percentile increase in remuneration of the employee and
in the salaries of employees other than percentile increase in remuneration of Managerial Personnel is in line with
the managerial personnel in the last normal pay revisions, which is linked to individual performance and the
Financial Year and its comparison with Company's performance.
the percentile increase in the managerial
remuneration and justification thereof
and point out if there are any exceptional
circumstances for increase in the
managerial remuneration.
6. Affirmation that the remuneration is as per The Company affirms that remuneration is as per the Remuneration Policy
the Remuneration Policy of the Company. of the Company.
* For the purpose, Sitting Fees paid to the Directors have not been considered as remuneration.
** Since this information is available for part in the year 2022-23, therefore, the same is not comparable.
PART B
The Statement comprising the names and other particulars of employees as per Rules 5(2) and 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms an integral part of this Report. The Annual
Report is being sent to all the Members of the Company excluding the aforesaid statement. In terms of second proviso of
Section 136 of the Companies Act, 2013, the said statement is available for inspection by the Members at the Registered
Office of the Company, during the working hours of the Company for a period of twenty-one days before date of the
ensuing Annual General Meeting of the Company. Any Member interested in obtaining a copy of the same may write to
the Company Secretary at the Registered Office.

ANNEXURE TO DIRECTORS' REPORT 2022-23: CORPORATE GOVERNANCE REPORT
Your Company has already complied with the mandatory requirements on Corporate Governance as per the provisions
of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
[hereinafter referred to as “the SEBI (LODR) Regulations, 2015”]. A detailed Report is set out below.
I. MANDATORY REQUIREMENTS
1) PHILOSOPHY ON CORPORATE GOVERNANCE
Your Company continues to be committed to high standards of Corporate Governance. Your Company's philosophy
on Corporate Governance aims at adopting and practicing best corporate practices, while achieving Company's
business objectives in a way that serves the interest of all Stakeholders. Towards this, the Company has adopted
the practices mandated by the provisions of the SEBI (LODR) Regulations, 2015.
2) BOARD OF DIRECTORS
i. Composition: The Board of Directors of the Company as on 31st March, 2023, consisted of:
Sr. Name of Director DIN Designation Position Relationship between
No. Directors inter-se
1 Mr. V. R. Garware 00092201 Chairman & Promoter - Executive Relative of Ms. M. V. Garware
Managing Director
2 Ms. M. V. Garware 06948274 Director Promoter - Non-Executive Relative of Mr. V. R. Garware
3 Mr. R. M. Telang 00092103 Director Independent - Non-Executive –
4 Mr. S. P. Kulkarni 00006914 Director Independent - Non-Executive –
5 Dr. S. S. Rajpathak 00040387 Director Independent - Non-Executive –
6 Ms. Mallika Sagar 02228386 Director Independent - Non-Executive –
ii. Attendance at the meetings of the Board of Directors and last Annual General Meeting and details of memberships
of Directors in other Boards / Board Committees and number of Equity Shares held.
Four (04) meetings of the Board were held during the Financial Year 2022-23 - on 05th May, 2022, 05th August,
l
2022, 21st October, 2022 and 09th February, 2023.
Name of Director No. of Sitting Whether Directorships in other Companies and No. of Equity
Board Fees attended Membership of Committees and Post held Shares held
Meetings paid last in Committees as on 31st March, 2023* as on
Attended (`) A.G.M. Other Other Board Committees** 31st March,
Boards Chairman Member 2023
Mr. V. R. Garware 4 N.A. Yes 3*** – – ****13,17,347
Ms. M. V. Garware 4 80,000 Yes – – – 10
Mr. R. M. Telang 4 80,000 Yes – – – 0
Mr. S. P. Kulkarni 4 80,000 Yes – – – 0
Dr. S. S. Rajpathak 4 80,000 Yes – – – 300
Ms. Mallika Sagar 2 40,000 Yes – – – 0
* Excludes Directorships in Foreign Companies, Private Limited Companies and companies under Section 8
of the Companies Act, 2013.
** Only Audit Committee and Stakeholder Relationship Committee are reckoned for this purpose.
*** Mr. V. R. Garware was not Independent Director in any of these companies.
**** Out of 13,17,347 equity shares, 10 Equity Shares each are held by Mr. Vayu Ramesh Garware, on behalf of
Vayu Garware Family Trust and VRG Family Trust respectively.
None of the Directors of the Company hold directorship in other Listed Entities.
l
3) INDEPENDENT DIRECTORS
Your Company has appointed Independent Directors, who are having experience in their respective field / profession
and meet the criteria of independence according to Regulation 16(1)(b) of the SEBI (LODR) Regulations, 2015
and Section 2(47) and 149(6) of the Companies Act, 2013 and the Rules made thereunder. In the opinion of the
Board, the Independent Directors, fulfil the conditions of independence specified in Section 149(6) of the
Companies Act, 2013 and Regulation 16(1)(b) of the SEBI (LODR) Regulations, 2015 and are independent
from the management. The Company has appointed Independent Directors and issued appointment letters
to them. The terms and conditions of their appointment are on the Company's website: https://
www.garwarefibres.com/investors/terms-of-appointment-of-independent-directors/.

4) COMMITTEES OF BOARD OF DIRECTORS

The Board at present has five (05) Committees.
Board of Directors
Audit Nomination & Corporate Social Stakeholders Risk Management

Committee Remuneration Responsibility Relationship Committee
Committee Committee Committee
A) AUDIT COMMITTEE
i. Constitution:
Terms of Reference of the Audit Committee have been set out in accordance with the requirements of
Regulation 18 of the SEBI (LODR) Regulations, 2015, and Section 177 of the Companies Act, 2013, and the
Rules made thereunder, as amended from time to time.
ii. Composition:
Name of the Member Designation Position
Mr. S. P. Kulkarni Chairman Independent - Non-Executive Director
Mr. R. M. Telang Member Independent - Non-Executive Director
Mr. V. R. Garware Member Executive Director
iii. Meetings and Attendance:

The details of meetings held during the year, and the attendance thereat, are as follows:
l Four (04) meetings of the Audit Committee were held during the Financial Year 2022-23 - on 04th May,
2022, 04th August, 2022, 21st October, 2022 and 09th February, 2023.
Name of the Member No. of Meetings Attended Sitting Fees paid (`)
Mr. S. P. Kulkarni 4 80,000
Mr. R. M. Telang 4 80,000
Mr. V. R. Garware 4 N.A.
The Statutory Auditors of the Company attended two (02) meetings out of four (04) meetings held during
the Financial Year 2022-23. The Company Secretary acted as Secretary to the Audit Committee.
B) NOMINATION & REMUNERATION COMMITTEE / REMUNERATION–COMPENSATION OF DIRECTORS

i. Constitution:
Terms of Reference of the Nomination & Remuneration Committee have been set out in accordance with
the requirements of Regulation 19 read with Paragraph A of Part D of Schedule II of the SEBI (LODR)
Regulations, 2015, and Section 178 of the Companies Act, 2013, and Rules made thereunder.
ii. Composition:
Mr. S. P. Kulkarni Chairman Independent - Non-Executive Director
Mr. R. M. Telang Member Independent - Non-Executive Director
Dr. S. S. Rajpathak Member Independent - Non-Executive Director

Two (02) Meetings of the Nomination & Remuneration Committee was held during the Financial Year
2022-23 on 05th May, 2022 and 05th August, 2022.
Name of the Member No. of Meetings Attended Sitting Fees paid (`)
Mr. S. P. Kulkarni 2 40,000
Mr. R. M. Telang 2 40,000
Mr. V. R. Garware 2 N.A.
Dr. S. S. Rajpathak 2 40,000
The Company Secretary acted as Secretary to the Nomination & Remuneration Committee.
iv. Performance Evaluation Criteria of Directors and Independent Directors:

Based on the criteria set by the Nomination & Remuneration Committee of the Board, the Board of Directors
of the Company has carried out annual evaluation of its own performance, the Directors individually

(excluding the Director being evaluated) as well as done the evaluation of the working of its Audit
Committee, Nomination & Remuneration Committee, Corporate Social Responsibility Committee,
Stakeholder Relationship Committee and Risk Management Committee.
On collation of all the responses, feedback was provided by Chairman of the Board of Directors to the Board
and to each member of the Board.
The Board noted the evaluation results that were collated and presented to the Board. The Directors
expressed their satisfaction with the evaluation process.
On 21st October, 2022, a separate Meeting of the Independent Directors of the Company, was held,
inter alia to:
l Review the performance of Non-Independent Directors and the Board of Directors as a whole,
l Review the performance of the Chairperson of the Company, taking into account the views of Executive
Director and Non-Executive Directors, and
l Assess the quality, quantity and timeliness of flow of information between the company management and
the Board that is necessary for the Board to effectively and reasonably perform their duties.
Mr. S. P. Kulkarni, Mr. R. M. Telang, Ms. Mallika Sagar and Mr. S. S. Rajpathak were present at the meeting
held on 21st October, 2022.
v. Remuneration Policy and Remuneration of Directors:

a) Remuneration Policy
The salient aspects of Remuneration Policy are present here in below.
The Company's Remuneration Policy is guided by the set of principles as envisaged under Section 178 of
the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.
The Policy provides broad frame work relating to the remuneration for the Directors, Key Managerial
Personnel (“KMP”) and Senior Management. The guiding principles of the Policy are that Remuneration and
other terms of employment would be competitive and attractive in order to ensure that the Company can
attract, retain and motivate competent professionals, who would work towards achieving Company's
Mission, as set out in Company's “Mission and Value Statement”.
The Policy is framed with an objective that in determination of the remuneration packages / scales of pay,
due consideration is given to pay and other employment conditions prevailed in the technical textile
industry and other comparable manufacturing organizations in around the place of work and there is a
proper balance between the fixed and variable (i.e. incentive) pay with an aim to reward the short-term and
long-term performance taking into consideration the overall performance of the Company and
achievements of Key Result Areas (“KRAs”) / Balance Score Card Objectives / Targets, as mutually agreed in
advance between the concerned Executive and his supervising personnel.
As per the requirements of Section 178(4) of the Companies Act, 2013, details of such a Policy have been
displayed on the Company's website: https://www.garwarefibres.com/remuneration-policy/.
b) Remuneration of Directors
i. Non-Executive Directors:
The remuneration of Non-Executive Directors is decided by the Board of Directors on recommendation
by Nomination & Remuneration Committee. At present, only sitting fees are paid to Non-Executive
Directors for attending Board Meetings, Audit Committee Meetings and Nomination & Remuneration
Committee Meetings. The payment of sitting fees is within the limits prescribed under the Companies
Act, 2013 and Rules made thereunder, as amended from time to time.
ii.Executive Director:
Mr. V. R. Garware, was re-appointed as Managing Director of the Company to be designated as Chairman
& Managing Director (CMD) for a period of five (05) years effective from 1st December, 2021 and his
appointment and terms thereof including remuneration was approved by the Members at Forty-Fourth
Annual General Meeting of the Company held on Thursday, 16th September, 2021.
Particulars of the present remuneration are detailed below:
a. Salary: Basic Salary of ` 22,00,000/- (Rupees Twenty Two Lakhs only) per month.
b. Special Allowance: ` 9,00,000/- (Rupees Nine Lakhs only) per month.
c. Perquisites and Allowances:
1. The CMD is entitled to various perquisites including rent free fully furnished accommodation or
house rent allowance in lieu thereof up to sixty (60) percent of his basic salary, medical expenses /
allowance, leave travel allowance / concession, travelling and halting allowances, children
education allowance, club fees, group health insurance coverage, group accident insurance
coverage, such other perquisites and allowances in accordance with the rules of the Company.
These perquisites would be either in the form of reimbursement of actual expenses or as payment
of allowances.
2. The CMD is entitled to the Company's contribution to provident fund, employees' pension scheme
and superannuation fund as per the rules of the Company.

3. The CMD is also entitled to the benefits of gratuity as per the scheme for senior executives and
earned leave and encashment of earned leave at the end of the tenure which are not included
in the computation of the ceiling on remuneration.
4. The CMD is entitled to use of Company's maintained car(s) with driver(s) for the use for the
Company's business. Further, the telephone and other communication facilities are provided to the
CMD at his residence and other places of his temporary stay for business purposes. These cost /
expenses towards such communication facilities are not considered as perquisites.
Perquisites and allowances are valued as per Income-Tax Rules, wherever applicable. In the absence
of any such rules, perquisites and allowances are valued at actual cost.
d. Commission:
Besides the salary, perquisites and allowances, the CMD is also paid remuneration by way of commission.
The amount of commission is determined by the Board of Directors every year based on the
performance for a particular financial year subject to the condition that total remuneration for any
financial year shall not exceed ten (10) percent of the net profit of the Company for that financial
year so that total remuneration is commensurate with the growth and overall prospects of the Company
and adequately rewards the efforts put-in, and contribution made in overall growth and future prospects
of the Company as CMD of the Company.
e. Upon recommendation by the Nomination and Remuneration Committee, the Board of Directors is at
liberty to alter and vary the terms and conditions of the remuneration as above, during the period of
re-appointment, as long as total remuneration does not exceed the limits as mentioned herein above.
f. Notwithstanding anything contrary herein contained, where in any financial year during the currency of
tenure of the appointee, the Company has no profits or inadequate profits, the Company will pay
remuneration by way of salary, perquisites and allowances as specified above, as minimum remuneration
with a liberty to the Board of Directors to revise, amend, alter and vary the terms and conditions relating
to remuneration payable to the CMD in such manner as may be permitted in accordance with provisions
of the Act and Schedule V thereto or any other amendments thereto.
g. For the purpose of computation of minimum remuneration, the following is not included:
1. Contribution to provident fund, superannuation fund or annuity fund to the extent of these either
singly or put together are not taxable under the Income Tax Act, 1961;
2. Gratuity at a rate not exceeding half a month's salary for each completed year of service; and
3. Encashment of leave at the end of the tenure.
h. The employment may be terminated by either party by giving to the other party one hundred and eighty
(180) days' prior notice in writing;
C) CORPORATE SOCIAL RESPONSIBILITY COMMITTEE (“CSR Committee”)
i. Constitution:
In terms of the requirements under the provisions of Section 135 and Schedule VII of the Companies
Act, 2013, read with the Companies (Corporate Social Responsibility Policy), Rules, 2014, a CSR Committee
was constituted by the Board of Directors of the Company. Terms of Reference of the CSR Committee have
been set out in accordance with the requirements of Section 135 of the Companies Act, 2013 and
Rules made thereunder, as amended from time to time.
ii. Composition:
Mr. R. M. Telang Chairman Independent - Non-Executive Director
Mr. S. P. Kulkarni Member Independent - Non-Executive Director
Ms. M. V. Garware Member Non-Executive Director

The details of meetings held during the Financial Year 2022-23, and the attendance thereat, are as follows:
Four (04) meetings of the Corporate Social Responsibility Committee (“CSR Committee”) were held
during the Financial Year 2022-23 on 05th May, 2022, 05th August, 2022, 21st October, 2022 and
09th February, 2023.
Name of the Member No. of Meetings attended
Mr. R. M. Telang 4
Mr. S. P. Kulkarni 4
Mr. V. R. Garware 4
Ms. M. V. Garware 4
The Company Secretary acted as Secretary to the CSR Committee.

D) STAKEHOLDERS RELATIONSHIP COMMITTEE
i. Constitution:
In terms of the requirements under the provisions of Section 178 of the Companies Act, 2013 and
Regulation 20 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
“Stakeholders Relationship Committee” has been constituted by the Board of Directors of the
Company.
ii. Composition:

Mr. R. M. Telang Chairman Independent - Non-Executive Director
iii. Functions, Role and Responsibility:

In terms of the provisions of Section 178 of the Companies Act, 2013 and Regulation 20 read with Schedule
II Part D, clause B. of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
the Board of Directors entrusted the following functions, role and responsibility to the “Stakeholder
Relationship Committee”:
1. Approving transfer / transmission / transposition of shares / consolidation of folios.
2. Approving issue of duplicate / fresh share certificates on account of requests for duplicate / split /
consolidation of shares.
3. Resolving the grievances of the security holders of the company including complaints related to
transfer / transmission of shares, non-receipt of annual report, non-receipt of declared dividends,
issue of new / duplicate certificates, general meetings, etc.
4. Review of measures taken for effective exercise of voting rights by Shareholders.
5. Review of adherence to the service standards adopted by the Company in respect of various services
being rendered by the Registrar & Share Transfer Agent.
6. Review of the various measures and initiatives taken by the Company for reducing the quantum of
unclaimed dividends and ensuring timely receipt of dividend warrants / annual reports / statutory
notices by the Shareholders of the Company and
7. Appoint or designate any Company Official as a Secretary of the Committee.
iv. During the Financial Year 2022-23, twelve (12) meetings of the “Stakeholder Relationship Committee”
were held.
v. During the Financial Year 2022-23, seven (07) Shareholders complaints were received and the same were
resolved to the satisfaction of the Shareholders. Other communications received were also replied /
resolved satisfactorily.
vi. There were no unresolved / unattended communications / complaints of Shareholders pending as of
31st March, 2023.
vii. There were no pending share transfers as of 31st March, 2023.
viii.The Share Transfer Agents, M/s. Link Intime India Private Limited, has been authorized to authenticate
all routine transfers, transmission and transposition of Shares Certificates. Presently, transfers,
transmissions etc., are effected within fifteen (15) days.
ix.. Mr. Sunil Agarwal, Company Secretary & Head-Legal, of the Company is appointed as a Compliance Officer.
x. On receipt of authorization from the Board of Directors of the Company, the Stakeholder Relationship
Committee (“SR Committee”) has formed a sub-committee in the name and style as Share Transfer
Committee comprising of Mr. Sunil Agarwal, Company Secretary & Compliance Office and Mr. Santosh
Purohit, Manager, Secretarial & Legal, of the Company and sub-delegated following role and
responsibilities, to this sub committee:-
Approving transfer / transmission / transposition of shares / consolidation of folios for subject to a
maximum of 1,000 shares per case.
xi. During the Financial Year 2022-23, fourteen (14) meetings of the “Share Transfer Committee” were held.

E) RISK MANAGEMENT COMMITTEE:

i. Constitution:
In terms of the provisions of Regulation 21 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, “Risk Management Committee” has been constituted by the Board of Directors of
the Company.
ii. Composition:
Mr. V. R. Garware Chairman Executive Director
iii. Functions, Role and Responsibility:

In terms of the provisions of Regulation 21 read with Schedule II Part D, Clause C. of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors entrusted the
following functions, role and responsibility to the “Risk Management Committee”:-
a. To formulate a detailed risk management policy;
b. To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate
risks associated with the business of the Company;
c. To monitor and oversee implementation of the risk management policy, including evaluating the
adequacy of risk management systems;
d. To periodically review the risk management policy, at least once in two years, including by considering
the changing industry dynamics and evolving complexity;
e. To keep the Board of Directors informed about the nature and content of its discussions,
recommendations and actions to be taken;
f. To review the appointment, removal and terms of remuneration of the Chief Risk Officer (if any);
g. To perform such other activities related to Risk Assessment and Minimisation as requested by the
Board of Directors or to address issues related to subject within its term of reference; and
h. The role and responsibilities of the Risk Management committee shall include such other items as may
be prescribed by applicable law or the Board in compliance with applicable law, from time to time.
iv. Meetings and Attendance:
The details of meetings held during the Financial Year 2022-23, and the attendance thereat, are as follows:
Two (02) meetings of the Risk Management Committee were held during the Financial Year 2022-23 on
09th September, 2022 and 03rd March, 2023.
Name of the Member No. of Meetings attended
Mr. V. R. Garware 2
Mr. S. P. Kulkarni 2
Dr. S. S. Rajpathak 2
The Company Secretary acted as Secretary to the Risk Management Committee.
5) GENERAL BODY MEETINGS
i. Details of location and time of holding the last three (03) Annual General Meetings:
Date Time Venue of all three (03) Meetings Details of Special Resolution Passed
Friday, 10.30 The Annual General Meeting of the Company was a. Re-appointment of Ms. Mallika Sagar
28th a.m. held through two-way Video Conference (“VC”) / (DIN 02228386) as a Non-executive
August, Other Audio Visual Means (“OAVM”) without the Independent Director of the Company.
2020
physical presence of the Members at a common
Thursday, 10.30 venue. In accordance with the Secretarial Standard- a. Re-appointment of Mr. V. R. Garware
16th a.m. 2 on General Meeting issued by the Institute of (DIN 00092201) as Managing Director of
Sept., Company Secretaries of India (“ICSI”) read with the Company:
2021 Guidance / Clarification dated April, 15, 2020 issued
Tuesday, 10.30 by ICSI, the proceedings of the AGM were deemed to
N.A.
13th a.m. be conducted at the Registered Office of the
Sept., Company which the deemed Venue of the AGM.
2022
ii. During the Financial Year 2022-23, no Special Resolution was passed through Postal Ballot.
iii. As on date, no Special Resolution is proposed to be conducted through Postal Ballot.

6) FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS
The Company familiarises its Independent Directors with their role, rights, responsibilities in the Company,
nature of the industry in which the Company operates, business model of the Company, etc. As per the
requirements of Regulation 34 (3) read with Part C of Clause V of the SEBI (LODR) Regulations, 2015 details
of such Familiarisation Programmes conducted has been displayed on the Company's website:
https://www.garwarefibres.com/investors/familiarisation-programme-for-independent-directors/.
7) THE CORE SKILLS / EXPERTISE / COMPETENCE OF THE BOARD OF DIRECTORS, AS REQUIRED IN THE
CONTEXT OF BUSINESS(ES) AND SECTOR(S) OF THE COMPANY FOR IT TO FUNCTION EFFECTIVELY
The Board of Directors of the Company has identified the following core skills / expertise / competence of the board of
directors, as required in the context of business(es) and sector(s) of the Company for it to function effectively and those
actually available with the board of directors and directors individually:
Sr. Areas of Expertise Required Availability Names of the Directors, who have such Core
No. with the Board Skills / Expertise / Competence
1. Technical Textile Industry Knowledge / Experience
a. Experience relating to technical textile industry Yes
b. Knowledge relating to technical textile and Yes
polymer industry Mr. Vayu R. Garware, Mr. R. M. Telang,
Mr. S. P. Kulkarni, Dr. S. S. Rajpathak
c. Understanding of laws, rules, regulation and Yes
policy relevant to technical textile industry
d. Experience relating to International business, Yes
market and competition
2. Technical skills / experience possessed by the Board Members
a. Accounting and finance knowledge Yes Mr. Vayu R. Garware, Ms. Mayuri V. Garware,
Mr. S. P. Kulkarni, Mr. R. M. Telang,
Dr. S. S. Rajpathak, Ms. Mallika Sagar
b. Marketing knowledge Yes Mr. Vayu R. Garware, Ms. Mayuri V. Garware,
Ms. Mallika Sagar, Mr. S. P. Kulkarni
c. Information Technology understanding Yes Mr. Vayu R. Garware
d. Talent Management qualities Yes Mr. Vayu R. Garware, Ms. Mayuri V. Garware,
Mr. R. M. Telang, Mr. S. P. Kulkarni,
e. Leadership qualities Yes Mr. Vayu R. Garware, Ms. Mayuri V. Garware,
Mr. R. M. Telang, Mr. S. P. Kulkarni,
f. Compliance and risk assessment abilities Yes Mr. Vayu R. Garware, Mr. S. P. Kulkarni,
Dr. S. S. Rajpathak
3. Behavioral Competencies possessed by the Board Members
a. Integrity and ethical standards Yes Mr. Vayu R. Garware, Ms. Mayuri V. Garware,
b. Mentoring abilities Yes Mr. R. M. Telang, Mr. S. P. Kulkarni,
Yes Dr. S. S. Rajpathak, Ms. Mallika Sagar
c. Interpersonal relations
8) POLICY ON RELATED PARTY TRANSACTIONS OF THE COMPANY

The Board of Directors of the Company has approved a Policy on Materiality of Related Party Transaction and dealings
with Related Party Transactions as per the provisions of the Companies Act, 2013, the Companies (Meeting of Board
and Its Power) Rules, 2014 and the SEBI (LODR) Regulations, 2015 and the same has been displayed on the Company's
website: https://www.garwarefibres.com/investors/related-party-transactions-policy/.
The Company management ensures total adherence to the approved Policy on Related Party Transactions without
any compromise.
9) DISCLOSURES
i. There were no materially significant related-party transactions, which had potential conflict with the interest of
the Company at large.
ii. The Company has complied with the requirements of the Listing Agreements with Stock Exchanges as well as

Regulations and Guidelines of SEBI. Consequently, no penalties were imposed or strictures passed against the
Company by SEBI or Stock Exchanges or any Statutory Authorities, on any matter related to Capital Market,
during the last three (03) years.
iii. The Board of Directors have adopted a Vigil Mechanism Policy, which is applicable to all full-time employees and
Directors of the Company for reporting their genuine concerns, which covers malpractice, unethical behavior,
fraud or suspected fraud, manipulation, misappropriation of monies and violation of the Companies Codes. The
said Vigil Mechanism Policy also provides adequate safeguards against victimization of persons who use such
mechanism and provisions for direct access to the Chairperson of the Audit Committee, in appropriate and
exceptional cases. None of the employees has been denied access to the Audit Committee Chairman. The salient
features of the “Vigil Mechanism” of the Company as approved by the Board of Directors has been displayed on
the Company's website: https://www.garwarefibres.com/investors/vigil-mechanism/.
iv. The Board of Directors has adopted a Code of Conduct for all Board Members and Senior Management of
the Company, which came into effect from 1st January, 2006. A copy of the same has been displayed
on the Company's website: https://www.garwarefibres.com/investors/corporate-governance/code-of-conduct-
for-directors#investorsmenu & https://www.garwarefibres.com/investors/code-of-conduct-for-managers/.
Certificate on compliance is given separately.
v. The Board of Directors of the Company has adopted “Code of Practices and Procedures for Fair Disclosure
of Unpublished Price Sensitive Information (UPSI)”, “Code of Conduct to Regulate, Monitor and Report Trading
by Designated Persons and Immediate Relatives of Designated Persons” and formulated a “Policy and
Procedure for inquiry in case of leak of Unpublished Price Sensitive Information or suspected leak of
Unpublished Price Sensitive Information”, in accordance with the amended SEBI (Prohibition of Insider
Trading) Regulations, 2015.
vi. CEO (Chairman and Managing Director), and CFO, have made necessary certification on Financial Statements
& Cash Flow Statement for the year to the Board of Directors of the Company.
vii. The Board of Directors, on quarterly basis, reviews compliance reports of all laws. There were no instances of
non-compliance of material nature reported.
viii. The Company has laid down procedures to inform the Board of Directors about the risk assessment and
minimization procedures.
ix. There were no transactions disclosed to Board by Senior Management relating to material financial and
commercial nature, involving potential conflict of interest with the Company. A statement in summary form of
transactions with related parties is placed periodically before the Audit Committee.
x. The Company is not having any outstanding Global Depository Receipts or American Depository Receipt or
Warrants or any Convertible instruments.
xi. The Company has complied with all mandatory requirements of the SEBI (LODR) Regulations, 2015.
xii. The Company is not having any Material Subsidiary as defined under Regulation 16(C) of the SEBI (LODR)
Regulations, 2015. The policy for determining Material Subsidiaries has been displayed on the Company’s
website: https://www.garwarefibres.com/investors/policy-to-determine-material-subsidiaries/.
xiii. The Company is exposed to commodity price risk and foreign currency exchange risk in the course of its
business. The Company did not engage in commodity price risk hedging activities. The Company's foreign
currency exchange exposures are monitored on a daily basis under the expert guidance of consultants.
A formal foreign exchange policy had been adopted by the Board thereby providing the treasury with a broad
operating framework with stress on keeping risks low as far as possible and within a specified limit. The Board
also review foreign exchange exposure and the steps taken by management to limit the risks of adverse exchange
rate movement, if material in its quarterly meeting.
xiv. The Company has not raised funds through preferential allotment or qualified institutions placement as
specified under Regulation 32 (7A) of the SEBI (LODR) Regulations, 2015.
xv. The Company has received a certificate dated 22nd May, 2023 from Mr. Sridhar Mudaliar, Partner of M/S. SVD
& Associates, a Company Secretary in practice stating that none of the Directors on the Board of the Company
have been debarred or disqualified from being appointed or continuing as Directors of companies by the
Board / Ministry of Corporate Affairs or any such statutory authority. and is set out in “Annexure A”, forming
an integral part of the Corporate Governance Report.
xvi. During the Financial Year 2022-23, the Board of Directors of the Company has accepted all the recommendations
of Committees of the Board of Directors of the Company in case mandatorily required.
xvii. Total fees for all services paid by the Company and its subsidiary, on a consolidated basis, to the Statutory
Auditor of the Company and all entities in the network firm / network entity of which the Statutory Auditor
of the Company is ` 61.53/- lakhs.

xviii. The details in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013, is as below:
a. Number of complaints filed during the Financial Year 2022 – 23: Nil
b. Number of complaints disposed of during the Financial Year 2022 – 23: Nil
c. Number of complaints pending as on end of the Financial Year 2022 – 23: Nil
xix. Loans and advances
During the Financial Year 2022-23, the Company and its subsidiaries had not granted any loans / advances in the
nature of loans to firms / companies in which Directors are interested.
10)MEANS OF COMMUNICATION
i. Apart from publication in leading newspapers i.e., ‘Business Standard’ (All India) and ‘Loksatta’ (Pune), the quarterly
Financial Statements as well as Annual Financial Statements are displayed on the Company's website:
https://www.garwarefibres.com/investors/financial-results/. Further, quarterly Shareholding Patterns are displayed
on the Company's website: https://www.garwarefibres.com/ investors/shareholding-pattern/. Presentation on
Financial Statements and official news releases are also submitted to Stock Exchange(s) for public dissemination
before its release. During the year under review, presentation made to institutional investors or to the analysts is
displayed on the Company’s website: https://www.garwarefibres.com/ investors/stock-exchanges-disclosure/event-
base-disclosure#investorsmenu and is also submitted to Stock Exchange(s).
ii. A Management Discussion and Analysis Report is enclosed separately as part of this Annual Report.
11) GENERAL SHAREHOLDER INFORMATION
i. 46th Annual General Meeting
- Day, Date and Time Monday, 18th September, 2023, 10:30 a.m. (I.S.T.)
- Venue The Ministry of Corporate Affairs (“MCA”) has vide its General Circular No. 10/2022
dated 28th December, 2022 read with General Circular Nos. 20/2020 dated 5th May,
2020, 17/2020 dated 13th April, 2020 and 14/2020 dated 8th April, 2020 (hereinafter
collectively referred to as “MCA Circulars”) permitted the holding of the Annual General
Meeting through Video Conferencing VC or other Audio Visual Means OAVM, without
the physical presence of the Members at a common venue. Accordingly, in compliance
with the applicable provisions of the Companies Act, 2013 (“Act”), the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and read with the said
MCA Circulars and SEBI Circular dated 13th May, 2022 (hereinafter referred to as “SEBI
Circular”), the Company has decided to convene its ensuing 46th Annual General
Meeting through VC / OAVM (“AGM”), and the Members can attend and participate in the
ensuing AGM through VC / OAVM only. In accordance with the Secretarial Standard - 2
on General Meeting issued by the Institute of Company Secretaries of India (“ICSI”) read
with Guidance / Clarification dated 15th April, 2020 issued by ICSI, the proceedings of
the AGM shall be deemed to be conducted at the Registered Office of the Company,
which shall be the deemed Venue of the AGM.
ii. Financial Year 1st April to 31st March
iii. Book closure date From Tuesday, 12th September, 2023 to Monday, 18th September, 2023
(both days inclusive)
iv. Dividend payment date Monday, 18th September, 2023 onwards
v. Listing of Equity Shares
The Equity Shares of the Company are listed on:
BSE Limited National Stock Exchange of India Limited.

Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G,
Dalal Street, Mumbai - 400 001. Bandra Kurla Complex, Bandra (E), Mumbai - 400 051.
Tel No.: (022) 2272 1233 / 4 Tel No.: (022) 2659 8100 / 8114
Fax No.: (022) 2272 1919 Fax No.: (022) 2659 8120
The Listing Fee has been paid up to date, to BSE Limited and National Stock Exchange of India Limited.
vi. Stock Code / Symbol

BSE Limited Code No.: 509557
National Stock Exchange of India Limited Symbol: GARFIBRES

vii. Stock Market Data

The high and low prices recorded on the BSE Limited (BSE) and National Stock Exchange of India Limited (NSE)
were as under:
Months Share Price ( ` ) BSE NSE
At BSE At NSE S & P Sensex CNX Nifty
High Low High Low High Low High Low
Apr-22 3,294.40 2,839.70 3,296.60 2,832.50 60845.10 56009.07 18114.65 16824.70
May-22 3,089.10 2,770.00 3,090.00 2,760.70 57184.21 52632.48 17132.85 15735.75
Jun-22 3,280.00 2,822.55 3,278.30 2,820.00 56432.65 50921.22 16793.85 15183.40
Jul-22 3,465.00 3,000.00 3,432.75 2,972.35 57619.27 52094.25 17172.80 15511.05
Aug-22 3,560.00 2,990.00 3,569.95 2,980.00 60411.20 57367.47 17992.20 17154.80
Sep-22 3,752.55 3,250.25 3,754.85 3,300.00 60676.12 56147.23 18096.15 16747.70
Oct-22 3,663.95 3,305.40 3,635.85 3,351.05 60786.70 56683.40 18022.80 16855.55
Nov-22 3,559.00 3,182.85 3,622.75 3,095.00 63303.01 60425.47 18816.05 17959.20
Dec-22 3,499.95 3,036.60 3,462.85 3,006.70 63583.07 59754.10 18887.60 17774.25
Jan-23 3,185.30 2,838.05 3,149.00 2,839.10 61343.96 58699.20 18251.95 17405.55
Feb-23 3,196.20 2,765.00 3,194.70 2,762.05 61682.25 58795.97 18134.75 17255.20
Mar-23 2,983.45 2,586.95 2,984.00 2,650.00 60498.48 57084.91 17799.95 16828.35
(Source: from BSE Web Site www.bseindia.com & NSE Web Site www.nseindia.com)
BSE - NSE : High & Low
4,000.00
BSE : High
3,000.00
PRICE
BSE : Low
2,000.00
NSE : High
1,000.00
0.00 NSE : Low
Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
MONTHS
viii. Share Transfer Agent

LINK INTIME INDIA PRIVATE LIMITED
Akshay Complex, Block No. 202, 2nd Floor, Off Dhole Patil Road, Near Ganesh Temple, Pune-411001.
Tel. No.: (020) 2616 1629, 2616 0084, 2616 3503; Email: pune@linkintime.co.in; Website: www.linkintime.co.in
ix. Share Transfer System
The power to approve the transfer of securities has been delegated by the Board to the “Share Transfer Committee”.
Share transfer requests are processed within fifteen (15) days from the date of receipt.
x. (i) Distribution of Share holding as on 31st March, 2023
Distribution of Shareholding (Rupees) Report Type = All (NSDL + CDSL + Physical)
Sr. Shareholding of Nominal Value No. of % to Total No. of Nominal % to
No. of ` 10 each Shareholders Shareholders Shares Value Total
From - To Held (in `) Shares
1 1 to 5,000 42506 95.5019 1990368 19903680 9.77
2 5,001 to 10,000 1089 2.4468 792929 7929290 3.89
3 10,001 to 20,000 493 1.1077 697381 6973810 3.42
4 20,001 to 30,000 148 0.3325 367128 3671280 1.80
5 30,001 to 40,000 63 0.1415 222488 2224880 1.09
6 40,001 to 50,000 41 0.0921 185581 1855810 0.91
7 50,001 to 1,00,000 62 0.1393 434039 4340390 2.13
8 1,00,001 and Above 106 0.2382 15688255 156882550 76.99
Total 44508 100.00 20378169 203781690 100.00

(ii) Pattern of Shareholding as on 31st March, 2023.
Category of Shareholder Shareholding details
Category
Code
Number Total Number of As a %

of Share Number Shares held in of
holders of Shares Dematerialised (A+B)
held Form
(A) Shareholding of Promoter and Promoter Group
(1) Indian Promoters 17 1,07,39,534 1,07,39,534 52.70
(2) Foreign Promoters 0 0 0 0
Sub-Total (A) 17 1,07,39,534 1,07,39,534 52.70
(B) Public Shareholding
(1) Institutions
(a) Mutual Fund 8 11,77,704 11,77,704 5.78
(b) Alternate Investment Funds 9 3,66,226 3,66,226 1.80
(c) NBFCs registered with RBI 1 5,032 5,032 0.02
(d) Banks 3 1,628 628 0.01
(e) Insurance Companies 2 185 35 0.00
Sub-Total (B)(1) 23 15,50,775 15,49,625 7.61
(2) Institutions (Foreign)
Foreign Portfolio Investor Category I 72 17,22,367 17,22,367 8.45
Foreign Portfolio Investor Category II 4 24,662 24,662 0.12
Foreign Portfolio Investor Category III 1 392 392 0.00
Sub-Total (B)(2) 77 17,47,421 17,47,421 8.57
(3) Non-Institutions
(a) Directors and their relatives (excluding Independent 1 800 0 0.00
Directors and Nominee Directors)
(b) Investor Education and Protection Fund Authority 1 1,06,978 1,06,978 0.52
(c) Resident Individual holding nominal share capital
up to Rs. 2 lakhs 39677 40,67,757 38,26,412 19.96
(d) Resident Individual holding nominal share capital
in excess of Rs. 2 lakhs 17 10,01,160 10,01,160 4.91
(e) Non Resident Indians (NRIs) 1619 2,49,586 2,47,650 1.22
(f) Foreign National 1 1,500 1,500 0.01
(g) Hindu Undivided Family 641 2,50,080 2,50,080 1.23
(h) Trusts 3 200 200 0.00
(i) Limited Liability Partnership 70 39,254 39,254 0.19
(j) Clearing Member 13 1,184 1,184 0.01
(k) Bodies Corporate 699 6,21,940 6,20,926 3.05
Sub-Total (B)(3) 42,742 63,40,439 60,95,344 31.11
Total Public Shareholding (B) = (B)(1)+(B)(2)+(B)(3) 42,842 96,38,635 93,92,390 47.30
(C) Non-Promoter-Non Public Shareholding 0 0 0 0
Total Non-Promoter-Non Public Shareholding (C) 0 0 0 0
TOTAL (A)+(B)+(C) 42,859 2,03,78,169 2,01,31,924 100.00
Note: No Shares Pledged or otherwise Encumbered by Promoter and Promoter Group. % of Shares in D-mat & Physical Form
xi. Dematerialisation of Shares and Liquidity 1.21%
ISIN No. - INE276A01018 9.39% 89.41%
The Shares of the Company can be held and traded in electronic form. SEBI
has stipulated the Shares of the Company for compulsory delivery in
dematerialization form only, by all investors from 8th May, 2000. As of
31st March, 2023, 98.79% shares have already been dematerialized.
The Shares of the Company are actively traded on BSE Limited & National
Stock Exchange of India Limited and have good liquidity.
Physical NSDL CDSL
xii. Email Addresses:
In order to enable us to further extend our support towards paperless compliance, as a part of Green initiatives in
the Corporate Governance, which was introduced by MCA in the year 2011, the Shareholders' who have not
registered their e-mail addresses, so far, are requested to register their e-mail addresses.
In respect of shares held in physical form, Shareholders are requested to register their e-mail addresses with the
Company / R & T Agent. (With Depository Participant in case of Shares held in dematerialized form.)

xiii. Outstanding Global Depository Receipts or American Depository Receipts or Warrants or any convertible
instruments, conversion date and likely impact on equity
There were no GDRs / ADRs / Warrants / any other convertible instruments outstanding as on 31st March, 2023.
xiv. Commodity price risk or foreign exchange risk and hedging activities
The Company is exposed to commodity price risk and foreign currency exchange risk in the course of its
business. The Company did not engage in commodity price risk hedging activities. The Company's foreign
currency exchange exposures are monitored on a daily basis under the expert guidance of consultants. A formal
foreign exchange policy had been adopted by the Board thereby providing the treasury with a broad operating
framework with stress on keeping risks low as far as possible and within a specified limit. The Board also review
foreign exchange exposure and the steps taken by management to limit the risks of adverse exchange rate
movement, if material in its quarterly meet.
xv. Plant Locations
Plot No. 11, Block D-1, Plot No. C-1, C-13, C-14, B-226, B-227 & D-1,
M.I.D.C., Chinchwad, Pune - 411 019, Maharashtra. M.I.D.C., Wai - 412 803, Dist. Satara, Maharashtra
Tel. No.: (020) 2799 0000 Tel. No.: (02167) 308301 / 02
xvi. Address for Correspondence
The Shareholders may send their communications to the Company at its Registered Office mentioned below
or directly to the Share Transfer Agent, M/s. Link Intime India Pvt. Ltd.
Company Secretary Link Intime India Private Limited
Garware Technical Fibres Limited Akshay Complex, Block No. 202, 2nd Floor,
Plot No. 11, Block D-1, M.I.D.C., Off Dhole Patil Road, Near Ganesh Temple, Pune - 411 001
Chinchwad, Pune - 411 019, Maharashtra Tel. No.: (020) 2616 1629 / 0084 / 3503
Tel. No.: (020) 2799 0177 Email: pune@linkintime.co.in
Email: secretarial@garwarerfibres.com
xvii. Credit Rating obtained by the Company along with any revisions thereto during the Financial Year 2022-23
The ICRA Limited has assigned the rating as per below for facilities availed by the Company, as under:
Bank Previous Rated Current Rated Assigned Rating Rating Action
Facilities Amount ( ` Crore) Amount ( ` Crore)
Fund Based 145.00 145.00 [ICRA] AA (Positive) Upgraded- from [ICRA]AA
on Long-Term (pronounced ICRA double A (pronounced ICRA double
Scale plus) (Stable) A) (Positive) to [ICRA] AA+
(pronounced ICRA double
Non-Fund 90.00 90.00 [ICRA] AA (Positive)
A plus) (Stable) on
Based (pronounced ICRA double A) /
Long-Term Scale
on [ICRA]A1+
Long-Term / (pronounced ICRA A one plus)
Reaffirmed- on Short
Short-Term
Term Scale.
Scale
xviii. The Company has complied with all the mandatory requirements specified in Regulations 17 to 27 and
Clauses (b) to (i) of Sub-Regulation (2) of Regulation 46 of the SEBI (LODR) Regulations, 2015.
II. NON-MANDATORY REQUIREMENTS
Disclose to the extent to which the discretionary requirements as specified in Part E of Schedule II of the SEBI
(LODR) Regulations, 2015 have been adopted.
a) The Board: As the Chairman of the Company is an Executive Chairman, hence the provision on entitlement of
Chairperson's office at the expense of the Company in case of a non-executive chairperson is not applicable.
b) Shareholder Rights: Quarterly Financial Statements are published in leading newspapers and uploaded on
Company's website: http:// www.garwarefibres.com.
c) Modified opinion(s) in Audit Report: The Auditors have raised no qualification or issued modified report on the
Financial Statements.
d) Separate posts of Chairperson and the Managing Director of the Chief Executive Officer: Presently, Mr. V. R. Garware
is the Chairman & Managing Director of the Company and is also the CEO of the Company.
e) Reporting of Internal Auditor: The Company has appointed Internal Auditor (employee) for conducting the
Internal Audit. Internal Auditor has direct access to the Audit Committee.
III. REPORT OF CORPORATE GOVERNANCE
This Chapter of the Annual Report together with the information given under "Management Discussion and
Analysis" constitutes a detailed compliance report on Corporate Governance during Financial Year 2022-23.

DECLARATION BY THE CHIEF EXECUTIVE OFFICER UNDER REGULATION 34(3) READ WITH CLAUSE D OF
SCHEDULE V OF SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE
REQUIREMENTS) REGULATIONS, 2015, REGARDING ADHERENCE TO THE CODE OF CONDUCT
In accordance with the provision of Regulation 34(3), read with Clause D of Schedule V of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, I, V. R. Garware, Chairman
and Managing Director of the Company hereby declare that all Board Members and Senior Management Personnel
of the Company have given the affirmation for the Financial Year 2022-2023 on compliance with Code of Conduct
of the Company as applicable to them respectively.
V. R. Garware
Pune, Chairman & Managing Director
01st April, 2023 DIN 00092201
AUDITORS CERTIFICATE ON CORPORATE GOVERNANCE

To the Members of GARWARE TECHNICAL FIBRES LIMITED
We, Mehta Chokshi & Shah LLP, Chartered Accountants, the Statutory Auditors of GARWARE TECHNICAL FIBRES
LIMITED (“the Company”), have examined the compliance of conditions of Corporate Governance by the Company,
for the year ended 31st March, 2023, as stipulated in Regulations 17 to 27 and clauses (b) to (i) of Regulation 46(2)
and para C and D of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(the Listing Regulations).
Managements' Responsibility
The compliance of conditions of Corporate Governance is the responsibility of the Management. This responsibility
includes the design, implementation and maintenance of internal control and procedures to ensure the compliance
with the conditions of the Corporate Governance stipulated in Listing Regulations.
Auditor's Responsibility
Our examination is limited to examining the procedures and implementation thereof, adopted by the Company for
ensuring compliance with the conditions of the Corporate Governance. It is neither an audit nor an expression of
opinion on the Financial Statements of the Company.
We have examined the books of account and other relevant records and documents maintained by the Company for
the purposes of providing reasonable assurance on the compliance with Corporate Governance requirements by
the Company.
We have carried out an examination of the relevant records of the Company in accordance with the Guidance Note on
Certification of Corporate Governance issued by the Institute of the Chartered Accountants of India (the ICAI), the
Standards on Auditing specified under Section 143(10) of the Companies Act, 2013, in so far as applicable for the
purpose of this certificate and as per the Guidance Note on Reports or Certificates for Special Purposes issued by
the ICAI which requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI.
We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality
Control for Firms that Perform Audits and Reviews of Historical Financial Information and other Assurance and
Related Service Engagements.
Opinion
Based on our examination of the relevant records and according to the information and explanations provided to
us and the representations provided by the Management, we certify that the Company has complied with the
conditions of Corporate Governance as stipulated in regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and
para C and D of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, during
the year ended 31st March , 2023.
We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or
effectiveness with which the Management has conducted the affairs of the Company.
For Mehta Chokshi & Shah LLP

Chartered Accountants
(FRN: 106201W/W100598)
Abhay R. Mehta
(Partner)
Place: Mumbai M. No. 046088
Date: 22nd May, 2023 UDIN: 23046088BGQDVB8962

Annexure A
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
(Pursuant to Regulation 34(3) and Schedule V Para C Clause (10)(i) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015)
To,
The Members,
Plot No. 11, Block D-1, M.I.D.C., Chinchwad,
Pune - 411019.
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of
Garware Technical Fibres Limited having CIN-L25209MH1976PLC018939 (hereinafter referred to as “the Company”)
and having registered office at Plot No 11, Block D-1, M.I.D.C., Chinchwad, Pune - 411019, produced before us by the
Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C
Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
In our opinion and to the best of our information and according to the verifications including Directors Identification
Number (DIN) status at the portal (www.mca.gov.in) as considered necessary and explanations furnished to us by the
Company & its officers, we hereby certify that none of the Directors on the Board of the Company as stated below for the
Financial Year ending on March 31, 2023 have been debarred or disqualified from being appointed or continuing as
Directors of companies by the Securities and Exchange Board of India and Ministry of Corporate Affairs or any such
other statutory authority.
Sr. No. Name of Director DIN Date of appointment in the Company
1 Mr. Vayu Garware 00092201 01.12.1995

2 Mrs. Mayuri Garware 06948274 16.08.2014
3 Mr. Ramesh Telang 00092103 01.07.1989
4 Mr.Shrikant Kulkarni 00006914 21.07.2007
5 Mr. Shridhar Rajpathak 00040387 24.05.2017
6 Ms. Mallika Sagar 02228386 30.05.2019
Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the
management of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate
is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the
management has conducted the affairs of the Company.

Company Secretaries
Sridhar Mudaliar
Partner
FCS No.: 6156
C P No.: 2664
Place: Pune Peer Review No: P2013MH075200

ANNEXURE TO DIRECTORS' REPORT 2022-23: BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
Garware Technical Fibres Ltd. ("GTFL") stands as a prominent player in India's technical textiles sector. Since its
establishment in 1976, the Company has evolved into a versatile and globally recognized entity, offering innovative
solutions in various fields, including high-performance aquaculture cage nets, fishing nets, sports nets, safety nets,
agricultural nets, coated fabrics, polymer ropes, and geosynthetics.
Over the years, GTFL has made considerable strides in international business, leading to a steady expansion of its
global presence, with customers in more than 75 countries. Central to their success is their unwavering mission, driving
innovation across their operations, encompassing research and development, new processes, plant and market
strategies, and inventive approaches to problem-solving.
GTFL believes in combining brilliant ideas with strong action. By leveraging its innovative mind set, commitment to
improvement, and determined approach, along with fostering a proactive organizational culture and a cohesive team,
GTFL ensure synergistic transformation of ideas into tangible results and sustainable progress.
Mission Statement
Provide
l innovative, application-focused solutions to enhance value of our customers globally.
Core Values
Continuously
l improve our products and services to become preferred partner of our customers.
Own
l the process of delivering results with enterprising spirit and joy of working in an empowering environment.
Enhance
l stakeholder value through profitable growth in sales and earnings.
Enhance
l our family bond with the employees & business partners through fair & equitable dealings as well as constant
communication.
Section A: General Disclosures:

I. Details of the Listed Entity:
1. Corporate Identity Number (CIN) of the Entity L25209MH1976PLC018939
2. Name of the Listed Entity Garware Technical Fibres Limited
3. Year of Incorporation 01/04/1976
4. Registered Office Address Plot No. 11, Block D-1, M.I.D.C., Chinchwad,
Pune - 411 019, Maharashtra, India
5. Corporate Address Plot No. 11, Block D-1, M.I.D.C., Chinchwad,
Pune - 411 019, Maharashtra, India
6. E-mail secretarial@garwarefibres.com
7. Telephone 020-2799 0000/0306
8. Website https://www.garwarefibres.com
9. Financial Year for which report is being done 1st April, 2022 – 31st March, 2023
10. Name of the Stock Exchange(s) where shares are listed BSE Limited (BSE)
National Stock Exchange of India Limited (NSE)
11. Paid-up Capital (INR.) Rs. 203,781,690
12. Name and contact details (telephone, email) of the Mr. Ravendra Mishra
person who may be contacted in case of queries on the Head - Human Capital
BRSR report 020 - 2799 0000
rmishra@garwarefibres.com
13. Reporting Boundary (Standalone or Consolidated basis) The disclosures under this report are made on
Standalone basis.
II. Products and Services:

14. Details of business activities (accounting for 90% of the turnover):
S. No. Description of Main Activity Description of Business Activity %Turnover of the Entity
1. Manufacturing Manufacture of cordage, twine, netting and 94.73%

manmade fibres
Note: Remaining 5.27% is from Trade

15. Product / Services sold by the entity (accounting for 90% of the entity's turnover):
S. No. Product / Service NIC Code %Of Total Turnover Contributed
1. Netting 1394 61.7%

2. Twine, Ropes and Yarn 1394/2030 23.8%
3. Other manufacturing 1313 4.4%
III. Operations:
16. Number of locations where plants and / or operations / offices of the entity are situated:
Location Number of Plants Number of Offices Total
National 2 (Pune and Wai, Maharashtra) 5 Branch Offices and 13 Depots 20

International 0 4 Branch / Representative offices and 2 Overseas Subsidiaries 6
17. Markets Served by the Entity:

a. Number of Locations:
Location Number
National (No. of States) Pan India

International (No. of Countries) Around 75 countries mainly in Europe and America
b. What is the contribution of exports as a percentage of the total turnover of the entity?
Exports contribute to 60.2% of total turnover of our Company during the reporting period.
c. A Brief on types of customers?
The Company operates on both a B2B and B2C business model. However, our customer base includes channel partners
who then sell the products to end users ranging from aquaculture farms, commercial fisheries, protected cultivation
farms, shipping and construction companies, civil engineering and infrastructure development companies, sports
facilities / infrastructure, etc.
IV. Employees:
18. Details as at the end of Financial Year 2022- 23:
a. Employees and Workers:
S. No. Particulars Total (A) Male Female

Number (B) Percentage (B/A) Number (B) Percentage (B/A)
Employees (including differently abled)
1. Permanent Employees 559 536 96% 23 4%

2. Other than Permanent 54 45 83% 9 17%
Employees
3. Total Employees (1+2) 613 581 95% 32 5%
Workers (including differently abled)
4. Permanent Workers 550 550 100% 0 0%

Workers
6. Total Workers (4+5) 582 582 100% 0 0%

b. Differently abled Employees and Workers:
S. No. Particulars Total (A) Male Female

Number (B) Percentage (B/A) Number (B) Percentage (B/A)
Differently Abled Employees
1. Permanent Employees 0 0 0% 0 0%
Employees
3. Total Employees (1+2) 0 0 0% 0 0%
Differently Abled Workers
4. Permanent Workers 1 1 100% 0 0%

Workers
6. Total Workers (4+5) 1 1 100% 0 0%
19. Participation / Inclusion / Representation of Women:
Total (A) Number of Female (B) Percentage (B/A)
Board of Directors 6 2 33%

Key Management Personnel 2* 0 0%
Note: * In terms of Section 203 of the Companies Act, 2013.
20. Turnover rate for permanent employees and workers:
FY 2022-23 FY 2021-22 FY 2020-21
Male Female Total Male Female Total Male Female Total
Permanent Employees 10% 1% 11% 10% 1% 11% 5% 1% 6%
Permanent Workers 1% 0% 1% 0% 0% 0% 0% 0% 0%
V. Holding, Subsidiary and Associate Companies (including joint ventures):

21.
(a). Names of holding / subsidiary / associate companies / joint ventures:
S. Name of the Holding / Subsidiary / Indicate whether % Of Does the Entity
No. Associate Company / Joint Venture (A) Holding / Subsidiary / Shares indicated at Column A,
1.
Associate Company / held by participate in the
Joint Venture Listed Business Responsibility
Entity initiatives of the Entity
(Yes / No)
1. Garware Technical Fibres USA Inc. Wholly Owned Subsidiary 100% No
2. Garware Technical Fibres Chile Spa. Wholly Owned Subsidiary 100% No
3. Garware Environmental Services Private Limited Wholly Owned Subsidiary 100% No
4. Garware Technical Textile Private Limited Wholly Owned Subsidiary 100% No
5. Garware Technical Fibres Foundation Wholly Owned Subsidiary 100% No
6. Garware Meditech Private Limited Associate 50% No
VI. CSR Details:

22.
(I) Whether CSR is applicable as per Section 135 of Companies Act, 2013 (Yes / No) Yes
(ii) Turnover (in INR.) ` 12,536,167,867
(iii) Net Worth (in INR.) ` 10,250,190,293

VII. Transparency and Disclosures Compliances:
23. Complaints / Grievances on any of the principles (1-9) under the National Guidelines on Responsible Business Conduct:
Stakeholder Grievance Redressal Mechanism in place Current Financial Year 2022- 23 Previous Financial Year 2021- 22
Group (Yes / No)
(Provide web-link of Policy) Number of Number of Remarks Number of Number of Remarks
Complaints Complaints Complaints Complaints
Filed Pending at Filed Pending at
Close of Year Close of Year
Shareholders Yes. 7 0 There were no 1 0 There were no
Board of Directors have entrusted following unresolved / unresolved /
responsibility to Stakeholder Relation committee- unattended unattended
resolving the grievances of security holders of the communications / communications /
Company including complaints related to transfer/ complaints of complaints of
transmission of shares, non-receipt of annual report, shareholders shareholders
non-receipt of declared dividend, issue of new / pending as of pending as of
duplicate certificates, general meetings, etc. 31st March, 2023 31st March, 2022
https://www.garwarefibres.com/investors/sharehol
der-information/disclosure-under-regulation-46-
of-SEBI-regulations
Employees Yes. 0 0 - 0 0 -
and Workers Whistle blower policy, POSH Committee and HR
policies. The company has a platform- SAMWAD to
connect with permanent employees and workers to
share updates with them on policies, programs, and
trainings.
https://garwarefibres.com/investors/vigil-
mechanism/
Customers Yes. 105 38 Pending complaints 98 6 Pending
The Company has a customer complaint portal, as on 31st March, complaints as on
wherein each salesperson has a login id to register 2023 will be closed 31st March, 2022
the customer complaints related to their product in FY 23-24. were closed in
portfolio issue or concern. The same are under FY 2022-23.
investigation with
https://www.garwarefibres.com/contact
the Company.
Supply Chain No. 0 0 - 0 0 -
Partners All suppliers have access to the Company
representative contact details in the procurement
team and that of purchase manager too. In case the
query is not resolved, then there is clear escalation
metric in the Company to resolve the grievance and
ensure satisfied response to the supplier.
Communities Yes. 0 0 - 0 0 -
Contact details are uploaded on the website of the
Company with the help of which the Community can
Annual Report 2022-2023

raise their concern / issues.
https://www.garwarefibres.com/contact
45
24. Overview of the entity's material responsible business conduct issues:
Please indicate material responsible business conduct and sustainability issues pertaining to environmental and
social matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to
adapt or mitigate the risk along-with its financial implications, as per the following format:
S. Material Indicate Rationale for Identifying the In case of Risk, Approach to Financial
No. Issue whether Risk / Opportunity Adapt or Mitigate Implications of
Identified Risk or the Risk or
Opportunity the Opportunity
1. Health, Risk Non-compliance

l with safety Elimination
l of potential hazards, Negative
Safety, measures by employees and training on importance of using
and workers pose a major risk to personal protective equipment,
Environment the work force and to the safety training, audits to check
Company's financial compliance levels, rewards,
well-being and brand value. mock drills on a regular basis.
2. Climate Risk Direct
l impact on operations The Company
l has initiated Negative, Positive
Change and and business on account of energy transition towards or Neutral for
Sustainability climate change impacts and higher usage of renewable specific individual
Risks sustainability risks. energy. factor switch to
renewable energy,
will have positive
financial impact.
3. Waste and Risk Inappropriate
l waste handling The Company
l has processes for Negative
wastewater can lead to spillage and proper collection and disposal
Management seepage within ground water of waste, chemical handling,
deteriorating water and soil prevention of oil spillages and
quality. installation of effluent treatment
plants (ETPs) to effectively treat
and manage wastewater.
4. Chemical Opportunity The Company
l can avoid / The Company
l uses water-based Negative
Safety and minimize adverse impact at chemicals in its manufacturing
Management plant level or at end user process and avoid the use of
facilities when using hazardous / toxic chemicals to
chemicals of non-hazardous prevent / minimizeany adverse
nature. impacts on the environment.
Our eco-friendly product
l
development which requires less
antifouling treatment at end
use facilities.
5. Innovation Opportunity The Company
l engages in The company
l developed copper Positive
continuous research and infused nets which contains less
development to create than 50% of copper use in
eco-friendly and green antifouling paint process.
products with low carbon and
environmental footprint.
One such instance is
l
Nylon twines used to
manufacture nets. These
nets are required to be
treated with antifouling
paint which contained 20 to
25% metallic copper or
cuprous oxide which usually
goes into water posing
serious pollution hazard.
6. Training Opportunity Providing
l training and At GTFL,
l capacity building Positive
and education to employees and sessions for employees and
education workers improves efficiency workers organized on varied
and reduces chances of topics team building and New
incidents or work hazards. Product Development “NPD”
sessions, Communication
training, Udan 2.0 training on
leadership, behavior-based
safety training.

Section B: Management and Process Disclosures:

This section is aimed at helping businesses demonstrate the structures, policies, and processes out in place towards adopting
the NGRBC Principles and Core Elements.
S.No. Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and Management Processes
1. a. Whether your entity's policy / Yes Yes Yes Yes* Yes Yes No Yes Yes
policies cover each principle and
its core elements of the NGRBCs.
(Yes / No)
b. Has the policy been approved by Yes Yes Yes Yes Yes Yes No Yes Yes
the Board? (Yes / No)**
c. Web Link of the policies, if Wherever mandated by applicable Rules / Regulations, the Company has posted the
available respective policies on its website as per details below:
1. https://www.garwarefibres.com/investors/code-of-conduct-for-directors/
2. https://www.garwarefibres.com/investors/code-of-conduct-for-managers/
3. https://www.garwarefibres.com/investors/vigil-mechanism/
4. https://www.garwarefibres.com/investors/csr-policy/
5. https://www.garwarefibres.com/investors/code-for-fair-disclosure-ofunpublished-
price-sensitive-information/
6. https://www.garwarefibres.com/about-us/mission-values/
7. https://garwarefibres.com/investors/ems-policy/
8. https://www.garwarefibres.com/remuneration-policy/
The remaining Policies are circulated to respective Stakeholders for ensuring
adherence.
2. Whether the entity has translated Yes Yes Yes Yes Yes Yes No Yes Yes
the policy into procedures? (Yes / No)
3. Do the enlisted policies extend to Yes Yes Yes Yes Yes Yes No Yes Yes***
your value chain partners? (Yes / No)
4. Name of the national and ISO 9001
l
international codes / certifications / ISO 14001
l
labels / standards (e.g., Forest ISO 27001
l
Stewardship Council, Fairtrade,
Rainforest Alliance, Trustea)
standards (e.g., SA 8000, OHSAS,
ISO, BIS) adopted by your entity
and mapped to each principle.
5. Specific commitments, goals, and At GTFL, we are committed to sustainable business practices and to operate in a
targets set by the entity with manner that is environmentally, socially and economically sustainable. We take
defined timelines, if any. responsibility to reduce negative impacts from our operations while contributing
positively towards the society and to make our planet a better place to live.
We are committed to ESG, dedicated to implement sustainable and socially responsible
practices in our operations.
Below goals demonstrate our ESGaim:
1. Increase the share of renewable energy (solar / wind power) to total energy
consumption in our operations year-on-year.
2. Aim to optimize water consumption in our operations.
3. Reduce GHG emissions (Scope 1 and 2) by adopting energy efficient practices and
moving towards renewable energy year-on-year basis.
4. Consistently reduce generation of hazardous waste generation (ETP sludge) on a
yearly basis.
6. Performance of the entity against In line with our environmental commitments to conserve energy, water, and minimize
the specific commitments, goals, our carbon footprint as well as enhance our social commitments for community
and targets along with reasons in development and welfare, below aims are accomplished in FY 2022- 2023:
casesthe same are not met. l The Company has reduced its non-renewable energy consumption by gradually
increasing its renewable energy usage.
l The Company has reduced its carbon emissions while also managing to significantly
reduce water consumption during FY 2023.
l Bicycles distributed to girl students from 8th to 10th standard from nearby schools to
improve their study time and attendance in schools. Additionally, RO water purifiers
donated to 3 Schools nearby Wai for availability of clean potable water to students.
l Wai Half Marathon sponsored and organized by the Company for promoting fitness,
healthy living, and sports in the local youth residing in the nearby the community.
Thus, we have made noteworthy progress and are in line with our social and
environment sustainability goals.

Governance, leadership, and oversight:
7. Statement by the director responsible for the business responsibility report, highlighting ESG related challenges,
targets, and achievements (listed entity has flexibility regarding the placement of this disclosure):
The Company is fully dedicated to sustainability and is steadily investing in Research and Development (R&D) to
innovative products for the aquaculture industry's next generation. As pioneers in the field, we have been at the forefront
of developing sustainable solutions for green aquaculture. At GTFL, our sustainability initiatives are multifaceted,
encompassing investments in alternative energy, waste recycling, water conservation, and energy efficiency while
reducing reliance on fossil fuel consumption.
While the Company remains committed to fulfilling its ESG (Environmental, Social, and Governance) imperatives, it faces
several challenges on its journey such as navigating the complexities of existing industry infrastructures and
transitioning them towards cleaner and more sustainable alternatives. There are also cost implications associated with
implementing technological innovations. The Company assesses the sustainability practices of its value chain partners
and to whatever extent possible, manages to mitigate any environmental or social risks associated with its operational
supply chain activities.
The Company remains resolute in tackling these challenges, driven by a commitment to continuous innovation, forging
strategic partnerships, engaging with stakeholders, and constantly enhancing its ESG practices. While acknowledging
the progress made thus far, we recognize that there is still a considerable journey ahead of us.
8. Details of the highest authority responsible for implementation and oversight of the Business Responsibility policy
(ies):
Board of Directors of the Company.
9. Does the entity have a specified Committee of the Board / Director responsible for decision making on sustainability
related issues? (Yes / No). If “Yes”, provide details:
Mr. Shridhar Shrikrishna Rajpathak, Director
Note:
* The Company has HR policy and CSR policy to engage internal stakeholders and external stakeholders. The Company plans to enhance the
policies pertaining to Principle 4 to engage with other key stakeholder group.
** Policies pertaining to NGRBC principles have been approved by a member of the Board of the company and signed by respective functional
head of that area.
1. Code of Conduct (For Directors, Managers, and Staff)
2. Vigil Mechanism/Whistle Blower Policy
3. Code of Conduct to Regulate, Monitor and Report trading by designated persons and immediate relatives of designated persons.
4. Policy on prohibition of Sexual Harassment of Women.
5. Mission and Values.
6. Quality Policy.
7. EHS Policy.
8. Human Resource Policy Manual.
9. Corporate Social Responsibility (CSR) Policy.
*** GTFL has appropriate internal mechanisms in place to engage value chain partners. GTFL plans to enhance the policies pertaining to
Principle 9 to further engage our value chain partners.
10. Details of Review of NGRBCs by the Company:
Subject for Review Indicate whether review was undertaken by Director / Frequency (Annually / Half yearly /
Committee of the Board / Any other Committee Quarterly / Any Other- please specify)
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against The Company regularly monitors its financial and non-financial performance against the set
above policies and targets on an ongoing basis.
follow up action
Compliance with The Company complies with all regulatory requirements and ensures transparency in business
statutory requirements reporting.
of relevance to the
principles, and
rectification of any
non-compliances
11. Has the entity carried out independent assessment / evaluation of the working of its policies by an external
agency? (Yes / No). If “Yes”, provide name of the agency:
P1 P2 P3 P4 P5 P6 P7 P8 P9
The Company has an internal structure for auditing / evaluating the working of these policies with the help of outside
consultants / auditors wherever required. The Company is continuously improving its policies, as required, on basis of the
internal assessments. However, there were no audits conducted by an external agency during the reporting period.

12. If Answer to Question (1) Above is “NO”, i.e., not all Principles are covered by a Policy, reasons to be stated:
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
The entity does not consider the principles material to its NA NA NA NA NA NA NA NA NA
business (Yes/No)
The entity is not at a stage where it is in a position to formulate NA NA NA NA NA NA NA NA NA
and implement the policies on specified principles (Yes/No)
The entity does not have the financial or human and NA NA NA NA NA NA NA NA NA
technical resources available for the task (Yes/No)
It is planned to be done in the next financial year (Yes/No) NA NA NA NA NA NA # NA NA
Any Other Reason (please specify)
Note:
NA – Not Applicable
# The Company does not liaise directly with the regulatory bodies in terms of policy advocacy. The relevant liaison happens through Industry
Associations.
Section C: Principle Wise Performance Disclosure:
Principle 1: Businesses should conduct and govern themselves with integrity,
and in a manner that is Ethical, Transparent, and Accountable
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the principles during the financial year:
Segment Total number Topics / Principles covered under Training and its Impact % of Persons in
of Training and respective category
Awareness covered by the
Programs held Awareness Programmes
Board of 4 The Company conducts detailed familiarization programs at 100%
Directors Board meetings to Independent Directors covering various
Key NGRBC principles, providing information on the overall
Managerial industry, including company's financial and non-financial
performance, operations, strategy, market insights and
Personnel
business approach and roadmap.
Employees 80 Team Building Sessions, NPD Sessions, Emotional Intelligence, 93%
other than Human Process Lab, RMP, MS Office, Communication skills,
BoD RMP, Human Process Lab, Emotional Intelligence, Awareness
and KMPs on Insider Trading, POSH.
Workers 4 Udan 2.0 training on leadership, behaviour-based safety, 87%
normal safety training, Communication and Co-ordination,
and POSH.
2. Details of fines / penalties / punishment / award / compounding fees / settlement amount paid in proceedings (by the
entity or by directors / KMPs) with regulators / law enforcement agencies / judicial institutions, in the financial year,
in the following format: (Note: the entity shall make disclosures based on materiality as specified in Regulation 30 of
SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and as discussed on the entity's website):
NGRBC Name of the Regulatory / Amount Brief of Case Has an Appeal
Principle Enforcement Agencies / (in INR.) been Preferred?
Judicial Institutions (Yes / No)
Monetary
Penalty/ Fine
Settlement Nil
Compounding Fee
Non-Monetary
Imprisonment
Nil
Punishment
3. Of the instances disclosed in Question 2, above detail of the Appeal / Revision preferred in cases where monetary or
non-monetary action has been appealed:
Case Details Name of the regulatory / enforcement agencies / judicial institutions
Not Applicable

4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide
web-link to the policy:
The Company's policies on Code of Conduct and Vigil Mechanism are applicable to all internal stakeholders of the
Company for reporting their genuine concerns which would cover malpractice, unethical behaviour, fraud or suspected
fraud, manipulation, misappropriation of monies, and violation. The Company's Code of Conduct requires the employee of
the Company to act ethically and with honesty and integrity. The Company has insider trading policy, which extends and
applicable to internal stakeholders as well as external stakeholders like advisors, auditors, etc.
The Code of Conduct for managers policy can be accessed at the below link:
https://www.garwarefibres.com/investors/corporate-governance/code-of-conduct-for-managers#investorsmenu
5. Number of Directors / KMPs / employees / workers against whom disciplinary action was taken by any law
enforcement agency for the charges of bribery / corruption:
Current Financial Year 2022- 23 Previous Financial Year 2021- 22
Directors
Key Managerial Personnel (KMPs)
Nil Nil
Employees
Workers
6. Details of complaints with regard to conflict of interest:
Current Financial Year 2022- 23 Previous Financial Year 2021- 22
Number Remark Number Remark
Number of complaints received in relation to
issues of Conflict of Interest of the Directors
Nil Not Applicable Nil Not Applicable
Number of complaints received in relation to
issues of Conflict of Interest of the KMPs
7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by
regulators / law enforcement agencies / judicial institutions, on cases of corruption and conflicts of interest:
Not Applicable.
Leadership Indicators
1. Does the entity have processes in place to avoid / manage conflict of interests involving members of the Board?
(Yes / No).
If “Yes”, provide details of the same:
Yes. The Company's Code of Conduct acts as a guide to ethical business practices and suggests appropriate processes to
avoid and manage conflict of interest. The Director of the Company disclose the names of the parties in which they have an
interest, which then is mapped in the internal systems of the Company and systems are in place to monitor and ensure
the compliances for any transaction with them. The Code of Conduct is available on website of the Company at
https://www.garwarefibres.com/investors/corporate-governance/code-of-conduct-for-directors#investorsmenu.
Principle 2: Businesses should provide goods and services in a manner that is sustainable and safe
1. Percentage of R&D and Capital Expenditure (Capex) investments in specific technologies to improve environmental
and social impacts of product and processes to total R&D and capex investments made by the entity, respectively:
Current Financial Previous Financial Details of improvements in Environmental and Social Impacts
Year 2022- 23 Year 2021- 22
R&D* 48% 29% The Company has been steadily investing in processes, projects, and
Capex* 100% 100% initiatives that have positive societal and environmental footprint. This
involves measures such as reducing energy consumption, resource
usage optimization, waste reduction strategies, community
development engagements, and developing products with reduced
carbon footprints or exploring renewable options.
Note:
* Above details are as per books of accounts.

2. a. Does the entity have procedures in place for sustainable sourcing? (Yes / No):
No. GTFL does not have written down procedure in place for sustainable sourcing.
At GTFL, majority of its vendors (80% of vendors by value) are ISO certified, which demonstrates commitment to
business with partners who are environmentally conscious, socially driven, and have strong ethics and governance. In
addition, during the on boarding process, vendor assessment comprising of thorough questionnaire / checklist on
vendor's compliance on regulatory, statutory, environmental, and social norms is undertaken. Only, those who pass
our minimum criteria, are then considered for business association.
b. If “Yes”, what percentage of inputs were sourced sustainably?
Not Applicable.
3. Describe the processes in place to safely reclaim your products for reusing, recycling, and disposing at the
end of life for:
a. Plastics - Plastic packaging recycled under Extended Producer Responsibility (EPR) as per Central Pollution
(including packaging) Control Board (CPCB) guidelines through waste management agency engaged by the Company.
b. E-waste - E-waste collected at dedicated collection area at E-waste yard, safely stored & disposed to
Maharashtra Pollution Control Board (MPCB) authorized waste disposal facility / contractors.
c. Hazardous waste - Hazardous waste, including bio-medical waste and battery waste safely collected at dedicated
collection and storage area at ETP and safely disposed to MPCB authorized waste disposal facility
preventing any kind of land and ground water pollution.
- Storage and disposal norms are followed as per Hazardous Waste Management Rules.
d. Other waste - HDPE waste generated during the manufacturing process is recycled and reused. Other product /
process waste is partly reused & remaining is disposed off to MPCB authorized recyclers.
e. Whether Extended Producer Responsibility (EPR) is applicable to the entity's activities (Yes / No).
If “Yes”, whether the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan
submitted to Pollution Control Board?
If “Not”, provide steps taken to address the same.
Yes, the Company is subject to Extended Producer Responsibility (EPR) regulations and has obtained Brand Owner
Registration Certificate under Central Pollution Control Board (CPCB) norms. The Company has also submitted its EPR plan
for plastic packaging material recycling for FY 2023.
1. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing
industry) or providing services (for service industry):
Indicate input material Recycled or re-used input material to total material
Current Financial Year 2022-23 Previous Financial Year 2021-22
Polypropylene, HDPE (MT) 2.5% 2.4%
2. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled, and
safely disposed, as per the following format:
Re-Used Recycled Safely Disposed Re-Used Recycled Safely Disposed
Plastics (including packaging) - 324 - - 185 -

E-Waste - - - - - -
Hazardous Waste - - - - - -
Other Waste - - - - - -
3. Reclaimed products and their packaging materials (as percentage of products sold) for each product category
Indicate Product Category Reclaimed products and their packaging materials as % total products
sold in respective category
Not Applicable

Principle 3: Businesses should respect and promote the well-being of all employees,
including those in their value chains
1. a. Details of measures for the well-being of Employees:

Health Insurance Accident Insurance Maternity Benefits Paternity Benefits Day Care Facilities
Category Total
(A) Number % Number % Number % Number % Number %
(B) (B / A) (C) (C / A) (D) (D / A) (E) (E / A) (F) (F / A)
Permanent Employees
Male 536 536 100% 536 100% NA NA 536 100% 536 100%
Female 23 23 100% 23 100% 23 100% NA NA 23 100%
Total 559 559 100% 559 100% 23 4% 536 96% 559 100%
Other than Permanent Employees
Male 45 NA NA 45 100% NA NA 45 100% 45 100%
Female 9 NA NA 9 100% 9 100% NA NA 9 100%
Total 54 NA NA 54 100% 9 17% 45 83% 54 100%
Note: NA – Not Applicable
b. Details of measures for the well-being of Workers:

Health Insurance Accident Insurance Maternity Benefits Paternity Benefits Day Care Facilities
Category Total
(A) Number % Number % Number % Number % Number %
(B) (B / A) (C) (C / A) (D) (D / A) (E) (E / A) (F) (F / A)
Permanent Workers
Male 550 550 100% 550 100% NA NA 550 100% 550 100%
Female 0 0 0% 0 0% 0 0% NA NA 0 0%
Total 550 550 100% 550 100% NA NA 550 100% 550 100%
Other than Permanent Workers
Male 32 NA NA 32 100% NA NA 32 100% 32 100%
Female 0 0 0% 0 0% 0 0% NA NA 0 NA
Total 32 NA NA 32 100% NA NA 32 100% 32 100%
Note: NA – Not Applicable
2. Details of retirement benefits, for Current FY 2022-23 and Previous FY 2021- 22:
Benefits Current Financial Year 2022-23 Previous Financial Year 2021-22
No. of employees No. of workers Deducted and No. of employees No. of workers Deducted and
covered as % of covered as % of Deposited with covered as % of covered as % of Deposited with
total employees total workers the authority total employees total workers the authority
(Yes / No / NA) (Yes / No / NA)
PF 100% 100% Yes 100% 100% Yes

Gratuity 100% 100% Yes 100% 100% Yes
ESI 100%* 100%* Yes 100%* 100%* Yes
Note:
* 100% of eligible employees only
l For FY 22-23 – 51 employees eligible as per ESI Act.
l For FY 21-22 – 59 employees eligible as per ESI Act.

3. Accessibility of Workplaces:
Are the premises / offices of the entity accessible to differently abled employees and workers, as per the
requirements of the Rights of Persons with Disabilities Act, 2016?
If “Not”, then whether any steps are being taken by the entity in this regard:
Currently, none of GTFL's premises / offices have infrastructure support that is accessible to differently abled employees
and workers. However, the Company plans to make its premises universally accessible.
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so,
please provide the web-link of the policy:
No. The Company does not have an written Equal Opportunity Policy but the Company's philosophy and practice
encompass a commitment to foster no discrimination in talent management on account of gender, disability, race,
ethnicity, or any form of discriminatory factor. The Company strives to maintain a work environment that is accessible to
all, respectful and free from any of from harassment and discrimination.
5. Return to work and Retention rates of permanent employees and workers that took parental leave:
Gender Permanent Employees Permanent Workers
Return to Work Rate Retention Rate Return to Work Rate Retention Rate
Male 100% 100% 100% 100%
Female 100% 100% NA NA
Total 100% 100% 100% 100%
6. Is there a mechanism available to receive and redress grievances for the following categories of employees and
workers? If “Yes”, give details of the mechanism in brief:
Permanent Workers The Company has a platform- SAMWAD to connect with permanent workers and share updates with
Other than Permanent them on policies, programs, and trainings. Weekly meetings with union representatives are
Workers arranged. Workers can directly reach out to HR or IR representatives to raise their concerns / issues;
representative mobile number is also displayed on factory site.
Permanent Employees The Company has various platforms where employees can raise their concerns and grievances on a
periodic basis like HR Connect Forums, HR Helpdesk, Emails to HR SPOCs, and directly with
Other than Permanent
business and HR Managers. The concerns / issues are investigated in a timely and confidential
Employees
manner, without any retaliation to the complainant and / or the witness.
7. Membership of employees and workers in association(s) or Unions recognized by the listed entity:
Category Current Financial Year 2022-23 Previous Financial Year 2021-22

Total No. of employees / Percentage Total No. of employees / Percentage
employees/ workers in respective (%) employees / workers in respective (%)
workers in category, who are (B/A) workers in category, who are (B/A)
respective part of Association(s) respective part of Association(s)
category (A) or Unions (B) category (A) or Unions (B)
Total Permanent
Employees
-Male Not Applicable
-Female
Total Permanent 550 550 100% 561 561 100%
Workers
-Male 550 550 100% 561 561 100%
-Female 0 0 0% 0 0 0%

8. (a). Details of training given to employees and workers on “Health and Safety Measures”:

Total Number Percentage Total Number Percentage
(A) (B) (%) (B/A) (C) (D) (%) (D/C)
Employees
Male 536 480 90% 535 420 79%
Female 23 21 91% 22 19 86%
Total 559 501 90% 557 439 79%
Workers
Male 550 550 100% 561 561 100%
Female 0 0 0% 0 0 0%
Total 550 550 100% 561 561 100%
(b). Details of training given to employees and workers on “Skill Upgradation”:

(A) (B) (%) (B/A) (C) (D) (%) (D/C)
Employees
Male 536 500 93% 535 411 77%
Female 23 20 87% 22 12 55%
Total 559 520 93% 557 423 76%
Workers
Male 550 479 87% 561 449 80%
Female 0 0 0% 0 0 0%
Total 550 479 87% 561 449 80%
9. Details of Performance and Career Development reviews of employees and workers:

(A) (B) (%) (B/A) (C) (D) (%) (D/C)
Employees
Male 536 536 100% 535 535 100%
Female 23 23 100% 22 22 100%
Total 559 559 100% 557 557 100%
Workers
Male 550 550 100% 561 561 100%
Female 0 0 0% 0 0 0%
Total 550 550 100% 561 561 100%
Note:
* Permanent employees and workers covered 100%. However, for other than permanent employees and workers, continuous engagement on
career reviews and training supports provided on an ongoing basis.

10. Health and Safety Management System:

a. Whether an occupational health and safety management system has been implemented by the entity? (Yes / No)
If “Yes”, then coverage of the system:
Yes. Full-fledged occupational health and safety management system is in place. Periodic Plant Safety inspections, Safety
audits, Hazard Identification and Risk Assessment (HIRA) registers, Job Safety Analysis (JSA), Work zone air quality &
noise monitoring, Annual medical check-up, safety trainings as per training calendar are conducted. Health and Safety
Policy is available, Internal and External safety audits are conducted periodically, and corrective actions taken on audit
findings. Occupational health and safety requirements comply as per the regulatory standards.
b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine basis
of the entity?
Hazard Identification and Risk Assessment (HIRA) are conducted as per Standard Operating Procedures (SOPs) and
Corrective and Preventive Actions (CAPA) are taken on significant risks identified. Safety committee, safety champions
and workers participate in Hazard Identification Risk Assessment periodic review undertaken for new processes,
modification / change in existing process, procurement of new machinery and for routine and non-routine activities. The
workers can report work-related safety hazards through internal platforms and safety meetings.
c. Whether you have processes for workers to report the work-related hazards and to remove themselves from
such risks? (Yes / No):
Yes. Procedure is in place to report work related hazards for taking corrective actions and prevent incidents. Workers'
report work-related hazards in Daily Toolbox Talk sessions and Safety suggestion Boxes are provided in all departments.
d. Do the employees / workers of the entity have access to non-occupational medical and healthcare services? (Yes/No):
Yes. Factory Medical Officer is available to provide medical consultation on non-occupational medical and health related
issues to workers. Ambulance room is available with one female nurse for female employees and workers.
Mediclaim – Hospital Insurance policy is available for non-occupational medical and health related issues of employees
and workers.
11. Details of safety related incidents, in the following format:
Safety Incidents / Number Category Current Financial Year Previous Financial Year
2022-23 2021-22
Lost Time Injury Frequency Rate (LTIFR) Employees 0 0
(per one million-person hours worked) Workers 1.85 2.95
Total recordable work-related injuries Employees 0 0
Workers 1 2
Number of fatalities Employees 0 0
Workers 0 1
High consequence work-related injury or Employees 0 0
ill-health (excluding fatalities) Workers 0 0
12. Describe the measures taken by the entity to ensure a safe and healthy workplace:
At GTFL, we have full-fledged occupational health and safety management system in place. Periodic Plant Safety
inspections, Safety audits, HIRA, JSA, Work zone air quality and noise monitoring, annual medical check-up, safety
trainings as per Training calendar are conducted. Use of personal protective equipment (PPE), elimination of potential
hazard, visual safety training, safety committee meetings, safety rewards, safety and fire mock drills, and safety
audits (internal and external) are done.
13. Number of complaints on the following made by employees and workers:
Filed Pending Remark Filed Pending Remark
Resolution Resolution
at end of year at end of year
Working Conditions 35 0 Actions taken on 20 0 Actions taken on
complaints received complaints received
Health and Safety 9 0 Actions taken on 13 0 Actions taken on
complaints received complaints received
14. Assessment for the Year (2022- 23):
% Of plants and offices that were assessed
(By entity or statutory authorities or third party)
Health and Safety Practices 100%

Working Conditions 100%

15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risk / concerns arising from assessment of health and safety practices and working conditions:
The Company has not identified any risk / concern in the assessment.
1. Does the entity extend any life insurance or compensatory package in the event of death of (A). Employees; and (B).
Workers (Yes / No). Provide detail:
Yes, the Company's group personal accident policy wherein all employees are covered. The Company also has Benevolent
Fund Policy, where employees contribute 1 Day or ½ Day Salary in case of demise of Employee or Permanent Worker
and equal amount provided by the Company to deceased family. Compassion Policy had provided support to deceased
employee in case of death due to COVID.
2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited
by the value chain partners:
The Company ensures that vendors and suppliers pay their statutory dues in a timely and effectively manner, especially
the GST, EPF, ESIC, and other statutory dues. The Company has appropriate mechanisms in place to ensure that
statutory dues are paid periodically, as required and complied by the vendors and business partners.
3. Provide the number of employees / workers having suffered high consequence work-related injury / ill-health /
fatalities (as reported in Qs. 11 of Essential Indicators above), who have been / are rehabilitated and placed in
suitable employment or whose family members have been placed in suitable employment:
Total Number of affected No. of employees / workers that are
employees / workers rehabilitated or whose family member
have been placed in suitable employment
FY 2022- 23 FY 2021- 22 FY 2022- 23 FY 2021- 22
Employees 0 0 0 0
Workers 1 0 1 0
4. Does the entity provide transition assistance programs to facilitate continued employability and the management
of career endings resulting from retirement or termination of employment? (Yes / No):
The Company does not provide transition assistance programs to facilitate continued employability and / or manage
career endings resulting from retirement or termination of employment.
5. Details on assessment of value chain partners (FY 2022- 23):
% Of value chain partners
(by value of business done with such partners)that were assessed*
Health and Safety Practices 100%
Working Conditions 100%
Note:
* For sub-contractor's GTFL undertakes assessment
6. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from
assessments of health and safety practices and working conditions of value chain partners:
During the latest assessment, no significant risks / concerns were identified.
Principle 4: Businesses should respect the interests of and be responsive to all its stakeholders
1. Describe the process for identifying key stakeholder groups of the entity:
The Company has mapped its internal and external stakeholders using the Mendelow's Matrix (also known as the
Stakeholder Analysis matrix and the Power-Interest matrix) and through this framework we plot power vs interest
of the stakeholder and then basis that assign communication strategies to continuously engages with them. The
Company recognizes employees, local communities surrounding our operations, government and regulatory authorities,
business associates (marginalized fisherman, farmer, network of suppliers, service providers, dealers and suppliers of
goods and services), domestic / international customers and shareholders / investors as its key stakeholders. The
Company engages with identified stakeholders to gauge their opinion, feedback, and tweak their business strategy /
approach to cater to the needs / aspirations of their stakeholders.

2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group.
Stakeholder Identified as Channels of Frequency of Purpose and scope of engagement

Group Vulnerable or Communication engagement including key topics and concerns raised
Marginalized during each engagement
Group (Yes/No)
Shareholders No Annual General Ongoing Financial Reports, Dividend, Shares,

Meeting (AGM), Business Performance, Corporate actions
Email, Statutory such as buyback of shares.
Reports, Investor's
Meet, Disclosure to
Stock Exchanges
Government No Statutory Reports Ongoing Compliances of various laws, regulations,
Agencies / requirements, and fillings as required and
Regulators applicable to business.
Employees and No Forums, Mailers, Ongoing Company's performance, policies, business
Workers House Magazines, strategy and mission, training, and
Quarterly Magazines awareness sessions.
named 'Impressions'
and Open House
Channel Partners / No Meetings and Ongoing Business Strategy, Company's Performance,
Sub-Contractors Mailers Growth Opportunities, Expansion Strategy,
and Sustainability Initiatives.
Consumers No Website, Mailers, Ongoing Product Information on New Product
and Social-Media Developments, Feedback Forms, Business
Growth, Customer Service including
resolution of complaints, Expansion,
Performance, Mission, and Vision, and
Sustainability Initiatives.
Communities Yes Emails, telephones, Ongoing Identification of needs, challenges, CSR,
field visits, and project conceptualization, design and
physical meetings implementation, follow-ups, monitoring,
field visits, and program feedback.
Implementing Yes* Emails, telephones, Ongoing Project design, implementation, challenges,
Agency (NGO) field visits, and solutions, monitoring, and evaluation of
physical meetings the CSR Programs.
Note:
* Few NGO partners working with the vulnerable and marginalized groups may fall under vulnerable and marginalized group.
1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and
social topics or if consultation is delegated, how is feedback from such consultations provided to the Board:
The Executive Director and Senior Management Personnel maintain regular and planned engagements with stakeholders,
including investors, employees, customers, channel partners, government departments and analysts. These interactions
serve as an opportunity to gather feedback, suggestions, complaints, and grievances and the responsible individual
relays this feedback to the Board during specific occasions throughout the year. The feedback and key issues brought
to the attention of the respective committees of the Board for further consideration and action, as deemed appropriate.
This ensures that defined processes followed and that material topics are appropriately addressed across the company
in a stakeholder inclusive manner.
2. Whether stakeholder consultation is used to support the identification and management of environmental, and
social topic? (Yes / No)
If so, provide details of instances as to how the inputs received from stakeholders on these topics were incorporated
into policies and activities of the entity:
Yes, stakeholder consultations are integral to the determination of our material topics. These consultations serve as
invaluable inputs, as we carefully consider the perspectives and insights shared by our stakeholders during the
engagement process. To prioritize our material topics effectively, we actively engage with key stakeholders, including
employees, customers, analysts, and investors, via appropriate channels and mechanisms. This engagement process
enables us to identify the key environmental, social, and governance (ESG) material topics that are most relevant and

important to our stakeholders. The insights gathered from these consultations thoroughly analyzed and incorporated
into a materiality matrix forming the basis for our sustainability strategy, guiding our actions and initiatives in line with
stakeholder expectations and priorities.
3. Provide detail of instances of engagement with, and actions taken to, address the concerns of vulnerable /
marginalized stakeholder groups:
The Company has identified communities residing around its manufacturing facilities (with focus on women and
children), fishermen, and small farmers in the supply chain as vulnerable and marginalized stakeholders. Through
continuous engagement, the Company has identified and prioritized their needs and clearly developed targeted
Corporate Social Responsibility (CSR) initiatives contributing towards their livelihood opportunities and socio-economic
development.
Principle 5: Businesses should respect and promote human rights
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity,
in the following format:
(A) (B) (%) (C) (D) (%)
(B/A) (D/C)
Employees
Permanent 559 559 100% 557 557 100%
Other than permanent 54 54 100% 46 46 100%
Total Employees 613 613 100% 603 603 100%
Workers
Permanent 550 550 100% 561 561 100%
Other than permanent 32 32 100% 19 19 100%
Total Workers 582 582 100% 580 580 100%
2. Details of minimum wages paid to employees and workers, in the following format:
Equal to More than Equal to More than
Minimum Wage Minimum Wage Minimum Wage Minimum Wage
Total Total
(A) Number % Number % (D) Number % Number %
(B) (B/A) (C) (C/A) (E) (E/D) (F) (F/D)
Employees
Permanent 559 0 0% 559 100% 557 0 0% 557 100%
- Male 536 0 0% 536 100% 535 0 0% 535 100%
- Female 23 0 0% 23 100% 22 0 0% 22 100%
Other than 54 0 0% 54 100% 46 0 0% 46 100%
permanent
- Male 45 0 0% 45 100% 40 0 0% 40 100%
- Female 9 0 0% 9 100% 6 0 0% 6 100%
Workers
Permanent 550 0 0% 550 100% 561 0 0% 561 100%
- Male 550 0 0% 550 100% 561 0 0% 561 100%
- Female 0 0 0% 0 0% 0 0 0% 0 0%
Other than 32 0 0% 32 100% 19 0 0% 19 100%
permanent
- Male 32 0 0% 32 100% 19 0 0% 19 100%
- Female 0 0 0% 0 0% 0 0 0% 0 0%

3. Details of remuneration / salary / wages, in the following format:

Male Female
Number Median salary / wage of Number Median salary / wage of
respective category (` lakhs) respective category (` lakhs)
Board of Directors (BoD) 4 2.60* 2 0.60
Key Managerial Personnel 2 497.46 0 0
Employees other than BoD and KMP 661 7.80 38 3.52
Workers 563 6.98 0 0
Note:
* All Directors are paid only sitting fees except Mr. V. R. Garware, Chairman and Managing Director.
4. Do you have a focal point (Individual / Committee) responsible for addressing human rights impacts or issues
caused or contributed to by the business? (Yes / No):
Yes, the Company ensures to maintain a safe working environment, free from any harassment. However, in case of
any grievance or concern, the Company has stringent policies and remedial action is taken as deemed appropriate by
the Head of Human Capital (Human Resource) in consultation with Senior Management of the Company in a timely,
effectively, and transparent manner.
5. Describe the internal mechanisms in place to redress grievances related to human rights issues:
The Company pays utmost importance in upholding the human rights of its employees, workers, contractors, suppliers,
and communities in accordance with national and international standards and Company's code of conduct. The Company
has formulated Vigil Mechanism policy to address any concerns covering malpractice, unethical behaviour, fraud or
suspected fraud, manipulation, misappropriation of monies and violation of the Company Codes. The Company has
formulated and implemented a Policy and constituted an Internal Complaints Committee (ICC) as per the provisions
of the Sexual Harassment Act and Rules made thereunder.
6. Number of complaints on the following made by employees and workers:
Filed Pending Remark Filed Pending Remark
during resolution at during resolution at
the year end of year the year end of year
Sexual Harassment 0 0 NA 0 0 NA
Discrimination at workplace 0 0 NA 0 0 NA
Child Labour 0 0 NA 0 0 NA
Forced Labour / Involuntary Labour 0 0 NA 0 0 NA
Wages 0 0 NA 0 0 NA
7. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases:
The Vigil Mechanism Policy provides for adequate safeguards against victimization for the persons (“the informer /
whistleblower”) who avail this mechanism and provides for direct access to the Chairman of the Audit Committee of
the Company in exceptional cases. The Company ensures that no unfair treatment meted out to the informer /
whistleblower by virtue of having reported the information under this Policy.
8. Do human rights requirements form part of your business agreements and contracts? (Yes / No):
At GTFL, all business contracts integrate human rights compliance as terms and conditions i.e., clauses on prevention of
child labour, forced labour, discrimination, harassment, minimum wages, and other topics, to ensure compliance with
social and governance norms and ethical business conduct by all vendors and suppliers.
9. Assessment for the FY 2022- 23:
% Of plants and offices that were assessed
(by entity or statutory authorities or third parties)
Child Labour 100%

Forced / Involuntary Labour 100%
Sexual harassment 100%
Discrimination at workplace 100%
Wages 100%

the assessments at Qs. 9, above:
No. significant concerns were identified during the latest assessments, therefore no corrective actions were required
to be undertaken during the reporting period. However, the Company periodically reviews its human rights policies,
procedures, and processes to be compliant with regulatory norms and standards.
1. Details of a business process being modified / introduced as a result of addressing human rights grievances /
complaints:
The Company has been compliant with human rights issues and reviews its policies and processes on a regular basis.
2. Details of the scope and coverage of any Human Rights due diligence conducted:
The Company undertakes self-assessment at all plants and offices for all the indicators covered in Q9 above.
3. Is the premise / office of the entity accessible to differently abled visitors, as per the requirements of the Rights of
Persons with Disabilities Act, 2016?
Currently, none of the Company's premises / offices have infrastructure support that is accessible to differently abled
visitors. However, the Company plans to make its premises universally accessible.
4. Details on assessment of Value Chain Partners:
% Of value chain partners (by value of business done with such

partners) that were assessed:
Child Labour Nil

Forced / Involuntary Labour Nil
Sexual harassment Nil
Discrimination at workplace Nil
Wages Nil
Footnote: The Company is in the process of developing a vendor assessment guideline, procedure, and checklist to undertake ESG assessment,
including human rights practices of its value chain partners.
the assessment at Qs. 4 above:
Not Applicable.
Principle 6: Businesses should respect and make efforts to protect and restore the environment
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
Parameter Current Financial Year 2022-23 Previous Financial Year 2021-22
(In Gigajoules) (In Gigajoules)
Total Energy Consumption (A) 116,351 126,443
Total Fuel Consumption (B) 145,395 150,574
Energy consumption through Other Sources (C) 0 0
Total Energy Consumption (A+B+C) 261,746 277,016
Energy intensity per rupee of turnover 0.000021 0.000024
(Total energy consumption / turnover in rupees)
Note:
Indicate if any independent assessment / evaluation / assurance has been carried out by an external agency? (Yes / No).
If “Yes”, name the external agency.: NO
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve,
and Trade (PAT) Scheme of the Government of India? (Yes / No)
If “Yes”, disclose whether targets set under the PAT Scheme have been achieved. In case targets have not been
achieved, provide the remedial action taken, if any:
No.

3. Provide details of the following disclosures related to water, in the following format:
Water withdrawal by source (in kiloliters)
(i). Surface Water 0 0
(ii). Groundwater 0 0
(iii). Third Party Water 162,944 160,201
(iv). Seawater/ Desalinated water 0 0
(v). Others (Please specify) 0 0
Total Volume of water withdrawal (in KL) 162,944 160,201
(i + ii + iii + iv + v)
Total volume of water consumption (in KL) 162,944 160,201
Water intensity per rupee of turnover 0.0000013 0.0000014
(Water consumed/ turnover)
Note:
4. Has the entity implemented a mechanism for Zero Liquid Discharge (ZLD)? If “Yes”, provide details of its coverage
and implementation:
The Company Plants implement Zero Liquid Discharge (ZLD) mechanism. The Company has installed combined
Effluent Treatment plant and Sewage Treatment Plant (ETP+STP) of design capacity 320 KLD with primary, secondary,
and tertiary treatment processes for treating the trade and domestic effluent generated. Treated water recycled / reused
in various process like cooling tower make up, toilet flushing, Filter press and vessels cleaning at ETP and for Gardening
purposes. Treated water entirely consumed within our premises and no water discharged out of factory premises.
5. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
Parameter Please specify Current Financial Year Previous Financial Year

unit 2022-23 2021-22
Nox Ppm 6.12 6.18
SOx mg/m3 28.76 29.7
Particulate Matter (PM) mg/m3 42.23 43.77
Persistent organic pollutant (POP)
Volatile organic compounds (VOC) Not Applicable
Hazardous air pollutant (HAP)
Note:
6. Please provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) and its intensity, in the
following format:
Parameter Please specify Current Financial Year Previous Financial Year
unit 2022-23 2021-22
Total Scope 1 Emissions Metric tonnes of 12,970 14,086
(Break-up of the GHG into CO2, CH4, CO2 equivalent
N2O, HFCs, PFCs, SF6, NF3, if available)
Total Scope 2 Emissions Metric tonnes of 19,102 20,533
(Break-up of the GHG into CO2, CH4, CO2 equivalent
N2O, HFCs, PFCs, SF6, NF3, if available)
Total Scope 1 and Scope 2 emissions 0.0000026 0.0000029
per rupee of turnover
Note:

7. Does the entity have any project related to reducing Greenhouse gas emissions?
If “Yes”, then provide details:
The Company has undertaken various initiatives to reduce greenhouse gas emissions by replacing low efficient devices
with higher energy efficient devices as well as improve operational efficiency such as install energy efficient motors for
doublers, replace ECC by VFD and AC Motors for Ropes making machines, install harmonic filters for shed no 1 and 2,
and transition from fossil fuel initiatives such as shifting from LDO fired boiler to NG Fired boiler, replacing diesel
operated forklifts by electric forklifts.
8. Provide details related to waste management by the entity, in the following format:
Total Waste Generated (in metric tonnes)

Plastic Waste (A) 112.41 97.03
E-Waste (B) 9.17 14.35
Bio-medical Waste (C) 0.005 0.0054
Construction and Demolition Waste (C&D) (D) 30 45
Battery Waste (E) 0.97 7.27
Radioactive Waste (F) 0 0
Other Hazardous Waste (G) (Used or spent oil, 32 35
residue containing oil etc)
Other Non-Hazardous Waste generated (H) 483 530
(Please specify, if any)
Total Waste Generated (A+B+C+D+E+F+G+H) 668 728
For each category of waste generated, total waste recovered through recycling, re-using or other recovery
operations (in metric tonnes)
Category Waste Name:
(i). Recycled 424 488
(ii). Re-used 0 0
(iii). Other recovery operations 0 0
Total 424 488
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Category Waste Name:
(i). Incineration 31 33.49
(ii). Land filling 0 0
(iii). Other disposal operations 213 206.16
Total 244 240
Note:
9. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted
by your company to reduce usage of hazardous and toxic chemicals in your products and processes and the
practices adopted to manage such wastes:
At GTFL, we use water-based chemicals in our manufacturing process and avoid the use of hazardous / toxic chemicals
to prevent any adverse impacts on the environment as well as to prevent air, water, and land pollution. Moreover, we
focus on eco-friendly product development which requires less antifouling treatment leading to reduced copper
sedimentation and deposition in sea water.

10. If the entity has operations / offices in & around ecologically sensitive areas (such as national parks, wildlife
sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones, etc.) where
environmental approvals / clearances are required, please specify details in the following format:
S. No. Location of Type of operations Whether the conditions of environmental

operations / offices approval / clearance are being complied with? (Yes / No)
If “No”, the reasons thereof and corrective
action taken, if any.
None of the Company's operations / offices are in ecologically sensitive area.
11. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in
the current financial year 2022- 23:
Name and brief EIA Notification Date Whether conducted Results communicated Relevant
of the project No. by independent agency in public domain Web-link
(Yes / No) (Yes / No)
During FY 2022-23, the Company was not required to conduct any environmental impact assessments as per applicable laws.
12. Is the entity compliant with the applicable environmental law / regulations / guidelines in India, such as the
Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment
Protection Act and Rules thereunder (Yes / No):
If “Not”, provide details of all such non-compliances, in the following format:
S. No. Specify the law / regulation / Provide details of the Any fines / penalties / action taken by Corrective action
guidelines which is not non-compliance regulatory agencies such as pollution taken, if any
compliant control board or by courts
The Company have been compliant with all applicable environmental laws, regulations, and acts of Government of India
and Government of Maharashtra, thereby ensuring no case of non-compliance during the reporting period.
1. Provide breakup of the total energy consumed (in Joules or multiples) from Renewable Energy and Non-Renewable
sources, in the following format:
Parameter Current Financial Year Previous Financial Year
2022-23 2021-22
(In Gigajoules) (In Gigajoules)
From Renewable Sources
Total electricity consumption (A) 30,811 34,940
Total fuel consumption (B) 7,218 0
Energy consumption through other sources (C) 0 0
Total energy consumed from renewable sources (A+B+C) 38,029 34,940
From Non-Renewable Sources
Total electricity consumption (D) 85,540 91,503
Total fuel consumption (E) 138,177 150,574
Energy consumption through other sources (F) 0 0
Total energy consumed from renewable sources (D+E+F) 223,717 242,076
Note:

2. Provide the following details related to water discharge:
The Company’s sites are Zero Liquid Discharge (ZLD), therefore there is no water discharge.
Water discharge by destination and level of treatment (in kiloliters)

(I). To Surface Water - -
-No treatment - -
-With treatment- please specify level of treatment - -
(ii). To Ground Water - -
-No treatment - -
(iii). To Seawater - -
-No treatment - -
(iv). Sent to Third Parties - -
-No treatment - -
(v). Others - -
-No treatment - -
Total water discharged (In kiloliters) - -
Note:
3. Water withdrawal, consumption and discharge in areas of 'Water Stress' (in kilo litres):
None of the Company's sites are under water stress zone, as per CGWB report. Therefore, this question is 'Not Applicable'.
For each facility / plant located in areas of water stress, provide the following information:
i. Name of area
ii. Nature of operations
iii. Water withdrawal, consumption, and discharge in the following format:
Water withdrawal by source (in kilo litres)
(I). Surface Water
(ii). Ground Water
(iii). Third Party Water
(iv). Seawater/ Desalinated Water
(v). Others
Total volume of water withdrawal (in KL) Not Applicable
Total volume of water consumption (in KL)
Water intensity per rupee of turnover
(Water consumed/ turnover)
Water intensity (optional)- the relevant metric
may be selected by the entity
Water discharge by destination and level of treatment (in Kilo litres)

(i). To Surface Water
-No treatment
-With treatment- please specify level of treatment

(ii). To Ground Water

-No treatment
(iii). Sent to Third Party Water
-No treatment
Not Applicable
(iv). Into Seawater
-No treatment
(v). Others
-No treatment
4. With respect to the ecologically sensitive areas reported in Qs. 10 of Essential Indicators above, provide details of
significant direct & indirect impact of the entity on biodiversity in such areas along with prevention and remediation
activities:
Not Applicable.
5. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource
efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please provide details of the
same as well as outcome of such initiatives, as per the following format:
S. No. Initiative undertaken Details of the initiative (Web-link, if any, may b Outcome of the Initiative
eprovided along with summary)
1. New Boiler of Higher Old boiler had efficiency of 80%, as compared to new 8% of Fuel reduction done.
efficiency installed boiler which has efficiency of 88%
2. 30 % Open Access wind Wind power used to replace grid-based electricity which Switch to green energy from
Power Utilization is predominant thermal-power supplied by MSEDCL. grid energy resulting into
reduced energy costs
annually.
3. Installing Harmonic Improved Extruder energy efficiency and prevents energy Prevention of energy loss.
Filters for Extruders loss
4. Old Air Conditioner Old Window AC with R-22 gas replaced with New Split AC 10% power saving done as
replacement with Green GAS R-32 (12 numbers) compared to Old AC.
Approximate 0.25 Lacs
savings per annum.
5. Hazardous waste 1) Installation of Sludge Drying bed for STP sludge 50% Sludge disposal
volume reduction 2) STP Sludge used as manure quantity reduced to
3) Filter press operation for only ETP Sludge CHWTSDF disposal facility
4) ETP Sludgedisposed to disposal facility
6. Water Consumption 1. Water Audit 2.6 Crore liters of fresh
reduction 2. Upgradation of underground water piping and water saving per annum.
distribution system The initiatives have helped
3. Isolation valves, Pressure Gauges & Float Valves in significantly reducing our
provided wherever required. freshwater consumption by
4. Waterless urinals installed 25% in FY 2021-22 and
5. Rainwater harvesting for boiler feed water FY 2022-23 as compared
to FY 2019-20.

7. Steam & fuel 1. Improvement in boiler efficiency by replacement of The initiatives have helped in
consumption boiler tube headers, improved quality of Boiler reducing our steam
reduction treatment chemicals used. consumption by 5% in FY 2021-
2. Lesser steam consumption due to reduction in steam 22 and FY 2022-23 as compared
losses due to actions - periodic Steam Trap Survey, to FY 2019-20.This has led to coal
Replacement of malfunctioned steam traps, steam consumption reduction and GHG
pipelines resizing to reduce steam cycle time, Pressure emission reduction.
Reducing Stations (PRS) installed to avoid excess
pressure in distribution lines. Steam Control valves
installed at extrusion, net processing to reduce
excessive steam consumption.
8. GHG Emissions 1. Actions taken on Major GHG emission contributors i.e., 1. Productivity in comparison to
reduction fossil fuels – Coal and Electricity. Coal Consumption improved
2. Steam saving - PRS installation, steam traps survey, by 25% in FY 2021-22 as
steam line resizing etc. compared to previous year.
3. Fuel saving - (Coal) 2. Productivity in comparison
4. Electricity consumption reduction by Installation of to electricity consumption
cold well gravity tank, Installation of VFD's, improved in FY 2022-23 and
Replacement of IE1 20 HP Pump Motors of 250TR 2021-22 as compared to the
Chiller pump by IE3 Energy efficient Pump Motors. base year.
5. Electrical Energy transition – 32% of Renewable energy 3. The actions have led to
(Wind power) utilized being green power there were no reduction in electricity
GHG emissions consumption and GHG
emissions by approximately
6. Providing bus facility for Pune and Satara employees
30% in FY 2021-22.
to & fro.
9. Product waste The entire HDPE & PP product waste recycled at 70% of product waste is recycled.
recycling Reprocessing dept and authorized recyclers.
6. Does the entity have a business continuity and disaster management plan? Give details in 100 words / web-link:
The Emergency Control Plan implemented across all plants, outlining measures to manage emergency situations
effectively. The plan includes:
1. Emergency Control Centre (ECC): Equipped with communication facilities, PPE, breathing equipment, and contact
information for key personnel, outside agencies, and government authorities. It also contains the Company's plant
layout and nearby area maps.
2. Assembly Points: In the event of an emergency siren, premises evacuation is mandatory. The layout indicates the
exit paths and nearest assembly points.
3. Contact Details: Contact information for members of the emergency evacuation team, firefighters, and first aiders
prominently displayed at the main gate and various locations within the premises. Security at the main gate also
has essential contact details for emergency services and local authorities.
4. Controlling Team: A designated controlling team is responsible for managing emergency situations and coordinating
necessary actions.
5. Mock Drill: The Team Leader conducts half-yearly mock drills to assess employee awareness and implement
corrective actions as and when needed.
6. Firefighters and First Aid: Specific firefighting and first aid teams identified and trained to provide support in
controlling fires and administering initial medical treatment.
The plan ensures preparedness and efficient response to emergencies in all plants, with clear guidelines and designated
teams for various responsibilities.
7. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What
mitigation or adaptation measures have been taken by the entity in this regard?
At GTFL, we plan our dispatches in such a way that bulk quantity of numbers of products transported in a single dispatch
to reduce the carbon emissions during transportation. Moreover, we have also given awareness to our value chain
partners to provide transportation vehicles running on green fuel to minimize air pollution.
8. Percentage of value chain partners (by value of business done with such partners) that were assessed for
environmental impacts:
Nil.

Principle 7: Businesses, when engaging in influencing public and regulatory policy,

should do so in a manner that is responsible and transparent
1. (a) Number of affiliations with trade and industry chambers / associations:
11
(b) List the top 10 trade and industry chambers / associations (determined based on the total numbers of such
body) the entity is member of / affiliated to:
S. No. Name the trade and industry chambers / associations Reach of trade and industry chambers /
associations (State / National)
1. India Technical Textiles Association (ITTA) National
2. Plastics Export Promotion Council (PLEXCOUNCIL) National
3. Confederation of Indian Industry (CII) National
4. Sports Good Export Promotion Council National
5. Indian Fishnet Manufacturers Association (IFMA) National
6. International Geosynthetics Society (IGS) National
7. The Coir Board National
8. Export Promotion Council for EOUs & SEZs Units National
9. Federation of Indian Export Organisation National
10. Mahratta Chamber of Commerce, Industries and Agriculture (MCCIA) State
11. International Erosion Control Association (IECA) International
2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by the
entity, based on adverse orders from regulatory:
Name of authority Brief of the Case Corrective action taken
Nil
1. Details of public policy positions advocated by the entity:
Public policy Method resorted Whether information Frequency of Web Link,
advocated for such advocacy available in public domain (Yes / No) Review by Board if available
The Company actively engages in discussions and dialogues at various state level, national and international associations,
and forums, focusing on the industry's growth and sustainable development agenda. However, the company does not have a
standalone Public Advocacy Policy nor a commitment around it. The Company has a long-standing partnership with National
Committee on Precision Agriculture and Horticulture (NCPAH) to enhance farmers' income by developing innovative crop
protection products, with aim to support livelihood opportunities for vulnerable and marginalized communities. Through
initiative-taking collaboration with multiple industry associations, the Company addresses concerns related to taxation,
foreign and domestic trade policies, presenting them to the relevant authorities in the State and Central Government for their
consideration. Further, the Company actively supports government agencies in driving policy decision by providing essential
data, inputs, and information through engaging with associations / forums and advocating laws and regulations of relevance
and interest to sectoral and industry players.
Principle 8: Businesses should promote inclusive growth and equitable development
1. Details of Social Impact Assessments (SIA) projects undertaken by the entity based on applicable laws, in the
current financial year 2022-23:
Name and brief SIA Date of Whether conducted Results communicated Relevant
detail of project Notification No. notification by independent in public domain web-link
external agency (Yes / No) (Yes / No)
The Company was not required to undertake any Social Impact Assessments (SIA) projects during FY 2022- 23 as per
applicable laws.

2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken
by your entity, in the following format:
Name of the State District No. of project %Of PAFs covered Amounts paid to
project for which affected families by R&R PAFs in the FY
R&R is ongoing (PAFs) (in INR.)
No projects for Rehabilitation and Resettlement (R&R) has been undertaken by the Company in FY 2022-23.
3. Describe the mechanisms to receive and redress grievances of the community:

The Company has a CSR Team to develop, implement, evaluate, and monitor its social development programs / projects
on a regular basis by continuously engaging and interacting with the identified communities and local stakeholders in
the areas of operation. The grievances, if any, are resolved effectively in a timely manner, as and when they arise by the
CSR Team along with our implementing Partner / NGO.
4. Percentage of input material (input to total inputs by value) sourced from suppliers:
Directly sourced from MSMEs / Small producers 6.00% 10.10%
Sourced directly from within the district and 4.80% 8.80%

neighboring districts
Note:
MSME / Small Producers are mapped as per yearly declaration submitted by them.
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments
(Reference Qs. 1 of Essential Indicators, above):
Details of negative social impact identified Corrective action taken

Not applicable for the FY 2022- 23, since GTFL was not required to undertake Social Impact Assessments as per applicable
law.
2. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts
as identified by government bodies:
State Aspirational District Amount Spent (in INR.)
The Company has not undertaken any CSR project targeting Aspirational District as identified by government bodies in
the financial year 2022- 23.
3. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity
(in the current financial year 2022-23), based on traditional knowledge:
Intellectual Property based on Owned / Acquired Benefit Shared Basis of calculating

traditional knowledge (Yes / No) (Yes / No) benefit share
During the reporting period, no IPR were registered by the Company based on intellectual properties owned or acquired
based on traditional knowledge.
4. Details of corrective actions taken or underway, based on any adverse order in intellectual property related
disputes wherein usage of traditional knowledge is involved:
Name of authority Brief of Case Corrective action taken

Not Applicable

5. Details of beneficiaries of CSR Projects for FY 2022- 23:

S. CSR Project No. of persons % Beneficiaries from
No. benefited from CSR vulnerable &
Projects marginalized groups
1. Project Swasthya Seva - Community at large 100%

Health Care at Wai, Satara district of Maharashtra
2. Project Sarva Shiksha - Promoting Education, Pan India project Community at large 100%
3. Project Vikas- Enhancing Livelihood / Rural Development across Community at large 100%
Wai, Satara district of Maharashtra and Chennai, Tamil Nadu
4. Project Atmanirbhar Community at large 100%
Undertaking Livelihood enhancement and Skill development
Projects at Wai, Satara district of Maharashtra
Principle 9: Business should engage with and provide value to their consumers in a responsible manner
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback:
The Company places a high level of importance on addressing customer concerns and believes in adopting an adaptable,
transparent, and problem-solving approach to resolve these issues efficiently and satisfactorily. An online portal is
available to lodge customer complaint, which is acknowledged by the company's sales / supply chain team representative
for addressing and resolving the concern in line with the Company's laid down policy and within a time frame. Continuous
communication with the customer is ensured to gauge the root cause of the problem, align the solution as per customer's
expectations, and appropriately implement corrective action, for formal closure of the complaint. The Company adopts
various channels of communications to update the customer on the status of the complaint and steps taken i.e., email,
SMS, and WhatsApp.
2. Turnover of products and / services as a percentage of turnover from all products / services that carry information
about:
As percentage to total turnover
Environmental and social parameters relevant to the product The Company responds to these parameters basis specific
Safe and responsible usage requests received from the customer. In case of few of our
products we do have user manual.
Recycling and/or safe disposal
3. Number of consumer complaints in respect of the following:
Current Financial Year Previous Financial Year

2022-23 2021-22
Received Pending at Remarks Received Pending at Remarks
end of year end of year
Data Privacy 0 0 NA 0 0 NA
Advertising 0 0 NA 0 0 NA
Cyber-security 0 0 NA 0 0 NA
Delivery of essential services 0 0 NA 0 0 NA
Restrictive Trade Practices 0 0 NA 0 0 NA
Customer Complaints 105 38 Pending 98 6 Pending
complaints as on complaints as on
31st March, 2023 31st March,
will be closed in FY 2022,were closed
23-24. The same in FY 2022-23.
are under
investigation stage
with the Company.

4. Details of instances of product recalls on account of safety issues:
Number Reasons for recall
Voluntary Recalls
Nil
Forced Recalls
5. Does the entity have a framework / policy on cyber security and risks related to data privacy? (Yes / No).
If available, provide a web-link of the policy:
The Company's Risk Assessment and Minimization Policy Statement identifies, analyses, and develops reduction cum
avoidance systematic approach in an integrated manner across the entire company, including Information Security
Management Framework Systems, Policies, and Procedures based on ISO 27001 Standard and frequently review the ISMS
policies implemented through a third party. Regular capacity building and sensitization sessions are organized to
upraise the users on policies, procedures, potential threats, and control mechanisms.
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of
essential services, cyber security, and data privacy of customers; re-occurrence of instances of product recalls,
penalty / action taken by regulatory authorities on safety of products / services:
The Company has been compliant with all requirements; therefore, this question is not applicable.
1. Channels / platforms where information on products and services of the entity can be accessed (provide web link,
if possible):
1. Company website for products and services: https://garwarefibres.com/
2. For registering Customer complaints- http://172.16.60.8/ComplaintRegister/Default.aspx?
4. Customer Toll free number for queries: 1800 120 5165
5. Sales enquiries Email id: sales@garwarefibres.com (Email communication of Sales enquiries from customer which
is redirected to respective Sales team for taking it forward, as deemed appropriate)
2. Steps taken to inform and educate consumers about safe and responsible usage of products and / or services:
The Company respond to product specific parameters basis requests received from the customers. In some of the products
the company provides 'user manual' which comprises information about product's dos and dont's, responsible use, and
safe disposal practices.
3. Mechanism in place to inform consumers of any risk of disruption / discontinuation of essential services:
The Company is not involved in directly providing essential services. However, the Company ensures that its customers
face minimum disruption in their operations and service. The Company has appropriate mechanisms and regularly
communicates with customers to ensure seamless functioning of their operations.
4. a. Does the entity display product information on the product over and above what is mandated as per the local
laws? (Yes / No / Not Applicable).
If “Yes”, provide details in brief:
The Company provides product information as mandated by the law.
b. Did your entity carry out any survey with regard to customer satisfaction relating to the major products / services
of the entity, significant locations of operation of the entity or the entity as a whole? (Yes / No):
The Company conducts market size and market survey study which inter-alia, includes customer satisfaction
questionnaire through reputed market research agencies for selected business segments depending upon the
business need and strategy.
5. Provide the following information relating to data breaches:
a. Number of instances of data breaches along-with impact:
Nil.
b. Percentage of data breaches involving personally identifiable information of customers:
Nil.

Management Discussion and Analysis
Overview of Company Opportunities and Threats
Your Company, Garware Technical Fibres Limited, The WHO has declared formally the end of the
an ISO 14001:2015 certified organization, COVID-19 pandemic. Though some variants of
was established in 1976, and is a leading the virus continue to emerge, the deep
manufacturer of technical textiles. A global disruptions caused by COVID-19 seem unlikely.
player, your Company provides innovative Under the circumstances, your Company
solutions in the field of fisheries, aquaculture, will be able to significantly increase its
shipping, sports, agriculture, coated fabrics, and direct interactions with existing and potential
geo-synthetics. Your Company's products are customers. This would not only help in more
manufactured in state-of-art facilities at Wai and effective promotion of our products and services
Pune (both in Maharashtra, India), and are but also strengthen our business relationships
marketed in more than 75 countries worldwide. for mutual benefit.
Through its value-added propositions, your
Company has established a dominant presence Competition faced by your Company is here
in domestic ocean fisheries, the international to stay, but with our quality of products and
aquaculture business, and several other industry price points, we hope to excel in the market
segments. through a combination of application-oriented
differentiated products addressing the critical
needs of customers backed by a wide range of
Business Environment in FY 2022-23 products of global standards and our supply
capability.
The business environment was moderate to
upbeat in different application segments, Global oil prices may fluctuate periodically
geographies and markets across the globe. The considering peak demand and curtailing of
aquaculture industry was very receptive to new, production and supply.
innovative products which enabled savings in
operational costs and energy use, and facilitated
Company's Consolidated Financial
ease of use. The markets in this sector became
more receptive to differentiated, value-added
Performance in FY 2022-23
solutions.
Your Company registered total consolidated
The market for geosynthetic products and revenue of ` 1305.55 crores for the year ended
solutions gained traction with infrastructure 31st March 2023, an increase of 9.77% over
and environment protection projects gaining the previous year's consolidated revenue of
momentum both in the Indian and overseas ` 1189.40 crores. Consolidated Operating
markets. The market preferred topnotch EBITDA was ` 230 crores, increasing by 3%
suppliers of high-quality products with global compared to the previous financial year.
certifications and the ability to cater to their Consolidated profit before tax in the year under
specific requirements. review was ` 223.21 crores, an increase of
Logistical costs, which were a major factor in the 3.13% over the previous year despite strong
previous financial years, attained moderate inflationary winds
levels in the year under review, and the smooth Growth in value-added, differentiated products
transportation of goods picked up momentum. aided growth in margins.

processes have been ensured. The Company has
Key Consolidated Financial Indicators
also invested in an IT tool to track crucial
Earning
l Before Interest, Taxes, Depreciations compliances. Proactive steps are being taken to
and Amortization (EBITDA) – 19.7% ensure compliance with changing policy
regulations.
Net Profit
l Margin – 13.2%
Earnings
l per share – ` 83.54 Human Resources Management
Interest
l Coverage – 19.7
Your Company's people are its most valuable
Current
l ratio of the Company – 1.42
asset and the foundation for continued success.
*Debt-equity
l ratio – 0.13 (previous year 0.08) Your Company continues to ensure the health and
**Return on average net worth – 17.3% (previous
l well-being of employees and their families. With
year 18.5%) a strong belief that everyone has immense
***Return
l on Invested Capital – Pre-tax (RoIC) potential which can be unlocked through a
47.2% variety of ways, your Company invests heavily
on professional development programmes to
enhance employees' capabilities for current and
Risks and Concerns future roles, and to build a talent pipeline for the
future. Open communication channels across
The post-pandemic recovery in the global economy
all levels ensure that employees can share their
is expected to be slower due to the weight of
concerns in real time and contribute to solutions.
inflation and tightening of monetary policies by
All the HR practices are geared towards driving
central banks. Growth across sectors and regions
a performance-oriented culture that fosters
is expected to be divergent. The Indian economy
innovation.
is likely to grow steadily, but weaker global
demand, movements in oil prices and monetary Your Company's efforts to maintain an employee-
policies to address inflationary pressure pose centric and value-driven culture reflects in its high
downside risks. As nearly 70% of your Company's scores under the Great Place to Work Survey
business and products are ultimately related to (GPTW) of 2023. Your Company was recognized
food consumption, and are spread across sectors as one of India's 'Top 25 Best Workplaces in
and geographies, we are poised to handle the Manufacturing 2023' and one of India's 'Top 50
challenges and mitigate the negative impact. Workplaces Building a Culture of Innovation
for All 2023' by GPTW. These accolades are
the result of the collective efforts done by all
Internal Control Systems
employees. Your Company was also recognized
Your Company follows well-established policies as one of 'India's Top 100 India's Best Companies
and procedures to ensure attainment of to Work for' in 2022 and 2023.
operational, compliance, and reporting objectives.
The internal control system is designed to meet Cautionary Statement:
current as well as future needs according to the Statements in this Management Discussion and Analysis describing
Company's strategic growth plan. Policies and your Company's objectives, projections, estimates, and expectations
may constitute 'forward-looking statements' within the meaning of
procedures are regularly reviewed to ensure applicable laws and regulations. Actual results may differ materially
relevance and comprehensiveness. from those expressed or implied.
* Due to increase of borrowing, your Company's debt-equity ratio
The global-standard SAP enterprise resource has increased as compared to the previous year.
planning (ERP) system is used to manage day-to- ** Mainly due to reduction in current investment and short term
borrowing.
day transactions seamlessly with the underlying
*** RoIC = PBIT Less Other Income / (Average Capital Employed less
books of accounts. Through continual investment Average Treasury Surplus Investment)
in IT enablement, automated controls within

INDEPENDENT AUDITORS' REPORT

To,
The Members,
GARWARE TECHNICAL FIBRES LIMITED
1. Opinion
We have audited the accompanying Standalone Financial Statements of GARWARE TECHNICAL FIBRES LIMITED
(hereinafter referred to as “the Company”), which comprise the Standalone Balance Sheet as at 31st March, 2023, the
Standalone Statement of Profit and Loss (including Other Comprehensive Income), Standalone Statement of Changes in
Equity and Standalone Statement of Cash Flows for the year then ended, and notes to Standalone Financial Statements,
including a summary of the significant accounting policies and other explanatory information (hereinafter referred to
as “Standalone Financial Statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone
Financial Statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required
and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of
affairs of the Company as at 31st March 2023,and profit and other comprehensive income, its changes in equity and its
cash flows for the year ended on that date.
2. Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act.
Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the
Standalone Financial Statements section of our report. We are independent of the Company in accordance with
the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements
that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the
Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
3. Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
Standalone Financial Statements of the current period. These matters were addressed in the context of our audit of
the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. We have determined the matter described below to be the key audit matters to be
communicated in our report.
Key Audit Matter How our audit addressed the key audit matter
Inventory Existence: Our procedures included, but were not limited to the following:
The inventory's carrying value in the Balance We attended inventory counts at locations, selected based on
Sheet as at 31st March, 2023 is ` 18,814.49 lakhs. financial significance and risk. Where locations were not attended
The inventory of the Company is held across we tested certain controls over inventory existence across the
various locations including its Plants, Sales Company.
Depots, Warehouses and Contract Manufacturers' For locations attended we performed the following procedures at
locations. each site:
We focussed on this matter because of the l Selected a sample of inventory items and compared the
following: quantities we counted to the quantities recorded
l Significance of the inventory balance to the profit l Observed a sample of management's inventory count
and statement of financial position. procedures to assess compliance with the Company policy.
l Complexity involved in determining inventory l Made enquiries regarding obsolete inventory items and looked
quantities on hand due to the number and at the condition of items counted.
diversity of inventory storage locations. There were no significant exceptions noted from these
Property, Plant & Equipment and Intangible procedures. We tested a sample of inventory items to assess
Assets whether they were recorded at a value higher than that for which
There are areas where management judgement they could be sold. We did not identify any exceptions.
impacts the carrying value of property, plant and We assessed the controls in place over the PPE/ Intangible Assets
equipment (PPE), intangible assets and their cycle, evaluated the appropriateness of capitalisation process,
respective depreciation/amortisation rates. performed tests of details on costs capitalised, the point of
These include the decision to capitalise or expense capitalisation of the assets and the de-recognition criteria for
costs; the annual asset life review; the timeliness of assets retired from active use.
the capitalisation of assets and the use of In performing these procedures, we reviewed the judgements
management assumptions and estimates for the made by management including the nature of underlying costs
determination or the measurement and recognition capitalised; determination of realizable value of the assets retired
criteria for assets retired from active use. from active use.We also analysed the appropriateness of assets
Due to the materiality in the context of the Balance useful lives applied in the calculation of depreciation vis à visthe
Sheet of the Company and the level of judgement useful lives of assets prescribed in Schedule II to the Act. We
and estimates required, we consider this to be an observed that the management has regularly reviewed the
area of significance. aforesaid judgements and there are no material changes.

4. Information other than the Financial Statements and Auditor's Report thereon
The Company's management and Board of Directors are responsible for the other information. The other information
comprises the information included in the Company's annual report, but does not include the Financial Statements
and our auditors' report thereon.
Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial
Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
5. Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements
The Company's Management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with
respect to the preparation of these Standalone Financial Statements that give a true and fair view of the state of affairs,
profit/loss and other comprehensive income, changes in equity and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under
Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were
operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation
and presentation of the Standalone Financial Statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the Standalone Financial Statements, management and Board of Directors are responsible for assessing the
Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company's financial reporting process.
6. Auditor's Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these Standalone Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
l Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control
l Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether
the Company has adequate internal financial controls with reference to Standalone Financial Statements in place
and the operating effectiveness of such controls.
l Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures in the Standalone Financial Statements made by the Management and Board of Directors.
l Conclude on the appropriateness of the Management's and Board of Directors use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the
Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions
may cause the Company to cease to continue as a going concern.
l Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the
disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a
manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements

may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone
financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the Standalone Financial Statements of the current period and are therefore the key audit
matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
7. Report on Other Legal and Regulatory Requirements
I. As required by Section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit.
b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our
examination of those books;
c. The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including other comprehensive income),
the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows dealt with by this Report
are in agreement with the books of account.
d. In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards (Ind AS)
specified under Section 133 of the Act.
e. On the basis of the written representations received from the directors as on March 31, 2023 taken on record by the
Board of Directors, none of the directors is disqualified as on March 31, 2023 from being appointed as a director in
terms of Section 164(2) of the Act.
f. With respect to the adequacy of the internal financial controls with reference to Standalone Financial Statements of
the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”.
g. With respect to other matters to be included in the Auditors' Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations
given to us:
(i) The Companyhas disclosed the impact of pending litigations on its financial position- Refer Note No. 44to the
Standalone Financial Statement.
(ii) The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.
(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company during the year ended 31st March, 2023.
(iv) (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material
either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds
or share premium or any other sources or kind of funds) by the Company to or in any other person or entity,
including foreign entity (“Intermediaries”), with the understanding, whether recorded in writing or otherwise,
that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material
either individually or in the aggregate) have been received by the Company from any person or entity, including
foreign entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and
(ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.
(v) With respect to dividends
a. The final dividend proposed in the previous year, declared and paid by the Company during the year is in
accordance with Section 123 of the Act, as applicable.

b. There was no interim dividend declared by the Company.
c. The Board of Directors of the Company have proposed final dividend for the year which is subject to the approval
of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with
Section 123 of the Act, as applicable.
(vi) As proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of accounts using
accounting software which has a feature of recording audit trail (edit log) facility is applicable with effect from
April 1, 2023 to the Company , reporting under Rule 11(g) of the Companies (Audit and Auditors ) Rules, 2014 is
not applicable for the financial year ended March 31, 2023.
II. As required by the Companies (Auditor's Report) Order, 2020 (the “Order”) issued by the Central Government in terms
of Section 143(11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the
Order.
III. With respect to the other matters to be included in the Auditor's Report in accordance with the requirements of section
197(16) of the Act, as amended: In our opinion and to the best of our information and according to the explanations
given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions
of Section 197 of the Act.

(FRN: 106201W/W100598)
ABHAY R. MEHTA
Partner
Place: Mumbai M. No.: 046088
Date: 22nd May, 2023 UDIN: 23046088BGQDTE7177
ANNEXURE “A” TO THE INDEPENDENT AUDITORS' REPORT ON THE STANDALONE FINANCIAL STATEMENTS
OF GARWARE TECHNICAL FIBRES LIMITED FOR THE YEAR ENDED 31ST MARCH, 2023
Report on the internal financial controls with reference to the Aforesaid Standalone Financial Statements under
Clause (i) of Sub-Section 3 of Section 143 of the Companies Act, 2013.
Opinion
We have audited the internal financial controls with reference to Standalone Financial Statements of Garware Technical
Fibres Limited (hereinafter referred to as “the Company”) as of 31st March, 2023 in conjunction with our audit of the
Standalone Financial Statements of the Company for the year ended on that date.
In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to Standalone
Financial Statements and such internal financial controls were operating effectively as at 31st March, 2023, based on the
internal financial controls with reference to Standalone Financial Statements criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting issued by the Institute of Chartered Accountants of India (the “Guidance Note”).
Management's Responsibility for Internal Financial Controls
The Company's management and the Board of Directors are responsible for establishing and maintaining internal financial
controls based on the internal financial controls with reference to Standalone Financial Statements criteria established by
the Company considering the essential components of internal control stated in the Guidance Note. These responsibilities
include the design, implementation and maintenance of adequate internal financial controls that were operating effectively
for ensuring the orderly and efficient conduct of its business, including adherence to Company's policies, the safeguarding
of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records,
and the timely preparation of reliable financial information, as required under the Companies Act, 2013 (hereinafter
referred to as “the Act”).
Auditors' Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls with reference to Standalone Financial
Statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing,
prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to
Standalone Financial Statements. Those Standards and the Guidance Note require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with
reference to Standalone Financial Statements were established and maintained and whether such controls operated
effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with
reference to Standalone Financial Statements and their operating effectiveness. Our audit of internal financial controls
with reference to Standalone Financial Statements included obtaining an understanding of such internal financial controls,
assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness

of internal control based on the assessed risk. The procedures selected depend on the auditor's judgment, including
the assessment of the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on
the Company's internal financial controls with reference to Standalone Financial Statements.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial controls with reference to Standalone Financial Statements is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of Standalone Financial Statements
for external purposes in accordance with generally accepted accounting principles. A company's internal financial controls
with reference to Standalone Financial Statements include those policies and procedures that (1) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Standalone
Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of
the company are being made only in accordance with authorizations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of
the company's assets that could have a material effect on the Standalone Financial Statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting with Reference to Standalone Financial
Statements
Because of the inherent limitations of internal financial controls with reference to Standalone Financial Statements, including
the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may
occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to Standalone
Financial Statements to future periods are subject to the risk that the internal financial controls with reference to Standalone
Financial Statements may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

(FRN: 106201W/W100598)
ABHAY R. MEHTA
Partner
ANNEXURE “B” TO THE INDEPENDENT AUDITORS' REPORT ON THE STANDALONE FINANCIAL STATEMENTS
OF GARWARE TECHNICAL FIBRES LIMITED FOR THE YEAR ENDED 31ST MARCH , 2023
To the best of our information and according to the explanations provided to us by the Company and the books of account
and records examined by us in the normal course of audit, we state that:
(i) In respect of the Company's Property, Plant and Equipment and Intangible Assets:
(a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation
of property, plant and equipment.
(B) The Company has maintained proper records showing full particulars of intangible assets.
(b) The Company has a regular programme of physical verification of its property plant and equipment by which all
material items of property plant and equipment are periodically verified by the management according to phased
programme. In our opinion, the periodicity of physical verification is reasonable having regard to the size of the
Company and the nature of its assets. No material discrepancies were noticed on such verification.
(c) The title deeds of immovable properties are held in the name of the Company.
(d) During the year, the Company has not made any revaluation of its property plant and equipment or its intangible
assets. Accordingly, paragraph 3(i)(d) of the Order is not applicable.
(e) No proceedings have been initiated during the year or are pending against the Company as at 31st March, 2023
for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and
rules made thereunder.
(ii) (a) The management has conducted physical verification of inventory at reasonable intervals during the year. No material
discrepancies were noticed on the aforesaid verification.
(b) The Company has been sanctioned working capital limits in excess of ` 5 crore during the year, from banks on the
basis of security of current assets. The quarterly statements filed by the company with the banks do not have material
difference with the books of account of the Company.
(iii) During the year, the Company has not granted any loan/guarantee/securities to any companies, firms or LLPs. The

Company has granted loan only to its employees during the year and hence in our opinion reporting under paragraph
3 (iii) of the Order is not applicable.
(iv) During the year, the Company has not granted any loan/guarantee/securities to any companies, firms or LLPs. The
Company has granted loan only to its employees during the year and hence in our opinion reporting under paragraph 3 (iv)
of the Order regarding compliance with the provisions of Section 185 and Section 186 of the Act is not applicable.
(v) The Company has not accepted deposits as per the directives issued by the Reserve Bank of India and the provisions
of Sections 73 to 76 or any other relevant provisions of the Act and the rules framed thereunder. Accordingly, paragraph
3 (v) of the Order is not applicable to the Company.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules prescribed by the
Central Government for the maintenance of cost records under Section 148(1) of the Act with respect to the Company's
products, and are of the opinion that,prima facie, the prescribed accounts and records have been made and maintained.
However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate
or complete.
(vii)In respect of statutory dues:
(a) The Company has been regular in depositing undisputed statutory dues, including Provident Fund (except for some
employees' non submission of Aadhar Card on account of which UAN is not generated, due to which their contribution
cannot be deposited), Employees' State Insurance, Income Tax, Goods and Service Tax, Customs Duty, Cess and other
material statutory dues applicable to it with the appropriate authorities. Except for the dues stated in table below, there
were no undisputed amounts payable in respect of Provident Fund, Employees' State Insurance, Income Tax, Goods
and Service Tax, Customs Duty, Cess and other material statutory dues in arrears as at 31st March, 2023 for a period of
more than six months from the date they became payable.
Name of the Statute Nature of Dues Period to which the Amount relates Amount ( ` in lakhs)
The Provident Funds Act Provident Fund April 22 to Sept. 22 7.48
(b) Details of dues of Income Tax, Sales Tax, Service Tax, Value Added Tax and Goods and Service Tax which have not
been deposited as at 31st March, 2023 on account of dispute are given below:
Name of the Nature of Dues Forum where Dispute is Pending Period to which the Amount ( ` in lakhs)
Statute Amounts relates not deposited
Sales Tax State and Deputy Commissioner of 1999-2000 0.78
Laws Central Sales Tax (Appeals) - Delhi 2000-01 3.43
Sales Tax 2001-02 1.65
2002-03 1.29
Deputy Commissioner of
Commercial Tax (Appeals) - Chennai 2006-07 2.00
Income Tax Income Tax Income Tax Department 2013-14 541.51
Act 2014-15 401.97
2015-16 280.72
2016-17 126.17
2017-18 205.44
2018-19 884.40
2019-20 723.64
Total 3,173.00
(viii) There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as
income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).
(ix) (a) The Company has not defaulted in the repayment of dues to banks. The Company does not have any outstanding dues
to financial institutions, debenture holders and Government.
(b)The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.
(c) The Company has not taken any term loan during the year and there are no outstanding term loans at the beginning of
the year and hence, reporting under clause 3(ix)(c) of the Order is not applicable.
(d)On an overall examination of the financial statements of the Company, funds raised on short term basis have, prima
facie, not been used during the year for long-term purposes by the Company.
(e) On an overall examination of the financial statements of the Company, the Company has not taken any funds from
any entity or person on account of or to meet the obligations of its subsidiaries.
(f) The Company has not raised any loans on security of assets of its subsidiaries / associates / joint ventures.

(x) (a) The Company has not raised any moneys by way of initial public offer or further public offer (including debt
instruments) and has not obtained any term loans during the year. Accordingly, paragraph 3 (x) (a) of the Order is
not applicable.
(b)During the year, the Company has not made any preferential allotment or private placement of shares or
convertible debentures (fully or partly or optionally) and hence reporting under paragraph 3(x)(b) of the Order is
not applicable.
(xi) (a) No fraud by the Company and no material fraud on the Company has been noticed or reported during the year.
(b)No report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed
under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and
upto the date of this report.
(c) No whistle-blower complaints received during the year by the Company.
(xii) The Company is not a Nidhi Company and hence reporting under paragraph 3(xii) of the Order is not applicable.
(xiii) In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 with respect to
applicable transactions with the related parties and the details of related party transactions have been disclosed in
the standalone financial statements as required by the applicable accounting standards.
(xiv) (a) In our opinion the Company has an adequate internal audit system commensurate with the size and the nature of its
business.
(b)We have considered, the internal audit reports for the year under audit, issued to the Company during the year and
till date, in determining the nature, timing and extent of our audit procedures.
(xv) In our opinion, during the year the Company has not entered into non-cash transactions with Directors or persons
connected with the Directors. Accordingly, paragraph 3(xv) of the Order is not applicable.
(xvi) (a) In our opinion, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act,
1934. Accordingly, paragraph 3 (xvi) (a) and (b) of the Order are not applicable.
(b)In our opinion, the Company is not a Core Investment Company (CIC) (as defined in the Core Investment Companies
(Reserve Bank) Directions, 2016) and the group does not have any CIC as part of the Group.Accordingly, reporting
under paragraph 3(xvi)(c) and (d) of the Order are not applicable.
(xvii) The Company has not incurred cash losses during the financial year covered by our audit and the immediately
preceding financial year.
(xviii) There has been no resignation of the statutory auditors of the Company during the year.
(xix) On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial
liabilities, other information accompanying the financial statements and our knowledge of the Board of Directors
and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to
our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating
that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due
within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future
viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and
we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the
balance sheet date, will get discharged by the Company as and when they fall due.
(xx) (a) There are no unspent amounts towards Corporate Social Responsibility (CSR) on other than ongoing projects
requiring a transfer to a Fund specified in Schedule VII to the Companies Act in compliance with second proviso to
sub-section (5) of Section 135 of the said Act. Accordingly, reporting under paragraph 3(xx)(a) of the Order is not
applicable for the year.
(b)In respect of ongoing projects, the Company has transferred unspent Corporate Social Responsibility (CSR) amount
as at the end of the previous financial year, to a Special account within a period of 30 days from the end of the said
financial year in compliance with the provision of section 135(6) of the Act.

(FRN: 106201W/W100598)
ABHAY R. MEHTA
Partner

STANDALONE BALANCE SHEET AS AT 31st MARCH, 2023 (` in lakhs)
As at As at
A ASSETS Note No. 31st March, 2023 31st March, 2022
(1) Non-current assets
(a) Property, Plant and Equipment 3 24,067.83 23,567.24
(b) Right of Use of Assets 3 67.73 –
(c) Intangible Assets 4 384.12 414.75
(d) Financial Assets
(i) Investments in Subsidiary and Associate 5 4,830.61 4,830.61
(ii) Other Investments 6 60,737.62 34,100.24
(iii) Trade Receivables 7 453.02 163.09
(iv) Loans 8 390.05 331.66
(v) Other Financial Assets 9 661.09 631.40
(e) Other non-current Assets 10 1,542.19 739.62
Total Non-Current Assets 93,134.26 64,778.61
(2) Current Assets
(a) Inventories 11 18,814.49 19,324.86
(b) Financial Assets
(i) Investments 12 1,000.00 17,856.21
(ii) Trade Receivables 13 22,027.43 25,997.38
(iii) Cash and Cash Equivalents 14 3,495.10 3,730.69
(iv) Bank Balances other than (iii) above 14 381.001 141.56
(v) Loans 15 20.51 194.04
(vi) Other Financial Assets 16 690.59 408.27
(c) Current Tax Assets 17 319.83 10.76
(d) Other Current Assets 18 9,363.32 10558.49
Total Current Assets 56,112.27 78,222.26
TOTAL - ASSETS 149,246.53 143,000.87
B EQUITY AND LIABILITIES
(1) Equity
(a) Equity Share Capital 19 2,037.82 2,061.82
(b) Other Equity 20 100,583.48 97,562.31
Total Equity 102,621.30 99,624.13
(2) LIABILITIES
Non-Current Liabilities
(a) Financial Liabilities
(i) Trade Payables 21 271.13 333.31
(ii) Other Non-Current Financial Liabilities 22 406.83 301.26
(iii) Lease Liability 23 59.80 –
(b) Provisions 24 806.35 754.16
(c) Deferred Tax Liabilities (net) 25 3,046.66 3,349.71
Total Non-current liabilities 4,590.77 4,738.44
(3) Current Liabilities
(i) Borrowings 26 13,286.35 7,957.29
(ii) Lease Liabilities 27 9.18 –
(iii) Trade Payables 28
Dues to Micro Enterprises and Small Enterprises 124.18 140.49
Dues to Other than Micro Enterprises and Small Enterprises 18,574.07 20,543.49
(iv) Other Current Financial Liabilities 29 2,097.73 1,985.56
(b) Other Current Liabilities 30 7,514.27 7,546.45
(c) Provisions 31 428.68 465.02
Total Current Liabilities 42,034.46 38,638.30
TOTAL - EQUITY AND LIABILITIES 149,246.53 143,000.87
C NOTES FORMING PART OF THE STANDALONE FINANCIAL STATEMENTS 1-60
As per our Report of even date
For MEHTA CHOKSHI & SHAH LLP DHWANEE BUCH V. R. GARWARE M. V. GARWARE
Chartered Accountants, Chief Financial Officer Chairman & Managing Director Director
F.R.NO.: 106201W/W100598 DIN. 00092201 DIN. 06948274
(ABHAY MEHTA) SUNIL AGARWAL R. M. TELANG S. P. KULKARNI

Partner Company Secretary Director Director
M. No. 046088 M. No. FCS 6407 DIN. 00092103 DIN. 00006914
S. S. RAJPATHAK MALLIKA SAGAR
Mumbai, Pune, Director Director
22nd May, 2023 22nd May, 2023 DIN: 00040387 DIN: 02228386

STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31st MARCH, 2023
(` in lakhs)
For the year ended For the year ended
Note No. 31st March, 2023 31st March, 2022
1 INCOME
Revenue from Operations 32 125,361.68 117,605.46
Other Income 33 2785.22 2,547.03
Total Income 128,146.90 120,152.49
2 EXPENSES
Cost of Materials Consumed 34 35,044.42 33,755.23
Purchases of stock-in-trade 4,065.10 3,066.47
Changes in inventories of finished goods, stock-in-trade and
work-in-progress 35 994.39 (1,247.61)
Employee Benefits Expenses 36 16,460.49 14,765.15
Finance Cost 37 1,187.46 1,045.00
Depreciation and Amortisation Expenses 3,4 2,223.76 2,140.75
Other expenses 38
i) Processing and Testing Charges 10,727.95 10,963.95
ii) Others 36,771.71 34,662.81
Total Expenses 107,475.28 99,151.75
Profit Before Tax 20,671.62 21,000.74
Tax Expenses 39
1. Current Tax 5,062.80 5,156.41
2. Deferred Tax (298.19) (228.73)
TOTAL TAX EXPENSE 4,764.61 4,927.68
Profit for the year 15,907.01 16,073.06
Other Comprehensive Income
(i) Items that will not be reclassified to profit or loss
Remeasurement of Investment in Equity Instruments (246.77) 0.87
Remeasurement of Defined Benefit Obligation (26.43) (82.18)
(ii) Income tax related to items that will not be reclassified
to profit or loss 7.70 12.15
Total Other Comprehensive Income for the year (265.51) (69.16)
Total Comprehensive Income for the year 15,641.50 16,003.90
EARNINGS PER EQUITY SHARE (Nominal value per share
` 10 each)
Basic (`) and Diluted (`) 43 77.17 77.96
3 NOTES FORMING PART OF THE STANDALONE FINANCIAL STATEMENTS 1-60

F.R.NO.: 106201W/W100598 DIN. 00092201 DIN. 06948274



STANDALONE STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31st MARCH, 2023
Other Equity
For the year ended 31st March, 2023 (` in lakhs)
Particulars Equity Reserves and Surplus Other Comprehensive Income Other
Share Capital Capital Share General Retained Revaluation Net gain / Equity Equity
Capital Reserve Redemption Premium Reserve earnings Reserve (loss) on instruments
Reserve fair value through
of defined other
benefit comprehensive
plans income
Balance as at 1st April , 2021 2061.82 119.40 214.37 125.56 22,086.64 58,945.90 – (402.37) 984.47 82,073.97
Profit for the year – – – – – 16,073.06 – – – 16,073.06
Other comprehensive income – – – – – – – (82.18) 13.02 (69.16)
Total Comprehensive income for the year – – – – – 16,073.06 – (82.18) 13.02 16,003.89
Dividends paid – – – – – (515.55) – – – (515.55)
Balance as at 31st March, 2022 2,061.82 119.40 214.37 125.56 22,086.64 74,503.42 – (484.55) 997.49 97,562.32
Balance as at 1st April, 2022 2061.82 119.40 214.37 125.56 22,086.64 74503.42 – (484.55) 997.49 97,562.32
Profit for the year – – – – – 15,907.01 – – – 15,907.01
Transfer to Capital Redemption Reserve (24.00) – 24.00 – (24.00) – – – – –
Buyback of Shares (including Transaction
Charges) (Refer Note: 18) – – – (22.82) (11,154.14) – – – – (11,176.96)
Other comprehensive income – – – – – – – (26.43) (239.08) (265.51)
Total Comprehensive income for the year (24.00) – 24.00 (22.82) (11,178.14) 15,907.01 – (26.43) (239.08) 4,464.54
Dividends paid – – – – – (1,443.38) – – – (1,443.38)
Balance as at 31st March, 2023 2037.82 119.40 238.37 102.74 10,908.50 88,967.05 – (510.97) 758.42 100,583.48

F.R.NO.: 106201W/W100598 DIN. 00092201 DIN. 06948274



STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH, 2023 (` in lakhs)

I. CASH FLOW FROM OPERATING ACTIVITIES
31st March, 2023 31st March, 2022
Net Profit Before Tax 20,671.62 21,000.74
Adjustments for reconcile Profit Before Tax To Net Cash Flows:
Depreciation and Amortisation Expenses 2,223.76 2,140.75
Unrealised Exchange Difference 285.99 36.82
Finance Cost 1,187.46 1,045.00
Interest and Dividend Income Received (2,403.56) (403.63)
Fair Value Gain at Financial Instruments at FVTPL (184.12) (1,935.19)
Gain on sale/redemption of Investments (197.54) (208.21)
(Profit) / Loss on sale of Fixed Assets 28.16 21.10
Bad Debts 104.90 47.75
Provision for Doubtful Debts (21.49) 76.57
Operating Profit before Working Capital Changes 21,695.18 21,821.70
Working Capital Adjustments
(Increase) / Decrease in Trade & Other Receivable and Other Assets 3,506.33 (6,460.74)
(Increase) / Decrease in Inventories 510.38 (1,616.76)
Increase / (Decrease) in Trade and Other Payables (1,803.95) (2,889.20)
Cash generated from Operations 23,907.94 10,855.00
Direct Taxes paid (5,369.03) (4,868.87)
Net cash provided by Operating Activities 18,538.91 5,986.13
II. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property, Plant & Equipment and Intangible Assets (2,867.90) (1,472.35)
Sale of Property, Plan & Equipment 78.29 17.73
(Increase) / Decrease of Investments – (1.00)
(Increase) / Decrease of Other Investments (10,267.39) (344.18)
Interest and Dividend Income Received 2,785.22 2,547.03
Net cash provided by / (used in) Investing Activities (10,271.78) 747.23
III. CASH FLOW FROM FINANCING ACTIVITIES
Repayments of Borrowings – –
Proceeds from / (Repayment of) Short-term / Long-term Borrowings 5,329.06 (1,734.33)
Buyback of Shares (incl.Buyback Tax ) (11,063.06) –
Expenses for buyback of equity shares (137.87) –
Finance Cost (1,187.46) (1,045.00)
Dividend paid (1,443.39) (515.55)
Net cash from Financing Activities (8,502.72) (3,294.88)
Net Increase / (Decrease) in Cash & Cash Equivalents (I+II+III) (235.59) 3,438.48
Cash & Cash Equivalents at the beginning of the year 3,730.69 292.21
Cash & Cash Equivalents at year end 3,495.10 3,730.69
Reconciliation of cash flow in liabilities arising from financing activities ( ` in lakhs)
Particulars Amount
As at 1st April, 2021 9,691.62
Cash movements (1,734.33)
As at 31st March, 2022 7,957.29
Cash movements 5,329.06
As at 31st March, 2023 13,286.35
IV. NOTES FORMING PART OF THE STANDALONE FINANCIAL STATEMENTS 1-60
F.R.NO.: 106201W/W100598 DIN. 00092201 DIN. 06948274



DEBT RECONCILIATION STATEMENT IN ACCORDANCE WITH IND AS-7
(` in lakhs)
Particulars As at As at
Opening balances
Long-term borrowing (excluding Finance Lease obligation) – –
Short-term borrowing (excluding bank overdraft) 7957.29 9691.63
Lease liabilities – –
Cash flows
Long-term borrowing (excluding Finance Lease obligation). – –
Short-term borrowing 5329.06 (1734.33)
Lease Liabilities 68.98 –
Pursuant to acquisition- Long term borrowing – –
Non-cash changes
Foreign exchange movement – –
Net addition in lease liability – –
Reclassification in accordance with amendment to Schedule III
Current maturities of Long turn borrowings reclassed to Other financial liabilities – –
Current maturities of Long term borrowings reclassed to short term borrowings – –
Closing balances
Short-term borrowing (excluding bank overdraft) 13286.35 7957.29

NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH, 2023
1 COMPANY INFORMATION
Garware Technical Fibres Limited (the “Company”) is incorporated under the Provision of Companies Act, 1956 and
domiciled in India. The Company is listed with BSE & NSE. The Company has its the Registered Office and principal place of
business at Plot No.11, Block D-1, MIDC, Pune - 411019, Maharashtra. The Company is engaged in manufacturing and
selling various products such as Ropes, Twine, Yarn, Fishnet, Other Nets and Technical Textiles. The Company is
providing solution to the infrastructure industries which include coastal protection, land filling etc. The Company caters
to both domestic and international markets.
The Company's financial statements were authorised for issue in accordance with a resolution of the Board of Directors
on 22nd May, 2023 in accordance with the provisions of the Companies Act, 2013 and are subject to the approval of the
shareholders at the Annual General Meeting.
The Company's financial statements are reported in Indian Rupees, which is also the Company's functional currency.
2 Significant Accounting Policies Accounting Judgements, Estimates and Assumptions and Recent accounting
Pronouncements:
(A) Significant Accounting Policies:
2.1 Statement of compliance and basis of preparation of Financial Statements:
The Financial Statements of the company have been prepared in accordance with the relevant provisions of the
Companies Act, 2013, the Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting
Standards) Rules, 2015 read with the Companies (Indian Accounting Standards) Amendment Rules, 2017 and
the Guidance Notes and other authoritative pronouncements issued by the Institute of Chartered Accountants
of India (ICAI).
The Financial Statements have been prepared on a historical cost basis, except for certain financial assets and
financial liabilities and defined benefit plans measured at fair value (refer accounting policy no. 2.10 and 2.11
regarding financial instruments and employee benefits respectively). Historical cost is generally based on the fair
value of the consideration given in exchange for goods and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.
A fair value measurement of a non-financial asset takes into account a market participant's ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant that
would use the asset in its highest and best use.
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data
are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised
within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair
value measurement as a whole:
l Level 1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
l Level 2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is
directly or indirectly observable.
l Level 3 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable.
2.2 Current and Non-Current Classification of Assets and Liabilities and Operating Cycle:
An asset is considered as current when it is:
l Expected to be realised or intended to be sold or consumed in normal operating cycle,
l Held primarily for the purpose of trading,
l Expected to be realised within twelve months after the reporting period, or
l Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve
months after the reporting period
All other assets are classified as non-current.
A liability is considered as current when:
l It is expected to be settled in normal operating cycle,
l It is held primarily for the purpose of trading,
l It is due to be settled within twelve months after the reporting period, or
l There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting
period.

All other liabilities are classified as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The Operating Cycle is the time between the acquisition of assets for business purposes and their realisation into
cash and cash equivalents. The Company has considered an operating cycle of 12 months.
2.3 Property, Plant and Equipment:
Property, Plant and Equipment are recorded at their cost of acquisition, net of refundable taxes or levies, less
accumulated depreciation and impairment losses, if any. The cost thereof comprises of its purchase price, including
import duties and other non-refundable taxes or levies and any directly attributable cost for bringing the asset to its
working condition for its intended use.
Subsequent Expenditure
Subsequent costs are included in the asset's carrying amount, only when it is probable that future economic benefits
associated with the cost incurred will flow to the Company and the cost of the item can be measured reliably. The
carrying amount of any component accounted for as a separate asset is derecognised when replaced.
Major inspection/ repairs/ overhauling expenses are recognised in the carrying amount of the item of property, plant
and equipment as a replacement if the recognition criteria are satisfied.
An item of Property, Plant and Equipment and any significant part initially recognised is derecognised upon disposal
or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition
of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is
included in the Statement of Profit or Loss when the asset is derecognised.
For transition to Ind AS, the Company has elected to continue with the carrying value of all its property, plant and
equipment recognised as on 1st April, 2016 (date of transition) measured as per previous GAAP as its deemed cost on
the date of transition.
2.4 Depreciation:
Depreciation on property, plant and equipment is provided on different class of assets on the following basis:
Type of Asset Method Useful Life
Freehold Buildings Written down value 60 years
Factory Buildings Written down value 30 years
Plant and Machinery Straight-Line 25 years
Electrical Installations Straight-Line 10 years
Furniture & Fixtures Straight-Line 10 years
Office Equipments Straight-Line 3 / 5 years
Vehicles Straight-Line 8 years
Helicopter Straight-Line 20 years
Depreciation on additions to Property, Plant and Equipment is provided on pro-rata basis from the date of acquisition
or installation, and in case of new project from the date of commencement of commercial production.
Depreciation on Assets sold, discarded, demolished or scrapped, is provided upto the date on which the said Asset is
sold, discarded, demolished or scrapped.
Cost of Leasehold Land and Improvement is written off over the period of Lease.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each
financial year end and adjusted prospectively, if appropriate.
2.5 Capital Work in Progress and Capital Advances:
Expenses incurred for acquisition of capital assets outstanding at each balance sheet date are disclosed under
capital work-in-progress. Advances given towards the acquisition of fixed assets are shown separately as capital
advances under the head Other Non-Current Assets. Depreciation is not recorded on capital work-in-progress
until construction and installation are complete and the asset is ready for its intended use.
2.6 Intangible Assets and Amortisation thereof:
2.6.1 Internally generated Intangible Assets (Research and Development):
i) Research costs are expensed as incurred. Development expenditure incurred on an individual project is
recognised as an intangible asset when the Company can demonstrate all the following:
a) The technical feasibility of completing the intangible asset so that it will be available for use or sale.

b) Its intention to complete the asset.
c) Its ability to use or sell the asset.
d) How the asset will generate future economic benefits.
e) The availability of adequate resources to complete the development and to use or sell the asset.
f) The ability to measure reliably the expenditure attributable to the intangible asset during development.
2.6.2 Other Intangible Assets:
An intangible asset is recognised if:
a) it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity;
and
b) the cost of the asset can be measured reliably.
An item of Intangible Asset is derecognised upon disposal or when no future economic benefits are expected
from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference
between the net disposal proceeds and the carrying amount of the asset) is included in the Statement of Profit or
Loss when the asset is derecognised.
The residual values, useful lives and methods of amortisation of Intangible Assets are reviewed at each financial
year end and adjusted prospectively, if appropriate.
2.6.3 Amortisation of Intangible Assets:
Amortization of the asset begins on a straight line basis over the period of expected future benefit from the related
project, i.e., the estimated useful life of ten years. Amortization is recognised in the Statement of Profit and Loss.
During the period of development, the asset is tested for impairment annually.
For transition to Ind AS, the Company has elected to continue with the carrying value of all its Intangible Assets
recognised as on 1st April, 2016 (date of transition) measured as per previous GAAP as its deemed cost on the
date of transition.
Intangible Assets with finite useful lives are amortised on a straight line basis over the following period:
Type of asset Useful Life
Technical Know How 10 Years
Product Development 10 Years
Computer Software 10 Years
Patent 5 Years
2.7 Impairment of Property Plant & Equipment and Intangible Assets:
Carrying amount of tangible and intangible assets are reviewed at each Balance Sheet date. These are treated as
impaired when the carrying cost thereof exceeds its recoverable value. Recoverable value is higher of the
asset's net selling price or value in use. Value in use is the present value of estimated future cash flows expected
to arise from the continuing use of an asset and from its disposal at the end of its useful life. Net selling price
is the amount receivable from the sale of an asset in an arm's length transaction between knowledgeable,
willing parties, less the cost of disposal. An impairment loss is charged for when an asset is identified as impaired. The
impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of
recoverable amount.
2.8 Inventories:
Inventories are stated at lower of cost or net realisable value. The costs of various categories of inventories are
arrived at as follows :
a) Stores, spares, fuel & packing materials and raw materials - at costs determined on moving weighted average
method.
b) Cost of finished goods and work-in-progress includes the cost of raw materials, packing materials, an appropriate
share of fixed and variable production overheads, excise duty as applicable and other costs incurred in bringing the
inventories to their present location and condition. Fixed production overheads are allocated on the basis of normal
capacity of production facilities.
Net realisable value is the estimated selling price in the ordinary course of business.
2.9 Revenue Recognition:
The Company derives revenues primarily from sale of manufactured goods, traded goods and related services.
Revenue is recognised on satisfaction of performance obligation upon transfer of control of promised products or

services to customers in an amount that reflects the consideration the Company expect to receive in exchange for
those products or services.
The Company does not expect to have any contracts where the period between the transfer of the promised goods or
services to the customer and payment by the customer exceeds one year. As a consequence, it does not adjust any of
the transaction prices for the time value of money.
The Company satisfies a performance obligation and recognises revenue over time, if one of the following
criteria is met:
1. The customer simultaneously receives and consumes the benefits provided by the Company's performance as
the Company performs; or
2. The Company's performance creates or enhances an asset that the customer controls as the asset is created or
enhanced; or
3. The Company's performance does not create an asset with an alternative use to the Company and an entity
has an enforceable right to payment for performance completed to date.
For performance obligations where one of the above conditions are not met, revenue is recognised at the point in
time at which the performance obligation is satisfied.
Revenue from sale of products and services are recognised at a time on which the performance obligation is satisfied
except Revenue from Project Contracts where in revenue is recognised over the time from the financial year in which
the Contract is commenced for execution. The period over which revenue is recognised is based on Company's right
to payment for performance completed. In determining whether the Company has right to payment, the Company
considers whether it would have an enforceable right to demand or retain payment for performance completed to
date if the contract were to be terminated before completion for reasons other than Company's failure to perform as
per the terms of the contract.
Revenue in excess of invoicing are classified as contract asset while invoicing in excess of revenues are classified
as contract liabilities.
Interest Income:
For all financial instruments measured at amortised cost, interest income is measured using the Effective Interest
Rate (EIR), which is the rate that exactly discounts the estimated future cash flows through the contracted or
expected life of the financial instrument, as appropriate, to the net carrying amount of the financial asset.
Other Operating Revenue
Export incentives and subsidies are recognised when there is reasonable assurance that the Company will comply
with the conditions attached to them and the incentive will be received. Insurance claims are accounted to the extent
the Company is reasonably certain of their ultimate collection
Dividend Income:
Dividend income is recognised when the Company's right to receive the payment is established, which is generally
when shareholders approve the dividend.
2.10 Financial Instruments:
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.
(i) Financial Assets:
Initial Recognition and Measurement:
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value
through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.
Subsequent Measurement:
For purposes of subsequent measurement, financial assets are classified in three categories:
l Financial assets at Amortised Cost
l Equity instruments measured at fair value through other comprehensive income (FVTOCI)
l Investments measured at fair value through Profit & Loss (FVTPL)
Financial Assets at Amortised Cost:
A financial asset is measured at the Amortised Cost if both the following conditions are met:
a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows,
and
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and
interest (SPPI) on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the effective
interest rate (EIR) method. Amortised Cost is calculated by taking into account any discount or premium on
acquisition and any fees or costs that are an integral part of the EIR.
Equity Instruments at FVTOCI:
For equity instruments not held for trading, an irrevocable choice is made on initial recognition to measure it at
FVTOCI. All fair value changes on such investments, excluding dividends, are recognized in the OCI. There is no
recycling of the amounts from OCI to profit or loss, even on sale or disposal of the investment. However, on sale or
disposal the company may transfer the cumulative gain or loss within equity.
Financial Assets at FVTPL:
Even if an instrument meets the two requirements to be measured at amortised cost or fair value through other
comprehensive income, a financial asset is measured at fair value through profit or loss if doing so eliminates or
significantly reduces a measurement or recognition inconsistency (sometimes referred to as “accounting
mismatch”) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on
them on different bases. All other financial assets are measured at fair value through profit or loss.
Derecognition:
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognised (i.e. removed from the Company's statement of financial position) when:
i) The rights to receive cash flows from the asset have expired, or
ii) The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
received cash flows in full without material delay to a third party under a ''pass-through'' arrangement and either;
a. The Company has transferred substantially all the risks and rewards of the asset, or
b. The Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset.
Impairment of Financial Assets:
The Company applies the expected credit loss (ECL) model for measurement and recognition of impairment loss on
the following financial assets and credit risk exposures:
l Financial assets at amortised cost.
l Trade Receivables
The company follows 'simplified approach' for recognition of impairment loss allowance on trade receivables. Under
this approach the company does not track changes in credit risk but recognises impairment loss allowance based on
lifetime ECLs at each reporting date. For this purpose the Company uses a provision matrix to determine the
impairment loss allowance on the portfolio of trade receivables. The said matrix is based on historically observed
default rates over the expected life of the trade receivables duly adjusted for forward looking estimates.
For recognition of impairment loss on other financial assets and risk exposures, the Company determines whether
there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased
significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has increased
significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there
is no longer a significant increase in credit risk since initial recognition, then the company reverts to recognising
impairment loss allowance based on 12-month ECL.
For assessing increase in credit risk and impairment loss, the company combines financial instruments on the basis
of shared credit risk characteristics with the objective of facilitating an analysis that is designed to enable significant
increases in credit risk to be identified on a timely basis.
Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a
financial instrument. The 12-month ECL is a portion of the lifetime ECL which results from default events on a
financial instrument that are possible within 12 months after the reporting date.
ECL is the difference between all contractual cash flows that are due to the company in accordance with the contract
and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original EIR. The ECL
impairment loss allowance (or reversal) recognized during the period in the statement of profit and loss and the
cumulative loss is reduced from the carrying amount of the asset until it meets the write off criteria, which is
generally when no cash flows are expected to be realised from the asset.
ii) Financial Liabilities:
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net
of directly attributable transaction costs. The Company's financial liabilities include trade and other payables, loans
and borrowings including bank overdrafts, financial guarantee contracts.

This is dependent upon the classification thereof as under:
Loans and Borrowings:
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using
the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as
through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium
on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in
the statement of profit and loss.
Derecognition:
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When
an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms
of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of
the original liability and the recognition of a new liability. The difference in the respective carrying amounts is
recognised in the statement of profit or loss.
(iii) Offsetting of Financial Instruments:
Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a
currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to
realise an asset and settle the liabilities simultaneously.
(iv) Equity Instruments:
An equity instrument is any contract that evidences a residual interest in the assets of an entity in accordance with the
substance of the contractual arrangements. These are recognised at the amount of the proceeds received, net of
direct issue costs.
2.11 Employee Benefits:
i) Defined Contribution Plan:
The Company's contribution paid / payable during the year to Provident Fund , ESIC, Superannuation Fund etc., are
recognised as expenses in the Statement of Profit and Loss. These are approved / recognised schemes of the
Company.
ii) Defined Benefit Plan:
The Company's annual liability towards Gratuity is funded on the basis of actuarial valuation furnished by the Life
Insurance Corporation of India under Group Gratuity Scheme.
iii) The undiscounted amount of short-term employee benefit expected to be paid in exchange for the service
rendered by employees is recognised during the period when the employee renders the service. These benefits
include compensated absences such as paid annual leave and performance incentives and are determined
using the Projected Unit Credit Method. Compensated absences which are not expected to occur within twelve
months after the end of the period in which the employee renders the related services are recognised as an
actuarially determined liability at the present value of the defined benefit obligation at the Balance Sheet date.
Actuarial gains and losses are recognised immediately in the Balance Sheet with a corresponding effect in
the Statement of Other Comprehensive Income. Past service cost is recognised immediately in the Statement
of Profit or Loss.
2.12 Borrowing Costs:
Borrowing costs comprising of interest and other costs that are incurred in connection with the borrowing of funds,
that are attributable to the acquisition or construction of qualifying assets are considered as a part of cost of such
assets less interest earned on the temporary investment. A qualifying asset is one that necessarily takes substantial
period of time to get ready for the intended use. All other borrowing costs are charged to Statement of Profit & Loss in
the year in which they are incurred .
2.13 Leases:
The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease
if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys the right to control the use of an identified assets, the Company
assesses whether:
(i) the contact involves the use of an identified asset
(ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease
and
(iii) the Company has the right to direct the use of the asset.
As a lessee, The Company recognises a right of use asset and a lease liability at the lease commencement date.

The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted
for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an
estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on
which it is located, less any lease incentives received.
The right of use asset is subsequently depreciated using the straight-line method from the commencement
date to the earlier of the end of the useful life of the right of use asset or the end of the lease term. The estimated
useful lives of right of use assets are determined on the same basis as those of property and equipment. In addition,
the right of use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements
of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily
determined, the Company's incremental borrowing rate. For leases with reasonably similar characteristics, the
Company, on a lease by lease basis, may adopt either the incremental borrowing rate specific to the lease or the
incremental borrowing rate for the portfolio as a whole.
Lease payments included in the measurement of the lease liability comprise the fixed payments, including in-
substance fixed payments and lease payments in an optional renewal period if the Company is reasonably certain to
exercise an extension option;
The lease liability is measured at amortised cost using the effective interest method. The Company has elected
not to recognise right of use assets and lease liabilities for short-term leases that have a lease term of 12 months or
less and leases of low-value assets. The Company recognises the lease payments associated with these leases as an
expense on a straight-line basis over the lease term. The Company applied a single discount rate to a portfolio of
leases of similar assets in similar economic environment with a similar end date.
2.14 Foreign Currency Transactions:
Transactions in foreign currencies are initially recorded at their respective functional currency spot rates at the date
the transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates
of exchange at the reporting date.
Differences arising on settlement or translation of monetary items are recognised as income or expenses in the
period in which they arise.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the
exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign
currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss
arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain
or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is
recognised in OCI or profit or loss are also recognised in OCI or profit or loss, respectively).
2.15 Taxes on Income:
Current Income Taxes:
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted, at the reporting date.
Current income tax relating to items recognised directly in equity is recognised in other comprehensive income /
equity and not in the Statement of Profit and Loss. Management periodically evaluates positions taken in the tax
returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes
provisions where appropriate.
Deferred Taxes:
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences, when the deferred tax liability arises from
an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects
neither the accounting profit nor taxable profit or loss
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits
and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will
be available against which the deductible temporary differences, and the carry forward of unused tax credits and
unused tax losses can be utilised, except, when the deferred tax asset relating to the deductible temporary difference
arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the
time of the transaction, affects neither the accounting profit nor taxable profit or loss.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has
become probable that future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is
realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at
the reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items
are recognised in correlation to the underlying transaction either in OCI or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets
against current tax liabilities.
2.16 Provisions and Contingent Liabilities:
Provisions involving substantial degree of estimation in measurement are recognized when there is a present
obligation as a result of past events and it is probable that there will be an outflow of resources.
When the Company expects some or all of a provision to be reimbursed, the same is recognised as a separate asset,
but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the
statement of profit and loss net of any reimbursement. If the effect of the time value of money is material, provisions
are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When
discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
A Contingent Liability is a possible obligation that arises from past events and the existence of which will be
confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the
control of enterprise or a present obligation that arises from past events that may, but probably will not, require an
outflow of resources.
Both provisions and contingent liabilities are reviewed at each Balance Sheet date and adjusted to reflect the current
best estimates. Contingent Liabilities are not recognised but are disclosed in the notes.
2.17 Government Grants and Subsidy:
Grants and Subsidies from the government are recognised when there is a reasonable assurance that
(i) the Company will comply with the conditions attached to them, and
(ii) the grant / subsidy will be received.
Government grants of the nature of promoters' contribution are credited to capital reserve and treated as a part of the
shareholders' funds.
2.18 Earnings Per Share:
Basic earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders
by the weighted average number of equity shares outstanding during the year. The weighted average number of
equity shares outstanding during the year are adjusted for events including a bonus issue, bonus element in right
issue to existing shareholders, share split, and reverse share split (consolidation of shares).
For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity
shareholders and the weighted average number of equity shares outstanding during the year are adjusted for the
effects of all dilutive potential equity shares.
2.19 Cash and Cash Equivalent:
Cash and cash equivalent for the purpose of Cash Flow Statement comprise cash at bank and in hand and short term
highly liquid investments which are subject to insignificant risk of changes in value.
2.20 Cash Flow Statement:
The statement of cash flows have been prepared under indirect method, whereby profit or loss is adjusted for
the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts
or payments and items of income or expense associated with investing or financing cash flows. The cash flows
from operating, investing and financing activities of the Company are segregated. The Company considers all
highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant
risk of changes in value to be cash equivalents.
2.21 Commitments:
Commitments are future liabilities for contractual expenditure. The commitments are classified and disclosed
as follows:
(a) The estimated amount of contracts remaining to be executed on capital accounts and not provided for; and
(b)Other non-cancellable commitments, if any, to the extent they are considered material and relevant in the
opinion of the Management.

2.22 Segment Reporting:
(A) Operating Segments:
i) Synthetic Cordage
ii) Fibre and Industrial Products and Projects
Identification of Segments:
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating
decision maker.
The Management monitor the operating result of its business units separately for the purpose of making decision
about resource allocation and performance assessment. For management purposes, operating segments have been
identified on the basis of nature of products and other quantitative criteria specified in the Ind AS 108. The company's
financing and Income Taxes are not allocated to operating segments.
The accounting policies adopted for segment reporting are in conformity with the accounting policies adopted for the
company.
Segments Revenue and Results:
Revenue and expenses have been identified to segments on the basis of their relationship to the operating activities
of the segment. Income / costs which relate to the Company as a whole and are not allocable to segments on a
reasonable basis have been included under Unallocated income / costs. Interest income and expense are not
allocated to respective segments.
Segments Assets and Liabilities:
Segment Assets / Liabilities include all operating assets / liabilities used by the operating segments. Common assets
and liabilities which cannot be allocated to any of the business segment are shown as unallocable assets / liabilities.
Inter Segment Transfer:
Inter segment revenues are recognised at sale price. The same is based on market price and business risks. Profit or
loss on Inter Segment transfer are eliminated at the Company level.
(B) Significant Accounting Judgements, Estimates and Assumptions:
The preparation of Financial Statements is in conformity with the recognition and measurement principles of Ind AS
which requires the management to make judgements for estimates and assumptions that affect the amounts of
assets, liabilities and the disclosure of contingent liabilities on the reporting date and the amounts of revenues and
expenses during the reporting period and the disclosure of contingent liabilities. Differences between actual results
and estimates are recognised in the period in which the results are known / materialize.
2.23 Estimates Assumptions and Judgements:
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are described below. The Company based its assumptions and estimates on parameters
available when the financial statements were prepared. Existing circumstances and assumptions about future
developments, however, may change due to market changes or circumstances arising that are beyond the control of
the Company. Such changes are reflected in the assumptions when they occur.
In the process of applying the Company's accounting policies, management has made the following judgements,
which have the most significant effect on the amounts recognised in the financial statements:
a) Estimation of current tax expense and deferred tax:
The calculation of the Company's tax charge necessarily involves a degree of estimation and judgement in respect
of certain items whose tax treatment cannot be finally determined until resolution has been reached with the
relevant tax authority or, as appropriate, through a formal legal process. The final resolution of some of these
items may give rise to material profits/losses and/or cash flows. Significant judgments are involved in
determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax
positions.
b) Recognition of deferred tax assets / liabilities:
The recognition of deferred tax assets / liabilities is based upon whether it is more likely than not that sufficient
and suitable taxable profits will be available in the future against which the reversal of temporary differences
can be deducted. To determine the future taxable profits, reference is made to the latest available profit
forecasts.
c) Estimation of Provisions & Contingent Liabilities:
The Company exercises judgement in measuring and recognising provisions and the exposures to contingent
liabilities which is related to pending litigation or other outstanding claims. Judgement is necessary in assessing

the likelihood that a pending claim will succeed, or a liability will arise, and to quantify the possible range of the
financial settlement. Because of the inherent uncertainty in this evaluation process, actual liability may be
different from the originally estimated as provision.
d) Estimated useful life of Property, Plant and Equipment:
Property, Plant and Equipment represent a significant proportion of the asset base of the Company. The charge in
respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life, its
expected usage pattern and the expected residual value at the end of its life. The useful lives, usage pattern and
residual values of Company's assets are determined by management at the time the asset is acquired and
reviewed periodically, including at each financial year end. The lives are based on historical experience
with similar assets as well as anticipation of future events, which may impact their life, such as changes in
technology etc.
e) Estimation of Provision for Inventory:
The Company writes down inventories to net realisable value based on an estimate of the realisability of
inventories. Write downs on inventories are recorded where events or changes in circumstances indicate that
the balances may not be realised. The identification of write-downs requires the use of estimates of net selling
prices of the down-graded inventories. Where the expectation is different from the original estimate, such
difference will impact the carrying value of inventories and write-downs of inventories in the periods in which
such estimate has been changed.
f) Estimation of Defined Benefit Obligation:
The present value of the defined benefit obligations depends on a number of factors that are determined on an
actuarial basis using a number of assumptions. The assumptions used in determining the net cost (income) for
post employment plans include the discount rate. Any changes in these assumptions will impact the carrying
amount of such obligations.
g) The Company determines the appropriate discount rate at the end of each year. This is the interest rate that should
be used to determine the present value of estimated future cash outflows expected to be required to settle the
defined benefit obligations. In determining the appropriate discount rate, the Company considers the interest
rates of government bonds of maturity approximating the terms of the related plan liability.
h) Estimated fair value of Financial Instruments:
The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques. The Management uses its judgement to select a variety of methods and make assumptions that are
mainly based on market conditions existing at the end of each reporting period.
(C) Recent accounting pronouncements
2.24 Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. On March 31, 2023, MCA amended the
Companies (Indian Accounting Standards) Rules, 2015 by issuing the Companies (Indian Accounting Standards)
Amendment Rules, 2023, applicable from April 1, 2023, as below:
Ind AS 1 - Presentation of Financial Statements The amendments require companies to disclose their material
accounting policies rather than their significant accounting policies. Accounting policy information, together with
other information, is material when it can reasonably be expected to influence decisions of primary users of general
purpose financial statements. The Company does not expect this amendment to have any significant impact in its
Ind AS 12 - Income Taxes The amendments clarify how companies account for deferred tax on transactions such as
leases and decommissioning obligations. The amendments narrowed the scope of the recognition exemption in
paragraphs 15 and 24 of Ind AS 12 (recognition exemption) so that it no longer applies to transactions that, on initial
recognition, give rise to equal taxable and deductible temporary differences. The Company is evaluating the impact, if
any, in its financial statements.
Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors The amendments will help entities to
distinguish between accounting policies and accounting estimates. The definition of a change in accounting
estimates has been replaced with a definition of accounting estimates. Under the new definition, accounting
estimates are “monetary amounts in financial statements that are subject to measurement uncertainty''. Entities
develop accounting estimates if accounting policies require items in financial statements to be measured in a way
that involves measurement uncertainty. The Company does not expect this amendment to have any significant
impact in its financial statements.

3 PROPERTY, PLANT & EQUIPMENT (` in lakhs)
Particulars Leasehold Buildings Plant and R&D Electrical Furniture Office Vehicles Helicopter Total
Land Machinery Equipments Installations and Equipments
Fixtures
Gross Carrying Value

(at cost or deemed cost)
As at 1st April 2021 512.01 4,421.92 19,563.35 3,567.22 799.28 388.20 633.07 907.24 112.78 30,905.07
Additions – 96.96 569.16 43.53 25.42 24.60 187.90 417.54 – 1,365.11
Disposals – (1.09) (102.42) – – (0.21) (37.81) (61.28) – (202.82)
As at 31st March 2022 512.01 4,517.79 20,030.10 3,610.74 824.70 412.59 783.15 1,263.50 112.78 32,067.36
Additions – 157.98 1,841.57 72.36 78.94 95.44 118.89 394.97 – 2,760.15

Disposals – – (164.13) (16.18) (5.90) – (4.22) (187.06) – (377.49)
As at 31st March 2023 512.01 4,675.77 21,707.54 3,666.92 897.75 508.04 897.82 1,471.41 112.78 34,450.02
Accumulated Depreciation
and Impairment
At at 1st April 2021 25.86 1,287.36 3,359.97 748.78 278.27 167.01 353.57 450.95 13.82 6,685.59
Charge for the year 5.68 225.30 1,169.85 226.82 64.69 38.52 100.63 140.13 6.91 1,978.40
Disposals – (0.75) (94.14) – – (0.20) (36.00) (32.90) – (164.00)
As at 31st March 2022 31.54 1,511.90 4,435.69 975.60 342.97 205.33 418.19 558.17 20.74 8,500.12
Disposals – – (36.80) (1.93) (3.80) (13.16) (0.48) (133.93) – (190.10)
As at 31st March 2023 37.22 1,721.91 5,652.99 1,199.26 405.74 232.04 545.30 560.09 27.65 10,382.19
Net Carrying Value
As at 31st March 2023 474.80 2,953.86 16,054.55 2,467.67 492.00 276.00 352.52 911.32 85.14 24,067.83
As at 31st March 2022 480.47 3,005.89 15,594.41 2,635.15 481.74 207.27 364.96 705.33 92.05 23,567.24
Notes:
3.1 There were no immovable properties whose title deeds were not held in the name of the Company.
(` in lakhs)
As at As at
Right Of Use Asset 31st March, 2023 31st March, 2022
Lease Right of use of Assets 71.53 –
Annual Report 2022-2023

Less Accumulated Depreciation ROU Assets (3.8) –
Right of use of Assets Net 67.73 –
95
4 INTANGIBLE ASSETS (` in lakhs)
Particulars Technical Product Computer Patent Trade Total

Knowhow Development Software Mark

As at 1st April 2021 15.93 445.28 818.11 82.18 – 1,361.50
Additions 12.67 – 75.75 10.17 8.66 107.25
As at 31st March 2022 28.60 445.28 893.86 92.35 8.66 1,468.75
Additions 10.88 – 30.10 62.50 4.28 107.75
As at 31st March 2023 39.47 445.28 923.96 154.84 12.94 1,576.50
Accumulated Amortisation
and Impairment
At at 1st April 2021 2.07 361.26 506.12 22.31 – 891.76
Charge for the year 5.51 14.05 119.46 23.20 0.13 162.35
As at 31st March 2022 7.57 375.31 625.58 45.52 0.13 1,054.11
As at 31st March 2023 13.73 375.95 717.09 83.33 2.27 1,192.38

Net Carrying Value
As at 31st March 2023 25.74 69.34 206.87 71.51 10.66 384.12
As at 31st March 2022 21.03 69.97 268.28 46.83 8.53 414.75
(` in lakhs)
5 INVESTMENTS IN SUBSIDIARY AND ASSOCIATE
As at 31st March, 2023 As at 31st March, 2022
No. of No. of
a) In Subsidiary Company carried at cost: Shares/units Amount Shares/units Amount
Shares in Garware Environmental Services
Pvt. Limited of ` 10/- each 1,000,000 55.00 1,000,000 55.00
Shares in Garware Technical Fibres USA Inc 100 4,699.54 100 4,699.54
Shares in Garware Technical Fibres Chile SPA 5,000 73.57 5,000 73.57
Shares in Garware Technical Textile
Pvt. Limited of ` 10/- each 10,000 1.00 10,000 1.00
Shares in Garware Technical Fibres Foundation
of ` 10/- each 10,000 1.00 10,000 1.00
b) In Associate Company carried at cost :

Shares in Garware Meditech Pvt. Limited
of ` 10/- each 5,000 0.50 5,000 0.50
Total investment in Subsidiary & Associate 4,830.61 4,830.61

(` in lakhs)
6 OTHER INVESTMENTS
A. INVESTMENTS at FVTOCI
In Equity instruments: No. of No. of
Shares/units Amount Shares/units Amount
Quoted
Shares in Garware Marine Industries Limited
of ` 10/- each 50,000 3.00 50,000 5.83
Shares in Garware Hi-Tech Films Limited
of ` 10/- each 146,350 765.63 146,350 1,020.35
Sub-total 768.63 1,026.18
Unquoted
Shares in Intermedia Interactive Solutions
Pvt. Limited of ` 10/- each 890,680 86.75 890,680 73.13
Shares of Gujarat Filament Corporation
Limited of ` 10/- each 50 – 50 0.01
Sub-total 86.75 73.14
Sub Total - (A) 855.38 1,099.32
B. INVESTMENTS at FVTPL
(i) Banking & PSU
Invesco India Banking & PSU Debt Fund - Direct Growth 51,511 1,046.92 51,511 1,021.58
Invesco India Banking & PSU Debt Fund - Regular Growth 54,325 1,039.04 54,325 1,018.17
(ii) Corporate bond
HSBC Corporate Bond Fund - L&T Triple Ace Bond Fund -
Regular Growth 3,474,626 2138.39 3,474,626 2,073.18
Direct Growth 3,306,946 2151.43 3,306,946 2,078.73
(iii) Other Debt Instruments
7 Year National Savings Certificates 0.16 0.16
(Deposited with Sales Tax Authorities)
Sardar Sarovar Narmada Nigam Limited FDR – 17.50
Sub Total - (B) 6,375.94 6,209.31
C. INVESTMENTS AT AMORTISED COST

(i) INDEX FUND
Edelweiss NIFTY PSU Bond Plus SDL Index Fund - 2026
Direct 14,505,721 1,648.56 14,505,721 1,557.99
Regular 14,522,111 1,645.27 14,522,111 1557.28
Edelweiss Nifty PSU Bond Plus SDL Index Fund 2027
Direct 3,484,910 371.10 – –
Regular 3,484,910 370.62 – –
Aditya Birla SL Nifty 100% SDL April 2027 Direct 2,509,537 265.60 – –
Aditya Birla SL Nifty 100% SDL April 2027 Regular 2,509,537 265.32 – –
SBI CPSE Bond Plus SDL September 2026 Direct 5,008,089 530.15 – –
SBI CPSE Bond Plus SDL September 2026 Regular 5,008,089 529.18 – –
Axis CRISIL SDL 2027 Debt Index Fund Direct 5,074,600 530.76 – –
Axis CRISIL SDL 2027 Debt Index Fund Regular 5,075,888 530.08 – –
DSP Nifty SDL Plus G-Sec Jun 2028 30:70 Index Fund
Direct 7,334,850 765.19 – –
Regular 7,334,850 764.69 – –
ABSL NIFTY SDL PLUS PSU BOND SEP 2026 60:40 INDEX
FUND Direct 2,430,085 254.98 – –

(` in lakhs)
No. of No. of
FUND Regular 2,430,085 254.94 – –
Mirae Asset Nifty SDL June 2027 Maturity Index Fund
Direct 7,393,968 764.98 – –
Regular 7,393,968 764.95 – –
ICICI Prudential Nifty SDL Sep 2027 Index Fund
Direct 7,282,852 755.06 – –
ICICI Prudential Nifty SDL Sep 2027 Index Fund
Regular 7,292,997 755.04 – –
(ii) Fixed Maturity Plan (FMP)
SBI Fixed Maturity Plan FMP - Series 41 1498 days
Regular Growth 9,999,500 1,110.63 9,999,500 1,057.08
Direct Growth 9,999,500 1,114.87 9,999,500 1,059.24
SBI Fixed Maturity Plan FMP - Series 43 1616 Days
Regular Growth 4,999,750 555.37 4,999,750 527.23
Direct Growth 4,999,750 556.98 4,999,750 528.01
Regular Growth 7,499,625 825.74 7,499,625 783.52
Direct Growth 7,499,625 828.02 7,499,625 784.56
Regular Growth 12,499,375 1,374.28 12,499,375 1,303.20
Direct Growth 12,499,375 1,377.98 12,499,375 1,304.85
Aditya Birla Sun Life Fixed Term Plan - Series TI 1837
days Direct Growth 9,999,500 1,103.78 9,999,500 1,042.26
days Regular Growth 9,999,500 1,101.97 9,999,500 1,041.48
SBI Fixed Maturity Plan FMP - Series 46 1850
Days Regular Growth 4,999,750 550.34 4,999,750 521.86
SBI Fixed Maturity Plan FMP - Series 46 1850
Days Direct Growth 4,999,750 551.86 4,999,750 522.51
Kotak FMP Series 292 1735 days Regular Growth 9,999,500 1,087.03 9,999,500 1,030.27
Kotak FMP Series 292 1735 days Direct Growth 9,999,500 1,092.03 9,999,500 1,032.23
Nippon India Fixed Horizon Fund - XLIII - Series 1 - 1775
SBI FMP Series 78 - 1170 Days Direct Growth 7,499,625 755.74 – –
SBI FMP Series 78 - 1170 Days Regular Growth 7,499,625 752.83 – –
DSP FMP Series 270 - 1144 Days Direct Growth 7,499,625 755.26 – –
DSP FMP Series 270 - 1144 Days Regular Growth 7,499,625 753.10 – –
HDFC FMP 1269 Days March 2023 Direct Growth 4,999,750 501.06 – –
HDFC FMP 1269 Days March 2023 Regular Growth 4,999,750 500.57 – –
KOTAK FMP Series 310 - 1131 Days Direct Growth 7,499,625 751.23 – –
KOTAK FMP Series 310 - 1131 Days Regular Growth 7,499,625 750.73 – –
ABSL Fixed Term Plan - Series - UJ 1110 Days
Direct Growth 7,499,625 750.72 – –

(` in lakhs)
No. of No. of
ABSL Fixed Term Plan - Series - UJ 1110 Days
Regular Growth 7,499,625 750.38 – –
Nippon India Fixed Horizon Fund XLV - Series 4
Direct Growth 7,499,625 750.50 – –
Nippon India Fixed Horizon Fund XLV - Series 4
Regular Growth 7,499,625 750.14 – –
(iii) EXCHANGE TRADED FUND (ETF)
Edelweiss Mutual Find - Bharat Bond ETF - April 2025 246,508 2,815.41 246,508 2,672.54
Nippon India ETF Nifty SDL - 2026 Maturity 3,500,000 4,002.68 3,500,000 3,782.45
Axis AAA Bond PLUS SDL ETF - 2026 15,000,000 1,673.94 15,000,000 1,582.50
(iv) GILT FUND
Bandhan CRISILIBX Gilt 2027 Index Fund Direct Growth 9,817,484 1,098.07 9,817,484 1,037.12
Bandhan CRISILIBX Gilt 2027 Index Fund Regular Growth 9,822,016 1,093.37 9,822,016 1,034.99
(v) MARKET LINK DEBENTURES
Aditya Birla Finance Limited MLD 200 2,098.24 – –
L&T FINANCE LIMITED MLD SR C FY 22 23 BR NCD
24AG24 200 2,097.84 – –
L&T FINANCE LIMITED MLD SR M BR NCD 20JU25 95 971.51 – –
MAHINDRA AND MAHINDRA FINANCIA 1500 1,523.26 – –
KOTAK MAHINDRA INVESTMENTS LTD 1500 1,523.10 – –
Sub Total - (C) 53,506.30 26,791.61
Total Investments measured at FVTPL (A+B+C) 3,484,910 60,737.62 – 34,100.24
Aggregate amount of quoted investments 768.63 1,026.18
Aggregate amount of unquoted investments 59,968.99 33,074.06
Total other Investments 60,737.62 34,100.24
(` in lakhs)
7 TRADE RECEIVABLE
Non-Current As at 31st March, 2023 As at 31st March, 2022
(Unsecured, considered good measured at amortised cost)
Trade Receivable (Includes retention money) 453.02 163.09
Total 453.02 163.09
Trade Receivable ageing Schedule for the year ended as at 31st March, 2023 and 31st March, 2022 :
Particulars Outstanding for the following periods from due date of payment
Not Due Less Than 6 6 months - 1-2 years 2-3 years More than Total
months 1 year 3 years
(I) Undisputed Trade receivables -
considered good 191.13 – 0.17 0.30 152.17 – 343.77
7.78 75.61 48.48 31.23 – – 163.09
(ii) Disputed Trade receivables -
Credit impaired – – – – – 109.25 109.25
– – – – – – –
Total 191.13 – 0.17 0.30 152.17 109.25 453.02
7.78 75.61 48.48 31.23 – – 163.09
(Amounts in Italics font pertains to previous year)
8 LOANS - NON CURRENT
(Unsecured, considered good, measured at amortised cost)
(i) Staff loans 368.53 229.55
(ii) Other Loans 21.52 102.11
Total 390.05 331.66

(` in lakhs)
9 OTHER NON-CURRENT FINANCIAL ASSETS
Security Deposits 497.52 419.73
Other Deposit 163.57 211.67
661.09 631.40
10 OTHER NON-CURRENT ASSETS

Taxes Receivable (other than Income Tax) 619.74 619.74
Capital Advances 97.52 46.36
Other Non-Current Assets* 824.93 73.52
Total 1,542.19 739.62
Other Non-Current Assets includes;
*Advance to a Partnership Firm i.e. Sopan D. Patil & GWRL 21.20 21.20
11 INVENTORIES - CURRENT ASSET

Raw Materials 6,459.76 5,862.23
Work-in-Progress 3,610.43 3,833.53
Finished Goods (Including Goods-in-Transit) 5,189.30 5,941.64
Traded Goods 651.16 670.11
Stores, Spares, Fuel and Packing Materials 2,903.84 3,017.35
Total 18,814.49 19,324.86
Note:
11.1 For details of inventories pledged refer Note 26 and refer Note 2.8 for basis of valuation.
11.2 There was no material difference between books of accounts and the monthly returns or statements
of current assets filed by the Company with banks.
(` in lakhs)
12 INVESTMENTS - CURRENT No. of No. of
(a) INVESTMENTS IN MUTUAL FUNDS Shares/units Amount Shares/units Amount
(i) DEBT MUTUAL FUND
ICICI Prudential Saving Fund Growth – – 153,450 665.00
Sundaram Corporate Bond Fund CBDG Direct Growth – – 3,705,900 1240.36
IDFC Banking & PSU Debt Fund -Regular Plan Growth – – 3,051,236 610.75
IDFC Banking & PSU Debt Fund - Direct Plan Growth – – 3,021,641 616.39
(ii) DEBT MUTUAL FUND (FMP)
HDFC Bank FMP 1100D – – 5,000,000 617.51
Aditya Birla Sun Life Fixed Term Plan Series RC (1295 days) – – 20,000,000 2589.48
L&T FMP Series XVIII - Direct plan 1155D Growth – – 5,000,000 633.68
L&T FMP Series XVIII - Regular plan Growth – – 5,000,000 630.70
SBI FMP Ser 9 R Plan 1178 DAYS Regular Growth – – 5,000,000 608.29
SBI FMP Ser 9 R Plan 1178 DAYS Direct Growth – – 5,000,000 612.54
SBI FMP Ser 11 Plan 1178 DAYS Regular Growth – – 5,000,000 607.00
SBI FMP Ser 11 Plan 1178 DAYS Direct Growth – – 5,000,000 611.15
ICICI FMP - Plan Series 85 - 1127 Days Q – – 15,000,000 1860.59
HDFC FMP 1381D Direct Plan Growth – – 20,000,000 2,681.06
Kotak FMP Series 261 Growth – – 10,000,000 1270.71
Sub-total (a) – – 15,855.21
(b) FIXED DEPOSITS WITH NBFCs
Shriram Transport Finance Company Limited 1,000.00 2,001.00
Sub-total (b) 1,000.00 2,001.00
Total Current Investments (a+b) 1,000.00 17,856.21

(` in lakhs)
13 TRADE RECEIVABLES
(a) Receivable from parties other than related parties
Unsecured, Considered Good 18,185.41 18,905.79
Less: Provision for expected credit loss – (25.27)
18,185.41 18,880.52
Unsecured, Credit impaired 232.84 229.06

Less: Provision for credit impairment (232.84) (229.06)
– –
(b) Receivable from related parties
Garware Technical Fibres US INC 431.92 3,594.65
Garware Technical Fibres Chile SPA 3,410.11 3,522.21
3,842.02 7,116.86
Total 22,027.43 25,997.38
Before accepting any new customer, the company has appropriate levels of control procedures which ensures the potential
customer's credit quality and the same are periodically reviewed by the management.
Movement in allowance for doubtful debts
Balance at the beginning of the year 254.33 177.76
Allowance for doubtful debts during the year – 76.57
Reversal of allowance for doubtful debts during the year (21.49) –
Balance at the end of the year 232.84 254.33
Ageing Schedule of Trade Receivables for the year ended as at 31st March, 2023 and 31st March, 2022 :
Not Due Less Than 6 months- 1-2 years 2-3 years More than Total
6 months 1 year 3 years
(i) Undisputed Trade receivables -
considered good 14722.65 5489.94 779.72 380.56 62.27 41.16 21476.30
19505.54 5230.53 408.73 288.08 229.84 234.66 25897.38
(ii) Undisputed Trade receivables-
considered Credit Impaired – – – – – 377.58 377.58
– – – – – 353.32 353.32
(iii) Disputed Trade receivables -
Credit impaired – – – – – 406.39 406.39
– – – – – 1.01 1.01
Total Trade Receivables (gross) 14722.65 5489.94 779.72 380.56 62.27 825.14 22260.27
19505.54 5230.53 408.73 288.08 229.84 588.99 26251.71
Less: Provision for expected
Credit Loss/Credit Impairment (232.84)
(254.33)
Total Trade Receivables (net) 22027.43
25997.38
14 CASH AND BANK BALANCES
(A) CASH AND CASH EQUIVALENTS
Cash on hand 15.11 20.58
Balances with banks in current accounts 1,414.99 3,710.11
In Deposit Accounts with maturity less than 3 months 2,065.00 –
Total Cash and Cash Equivalents (a) 3,495.10 3,730.69

(` in lakhs)
(B) BANK BALANCES OTHER THAN CASH AND CASH
EQUIVALENTS
Unpaid dividend accounts 71.71 73.94
Inaccessible balance in bank account 34.24 34.24
Pledged Term Deposits with maturity less than three months 275.05 33.38
Total Bank balances other than cash and cash equivalents (b) 381.00 141.56
Total Cash and bank balances (a)+(b) 3,876.10 3,872.25
15 LOANS
Staff Loan 20.51 194.04
Total 20.51 194.04
16 OTHER FINANCIAL ASSET

Security Deposit 314.91 259.63
Other Financial Assets 311.03 51.57
Interest Accrued on Other Deposits 64.65 97.07
Total 690.59 408.27
17 OTHER CURRENT TAX ASSET (NET)

Advance Tax and Tax Deducted at Source (net of provision) 319.83 10.76
Total 319.83 10.76
18 OTHER CURRENT ASSET

Balance with Government authorities 7,206.50 8,885.62
Trade Advances 1,123.69 956.42
Prepayments 200.47 183.16
Advance to Employees 126.17 72.39
Others 706.50 460.90
Total 9,363.32 10,558.49

19 EQUITY SHARE CAPITAL
No. of Shares Amount No. of Shares Amount
a) Authorised Share Capital
i) Equity Shares of ` 10/- each 50,000,000 5,000.00 50,000,000 5,000.00
ii) Unclassified Shares of ` 10/- each 10,000,000 1,000.00 10,000,000 1,000.00
60,000,000 6,000.00 60,000,000 6,000.00
b) Issued, Subscribed and Fully Paid up
Equity Shares of ` 10/- each 20,378,169 2,037.82 20,618,169 2,061.82
20,378,169 2,037.82 20,618,169 2,061.82
i) Reconciliation of Number of Shares
Opening Balance 20,618,169 2,061.82 20,618,169 2,061.82
Changes during the year* (240,000) (24.00) - -
Closing Balance 20,378,169 2,037.82 20,618,169 2061.82
* During the year 2022-23, the Company has bought back
2,40,000 equity shares of ` 10/- each under the buyback
offer (previous year Nil)
ii) Rights, Preferences and restrictions attached to Equity Shares:

The Company has only one class of equity shares having a par value of ` 10/- per Share. Each shareholder of equity
shares is entitled for one vote per share. The Dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the Annual General Meeting . In the event of liquidation of the Company, the Shareholders of equity
shares are eligible to receive remaining assets of the Company, in proportion of their shareholding, after distribution of
all preferential amounts, if any.

(` in lakhs)
iii) Details of Shareholders holding more than 5% Shares As at 31st March, 2023 As at 31st March, 2022
in the Company
Equity Shares
Mr. V. R. Garware* 1,317,347* 3,355,739**
6.46% 16.28%
Garware Capital Markets Limited 3,568,170 3,568,170
17.51% 17.31%
The above Shareholding represents the legal ownership of shares

* Out of 13,17,347 equity shares, 20 Equity Shares are held by Mr. V. R. Garware, on behalf of Trusts.
** Out of 33,55,739 equity shares, (1) 19,94,084 Equity Shares were registered in the name of Mr. V. R. Garware as
Partner of Partnership Firms. Beneficial interest in the said shares was held by the Partnership firms. (2) 20 Equity
Shares were held by Mr. V. R. Garware, on behalf of Trusts.
iv) In the period of five years immediately preceding 31st March, 2023:
During the year ended 31st March, 2023, the Company has bought back 2,40,000 equity shares of ` 10/- each under
the buyback offer.
During the year ended 31st March, 2021, the Company has bought back 3,17,391 equity shares of ` 10/- each under
the buyback offer.
During the year ended 31st March, 2021, the Company has made Reduction of capital of 9,46,500 equity shares of
` 10/- each, held by GWRL managerial staff welfare trust.
v) Share held by the promoters at end of the year
Sr. Name No. of Shares % of total Share % change
No during the year
31.03.2023 31.3.2022 31.03.2023 31.3.2022 31.03.2023
Promoter
1 Mr. V. R. Garware 1,317,327 1,361,635 6.46 6.60 (0.14)
Promoter group
2 Mrs. M. V. Garware 10 10 0.00 0.00 0.00
3 Garware Capital Markets Limited 3,568,170 3,568,170 17.51 17.31 0.20
4 VMIR Investment Limited 922,211 922,211 4.53 4.47 0.05
5 VRG Investments Limited 881,400 881,400 4.33 4.27 0.05
6 Vimlabai Garware Research Institute 554,339 554,339 2.72 2.69 0.03
Private Limited
7 Moonshine Investments and Trading 457,945 457,945 2.25 2.22 0.03
Company Private Limited
8 Manmit Investments and Trading 284,185 284,185 1.39 1.38 0.02
9 Sanand Investments and Trading 275,032 275,032 1.35 1.33 0.02
10 Sukukar Holdings and Trading Company 256,600 256,600 1.26 1.24 0.01
Private Limited
11 Starshine Comtrade Private Limited 201,720 201,720 0.99 0.98 0.01
12 Gurukrupa Comtrade Private Limited 89,079 89,079 0.44 0.43 0.01
13 Garware Research Institute 2,300 2,300 0.01 0.01 0.00
14 Ramesh Trading Co., through its Partner 1,072,326 1,108,393 5.26 5.38 (0.11)
15 Sunita Trading Co. , through its Partner 856,870 885,691 4.20 4.30 (0.09)
16 Vayu Ramesh Garware on behalf of VRG 10 10 0.00 0.00 0.00
Family Trust
17 Vayu Ramesh Garware on behalf of Vayu 10 10 0.00 0.00 0.00
Garware Family Trust

(` in lakhs)
20 OTHER EQUITY
RETAINED EARNINGS 89,214.47 75,016.34
OTHER RESERVES
a) Capital Reserve 119.40 119.40
b) Capital Redemption Reserve 238.37 214.37
c) Share Premium 102.74 125.56
d) General Reserve 10,908.50 22,086.64
Total 11,369.01 22,545.97
Grand Total 100,583.48 97,562.31
Capital Reserve : On Account of forfeiture Share ` 12.32 Lakhs in 2094-95, ` 12.43 Lakhs in 2004-05 and reduction
shares 9,46,500 shares of ` 10/- each of GWRL managerial staff welfare trust ` 94.65 Lakhs
Capital Redemption reserve : The Company has bought back 90,193 shares in 2014-15; 17,36,097 shares in 2013-14;
3,17,391 shares in 2020-21 and 2,40,000 shares in 2022-23 of ` 10/- each
Share Premium Account : Related to Forfeited shares
General Reserve : General reserve is created time to time by way of transfer of profit from Retained Earning for
appropriation purpose.
21 NON-CURRENT TRADE PAYABLE
(Measured at Amortised Cost)
Retention money payable 271.13 333.31
Total 271.13 333.31
Trade Payables ageing Schedule for the year ended as at 31st March, 2023 and 31st March, 2022 :
Not Due Less Than 1 year 1-2 years 2-3 years More than 3 years Total
(i) Undisputed dues - MSME – – – – – –
– 0.44 – – – 0.44
(ii) Undisputed dues - Others 271.13 – – – – 271.13
332.87 – – – – 332.87
–
Total 271.13 – – – – 271.13
332.87 0.44 – – – 333.31
22 NON-CURRENT FINANCIAL LIABILITY
Security Deposit from Contractor 406.83 301.26
Total 406.83 301.26

Lease Liabilities refer note 52 59.80 –
59.80 –
24 NON CURRENT PROVISIONS
Provision for Employee Benefits * 806.35 754.16
Total 806.35 754.16
* Provision for employee benefits includes provision for Leave
encashment, Super annuation and Gratuity (refer Note No. 40)
25 DEFERRED TAX (ASSET) / LIABILITIES

Deferred Tax relates to the following
Depreciation and Amortisation 2,906.51 2,984.20
Employee Benefit Obligation (233.60) (207.61)
Expenditure Disallowed (140.66) (29.61)
Financial Asset / Liabilities measured at FVTPL 551.92 545.82
Financial Asset / Liabilities measured at FVOCI 7.70 78.84
Others (45.20) (21.93)
Deferred Tax Liability (Net) 3,046.66 3,349.71

(` in lakhs)
26 BORROWING-CURRENTS
Secured
- From banks
Working Capital Facilities 13,286.35 7,957.29
Packing Credit in Rupee refer note 11.2
Total 13,286.35 7,957.29
Note :
Loans availed from Bank of India Consortium are secured by a first charge , pari passu, by way of hypothecation of
the Company's current assets, viz. raw materials, stock-in-process, semi-finished goods, finished goods, stores &
spares (not relating to Plant & Machinery), bills receivable, and book debts. Secured loan including post shipment
credit carries an interest rate ranging from 5.95% to 6.45% p.a. for repayments on various dates ranging up to 180 days.
27 CURRENT FINANCIAL LIABILITIES
Lease Liabilities Refer note 52 9.18 –
9.18 –
28 TRADE PAYABLE-CURRENT
Outstanding dues of Micro Enterprises & Small
Enterprises 124.18 140.49
Outstanding dues of creditors other than Micro
Enterprises & Small Enterprises 18,574.07 20,543.49
Total 18,698.25 20,683.98
Not Due Less Than 1-2 years 2-3 years More than Total
1 year 3 years
(i) Undisputed dues - MSME 122.34 1.84 – – – 124.18
135.52 4.91 0.06 – – 140.49
(ii) Undisputed dues - Others 12,010.80 6,183.76 142.38 42.26 124.51 18,503.71
16,288.00 3,798.03 119.92 60.69 119.99 20,386.62
(iii) Disputed dues - MSME – – – – – –
– – – – – –
(iv) Disputed dues - Others – – – – 70.35 70.35
– – – – 156.87 156.87
Total 12,133.14 6,185.60 142.38 42.26 194.86 18,698.25
16423.52 3,802.94 119.98 60.69 276.86 20,683.98
29 OTHER CURRENT FINANCIAL LIABILITIES

Payable to Employees 1,519.71 1,267.10
Unpaid Dividend (refer note below) 71.71 73.94
Security deposit from Customer 146.50 144.60
Other Payables 359.81 499.92
Total 2,097.73 1,985.56
Note: In respect of unclaimed dividend, the actual amount is transferred to investor protection fund on the
determined due date.

(` in lakhs)
30 OTHER CURRENT LIABILITY
Unearned revenue* 4,214.13 4,500.08
Advance received from Customers 3,090.60 2,874.31
Statutory dues and other liabilities 209.54 172.06
Total 7,514.27 7,546.45
* Includes Discount and Commission.
31 CURRENT PROVISIONS
Provision for Employee Benefits* 428.68 465.02
Total 428.68 465.02
* Provision for employee benefits includes provision for Leave Encashment, Super Annuation and Gratuity (refer Note No. 40)
(` in lakhs)
32 REVENUE For the year ended For the year ended

Sale of Products and Services
Manufactured Goods 113,210.92 109,105.86
Traded Goods 3,134.24 1,459.06
Contracts for Supply & Installation 7,052.35 5,259.63
Other operating Revenue
Sale of Scrap 1,090.86 1,000.76
Sale of Raw Material 757.53 527.01
Miscellaneous Receipts 115.77 253.14
1,964.16 1,780.91
Total 125,361.68 117,605.46
Disaggregation of revenue
Revenue based on Geography
Domestic 49,879.10 41,872.04
Export 75,482.58 75,733.42
Revenue from operations 125,361.68 117,605.46
Revenue based on Business Segment

Synthetic Cordage 104,658.62 101,257.39
Fibre and Industrial Products & Projects 20,703.06 16,348.07
Total Revenue from operation 125,361.68 117,605.46
Reconciliation of Revenue from operations

with contract price
Contract Price 126,213.19 118,559.77
Less:- Discounts and Incentives (851.51) (954.31)
33 OTHER INCOME
Interest income from financial asset carried at amortise cost
Bank deposits 327.74 364.30
From other financial assets 15.54 26.16
Dividend income from equity investments designated at
FVTOCI – 13.17
Fair Value Gain at financial instruments at FVTPL 184.12 1,935.19
Fair Value Gain at financial instruments at Amortised cost 2,060.28 –
Gain on sale/redemption of investments 197.54 208.21
Total 2,785.22 2,547.03

(` in lakhs)

34 COST OF MATERIAL CONSUMED
Opening Stock at the beginning of the year 5,862.23 6,232.60
Add : Purchases 35,641.95 33,384.86
Less : Closing Stock at the end of the year (6,459.76) (5,862.23)
Total 35,044.42 33,755.23
35 CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND TRADED GOODS
(a) Opening Stock at the beginning of the year

Finished Goods 5,941.64 5,040.86
10,445.28 9197.67
(b) Closing Stock at the end of the year
9,450.89 10,445.28
Net Total (Increase) / Decrease 994.39 (1,247.61)
36 EMPLOYEE BENEFIT EXPENSES

Salaries, Wages and Bonus 14,746.20 13,062.20
Contribution to Provident and other Funds (Note No. 38) 851.72 820.35
Staff Welfare 862.57 882.60
Total 16,460.49 14,765.15
37 FINANCE COST
Interest expenses on borrowings * 814.28 769.86
Interest expense on Lease Liability 1.89 -
Bank charges 371.29 275.14
Total 1,187.46 1,045.00
* Interest expenses includes ` 425.55 lakhs (previous year ` 433.93 lakhs) on account of interest on borrowings from
related parties.
38 OTHER EXPENSES
Stores and Spares consumed 5,795.67 6,936.28
Master Batch and Additive consumed 3,153.83 2,647.15
Packing materials consumed 1,526.36 1,567.52
Power, Fuel and Water Charges 4,386.10 4,091.15
Processing and Testing Charges 10,727.95 10,963.95
Installation Contract related expenses 2,813.02 1,954.70
Administrative, Selling and General Expenses
Advertisement & Sales Promotion expenses 840.92 624.20
Rent 491.55 455.54
Rates and Taxes 192.53 131.52
Insurance 272.82 252.23
Transport and Forwarding Charges -Export 7,460.97 8,650.70
Transport and Forwarding Charges - Domestic 2,350.51 2,433.54

(` in lakhs)

Repairs and Maintenance
Buildings 66.80 39.57
Plant and Machinery 1,461.19 1,814.12
Others 536.65 449.43
Travelling Expenses 1,519.46 702.35
Discount and Commission on sales 554.22 216.77
Bad Debts 104.90 47.75
Legal and Professional Charges 2,267.91 1,215.86
Auditors' Remuneration
Audit Fees 14.00 16.50
Fees for other Services 43.85 25.43
Out of pocket expenses 3.43 2.13
Establishment and other miscellaneous expenses 1,887.13 1,747.99
Exchange ( Gain ) / Loss (net) (1,325.00) (1,784.35)
Directors' Fees 6.40 7.00
Corporate Social Responsibility 339.84 320.04
(Profit) / Loss on Fixed Assets Discarded 28.16 21.10
Total 47,499.66 45,626.76
Research and development cost

The company has incurred expenses on research and development at research and development facilities (Chinchwad
and Wai Plant) approved and recognised by the Ministry of Science and Technology, Government of India (DSIR).
Revenue expenditure charged to Statement of Profit and Loss 1,040.93 924.67

Capital expenditure 72.36 43.53
39 Income taxes
The major components of income tax expenses for the year ended 31st March, 2023 & 31st March, 2022.
Statement of Profit and Loss:
Current income tax charges
Current income tax 5,062.80 5,156.41
Deferred tax
Relating to origination and reversal of temporary differences (298.19) (228.73)
Income tax expenses reported in the Statement of profit and loss 4,764.61 4,927.68
Other comprehensive income

Net gain or loss on remeasurements of defined benefit plans (26.43) (82.18)
Income tax related to items that will not be reclassified to profit or loss 7.70 12.15

Reconciliation of tax expenses and accounting profit multiplied by India's domestic tax rate for the year ended
31st March, 2022 & 31st March, 2023. (` in lakhs)
Particulars For the year ended For the year ended
Accounting profit before tax (before exceptional items) 20,671.62 21,000.74
At India's statutory income tax rate of 25.168% 5,202.63 5,285.46
Fair value gain of FVTOCI investment Dividend income (614.59) (539.45)
Difference in book and IT depreciation 47.36 53.01
Others (13.57) 3.37
Tax on Capital gain income 413.82 354.02
Income Tax expenses reported in the Statement of Profit and Loss (A) 5,062.80 5,156.41
Tax Expenses recognised in Statement of Profit and Loss
Incremental Deferred Tax Liability on account of Property, Plant and
Equipment and Intangible Assets 142.68 (16.41)
Incremental Deferred Tax Liability / (Asset) on account of Financial
Assets and Other items (440.87) (212.32)
Deferred Tax Provision (B) (298.19) (228.73)
Total Expenses recognised in Statement of Profit and Loss (A+B+C) 4764.61 4,927.68
Appeals filed against income tax assessment orders for AY 2013-14 to AY 2019-20 are pending before the first appellate
authority as on 31st March 2023.
40 Gratuity
The Company operates a defined benefit plan viz. gratuity for its employees. Under the gratuity plan, every employee
who has completed at least specified years of service gets a gratuity on departure @ 15 days (minimum) of the last drawn
salary for each completed year of service. The scheme is funded with an insurance Company in the form of qualifying
insurance policy. The fund has formed a trust and it is governed by the Board of Trustees.
The fund is subject to risks such as asset volatility, changes in bond yields and asset liability mismatch risk. In managing
the plan assets, Board of Trustees reviews and manages these risks associated with the funded plan. Each year, the Board
of Trustees reviews the level of funding in the gratuity plan. Such a review includes asset-liability matching strategy
and investment risk management policy (which includes contributing to plans that invest in risk-averse markets).
The Board of Trustees aim to keep annual contributions relatively stable at a level such that no plan deficit (based on
valuation performed) will arise.
I Changes in the net benefit obligation and fair value of plan assets are as follows : (` in lakhs)
Particulars Present value Fair value of Net amount
of obligation plan assets
1st April, 2021 2,834.99 (2,095.84) 739.15
Current Service Cost 158.89 – 158.89
Interest Cost / ( Income) 192.78 (142.52) 50.26
Total amount recognised in Profit or Loss 351.67 (142.52) 209.15
Actuarial (Gains)/Losses on Obligations - Due to Experience 210.26 – 210.26
Actuarial (Gains)/Losses on Obligations - Due to Change
in Financial Assumptions (109.45) – (109.45)
in Demographic Assumptions (3.03) – (3.03)
Return on Plan Assets, Excluding Interest Income (15.60) (15.60)
Total amount recognised in Other Comprehensive Income 97.78 (15.60) 82.18
Contributions by the Employer – (644.52) (644.52)
Benefit Paid From the Fund (197.65) 197.65 –
31st March, 2022 3,086.79 (2,700.82) 385.97

(` in lakhs)
Present value Fair value of Net amount
Particulars
Actuarial (Gains)/Losses on Obligations - Due to Experience (18.64) – (18.64)
in Demographic Assumptions – –
Return on Plan Assets, Excluding Interest Income 111.14 111.14
Total amount recognised in Other Comprehensive Income (84.71) 111.14 26.43
31st March, 2023 3,267.47 (2,960.54) 306.93
II The net liability disclosed above relates to funded plans are as follows : (` in lakhs)
Particulars 31st March, 2023 31st March, 2022 31st March, 2021
Present value of funded obligation (3,267.47) (3,086.79) (2,834.99)
Fair value of plan assets 2,960.54 2,700.82 2,095.84
Funded Status (Surplus/ (Deficit)) (306.93) (385.97) (739.15)
III Significant estimates

The principal actuarial assumptions were as follows :
Discount rate 7.50% 7.23% 6.80%
Salary growth rate 5.00% 6.00% p.a. for the next 2 years, 6.00% p.a. for the next 2 years,
5% p.a. thereafter, 5% p.a. thereafter,
starting from the 3rd year starting from the 3rd year
Normal retirement age 58/60 years 58/60 years 58/60 years
Indian Assured Indian Assured Indian Assured
Mortality table Lives Mortality Lives Mortality Lives Mortality
(2012-14) Urban (2012-14) Urban (2012-14) Urban
Employee turnover 2% 2% 2%
IV Sensitivity analysis
The sensitivity of defined obligation to changes in the weighted principal assumptions is:
Assumption Impact on defined benefit obligation
Discount rate
1.00% increase Decrease by 226.49 Decrease by 232.15
1.00% decrease Increase by 256.33 Increase by 264.46
Future salary increase
1.00% increase Increase by 260.20 Increase by 267.46
1.00% decrease Decrease by 233.64 Decrease by 238.66
Attrition Rate

The above sensitivity analysis is based on a change in assumption while holding all other assumptions constant. In
practice, this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the
sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of
defined benefit obligation calculated with the Projected Unit Credit Method at the end of the reporting period) has been
applied as when calculating the defined benefit liability recognised in the balance sheet.
The method and types of assumptions used in preparing the sensitivity analysis did not change compared to the
previous periods.
The following are the expected cash flows to the defined benefit plan in future years: (` in lakhs)
Particulars 31st March, 2023 31st March, 2022

Within next 12 months 298.76 240.72
Between 1-10 years 2680.03 2319.20
11 years & above 3423.39 3651.34
V The major categories of plan assets are as follows:

Investments with Insurer (LIC of India) 0.01% 0.01%
HDFC Standard Life Insurance 99.99% 99.99%
41 Segment Reporting
(a) The Company's operating businesses are organized and managed separately according to the nature of products and
services provided, with each segment representing a strategic business unit that offers different products and serves
different markets. These business segments are : 1. Synthetic Cordage 2. Fibre and Industrial Products & Projects.
Segments based on the location of the customers are identified as secondary segments.
(b) Segment Accounting Policies are the same as those used in the preparation of the Financial Statements. The company
generally accounts for intersegment sales and transfers at cost plus appropriate margins.
(c) The segment revenues and segment expenses are directly attributable to the segments, except certain expenses which
are not allocated to any segments by using appropriate basis. All other expenses which are not attributable or allocable
to the segments have been disclosed as unallocable expenses.
(d) The segment assets and liabilities are directly attributable to the segments, except certain assets and liabilities which
are allocated to the segments using appropriate basis. All other assets and liabilities are disclosed as unallocable.
(` in lakhs)
i) Primary Segment Report Year 2022-2023 Year 2021-2022
Particulars Synthetic Fibre and Unallocated Total Synthetic Fibre and Unallocated Total
Cordage Industrial Cordage Industrial
Products Products
& Projects & Projects
i) Segment Revenue 105,194.10 22,213.80 127,407.90 101,697.68 18,420.07 120,117.75

Inter-segment revenue (535.48) (1,510.74) (2,046.22) (440.29) (2,072.00) (2,512.29)
Sales/Income From operations 104,658.62 20,703.06 125,361.68 101,257.39 16,348.07 117,605.46
ii) Depreciation and amortization 1,986.15 237.61 2,223.76 1,900.61 240.14 – 2,140.75
iii) Segment Result 20,878.58 2,639.82 – 23,518.40 21,079.53 2,212.56 – 23,292.09
Less -
i) Interest (1,187.46) (1,045.00)
ii) Other Unallocable
expenditure net of
unallocable (income) (1,659.32) (1,246.35)
Total profit before tax 20,671.62 21,000.74
iv)Segment Assets 57,440.45 10,332.57 81,473.51 149,246.53 60,582.46 10,637.59 71,780.82 143,000.87
v) Segment Liabilities 24,398.89 4,131.00 18,095.34 46,625.24 26,475.63 5,375.57 11,525.53 43,376.73

Reconciliation of Profit (` in lakhs)
Segment Profit 23,518.40 23,292.09

Other Income 2,785.22 2,547.03
Finance Cost (1,187.46) (1,045.00)
Other Corporate Costs (4,444.54) (3,793.38)
Profit Before Tax and discontinued operations 20,671.62 21,000.74
Reconciliation of Assets (` in lakhs)
Segment operating assets 67,773.03 71,220.05

Investments 66,568.23 56,787.05
Cash and bank balances 3,876.10 3,872.25
Balances with government authorities 7,206.50 8,885.62
Other unallocable assets 3,822.69 2,235.90
Total assets 149,246.53 143,000.87
Reconciliation of liabilities (` in lakhs)
Segment operating liabilities 28,529.89 31,851.20

Borrowings 13,286.35 7,957.29
Income tax liabilities (Net) 3,046.66 3,349.71
Other unallocable liabilities 1,762.33 218.52
Total liabilities 46,625.24 43,376.73
ii) Information about geographic segment

Revenue from external customers (` in lakhs)
India 49,879.10 41,872.04

Outside India 75,482.58 75,733.42
Total 125,361.68 117,605.46
iii) Notes :
The business segments viz. 'Synthetic Cordage' and 'Fibre and Industrial Products and Projects' are considered as the
primary segments. Synthetic Cordage comprises of Ropes, Twines and nettings made of Twine. Fibre and Industrial
Products & Projects segment comprises of fibre, Synthetic fabric, Yarn, Woven and Non-woven textiles, Secugrids,
Coated steel gabions, Machinery and project. Intersegment sales are accounted for at market value.
The geographical segments on the basis of location of customers are considered as secondary segments. Sales are
recognised as sales to customers in India and sales to customers outside India. As the Company has integrated
manufacturing facilities, it is not possible to directly attribute or allocate on a reasonable basis, the expenses, assets and
liabilities to the geographical segment.

42 DISCLOSURE OF THE TRANSACTIONS WITH RELATED PARTIES, FOR THE YEAR ENDED ON 31st MARCH, 2023
(I) List of Related Parties & Relationship :
A. Subsidiary
1. Garware Technical Fibres USA Inc.
2. Garware Technical Fibres Chile SPA
3. Garware Environmental Services Pvt. Ltd.
4. Garware Technical Textile Pvt. Ltd.
5. Garware Technical Fibres Foundation
B. Associate Company
1. Garware Meditech Pvt. Ltd.
C. Executive Directors - Key Managerial Personnel

1. Mr. V. R. Garware
D. Non Executive Directors

1. Mrs. M. V. Garware
2. Mr. R. M. Telang - Independent Director
3. Mr. S. P. Kulkarni - Independent Director
4. Mr. S. S. Rajpathak - Independent Director
5. Ms. Mallika Sagar - Independent Director
E. Enterprises over which control is exercised by the individual listed at 'C' above
1. Garware Capital Markets Ltd.
2. VMIR Investment Ltd.
3. VRG Investments Ltd.
4. Vimlabai Garware Research Institute Pvt. Ltd.
5. Moonshine Investments & Trading Company Pvt. Ltd.
6. Manmit Investment & Trading Company Pvt. Ltd.
7. Sanand Investments & Trading Company Pvt. Ltd.
8. Sukukar Holdings & Trading Company Pvt. Ltd.
9. Starshine Comtrade Pvt. Ltd.
10. Gurukrupa Comtrade Pvt. Ltd.
11. Garware Research Institute
12. Garware Infrastructure Pvt. Ltd
13. VRG Business Ventures Pvt. Ltd.
14. Vallabhi Tradecom LLP.
15. Ramesh Trading Company
16. Sunita Trading Company
17. VG Trading Company
18. VRG Trading Company
19. Vayu Garware Family Trust
20. VRG Family Trust
21. VG Family Trust
22. Vayu Garware 2 Family Trust
23. VRG 2 Family Trust
24. Vayu Garware 3 Family Trust
25. VRG 3 Family Trust
26. Consolidated Agricultural & Dairy Farming Co. Pvt. Ltd.

(II) Following are the transactions with the related parties mentioned in A, B, C, D & E above during the year ended on
31st March, 2023: (` in lakhs)
Sr. Particulars Subsidiaries Associate Enterprises Owned or Executive Non-Executive Total

No. Companies Companies significantly Influenced by Directors - Key Directors
Key Management Management
Personnel or their Relatives Personnel
Transactions with Related Parties

1 Deposit Received – – 3995.00 – – 3995.00
– – 4038.00 – – 4038.00
2 Deposit Refund – – 3995.00 – – 3995.00
– – 4038.00 – – 4038.00
3 Interest paid on Deposits – – 425.55 – – 425.55
– – 433.93 – – 433.93
4 Director Remuneration * – – – 1007.65 – 1007.65
– – – 992.76 – 992.76
5 Directors Sitting Fees – – – – 6.40 6.40
– – – – 7.20 7.20
6 Dividend paid – – 664.10 95.31 0.02 759.43
– – 237.18 34.04 0.01 271.23
7 Sale of Goods/Services 23487.66 – – – – 23487.66
21700.76 – – – – 21700.76
8 Reimbursement of Expenses received 6.48 – – – – 6.48
6.36 – – – – 6.36
9 Investment in Subsidiary – – – – – –
1.00 – – – – 1.00
10 Financial Support to Subsidiaries on – – – – – –
credit lines outstanding 498.76 – – – – 498.76
Balance as on 31st March, 2023
11 Sundry Debtors from subsidiary 3842.02 – – – – 3842.02

7116.86 – – – – 7116.86
12 Investment in Equity Shares 4830.11 0.50 – – – 4830.61
4830.11 0.50 – – – 4830.61
13 Balance (Payable) /Receivable * – – – (400.00) – (400.00)
– – – (670.00) – (670.00)
Note :
The above figures do not include provision for leave encashment and gratuity fund, as separate figures are not available for the
Executive Director - Key Management Personnel.
Includes commission paid / payable to Executive Director - Key Management Personnel ` 400 lakhs (Previous year ` 670 lakhs)
For Investment in related parties as at 31st March, 2023 refer Note No. 5.
(` in lakhs)

43 EARNINGS PER SHARE (EPS)
BASIC AND DILUTED EPS
Net Profit attributable to Equity Shareholders of the Company 15,907.01 16,073.06
Weighted Average No. of Equity Shares of ` 10/- each (No. in lakhs) 206.12 206.18
Basic And Diluted Earning Per Share (`) 77.17 77.96

(` in lakhs)

44 CONTINGENT LIABILITIES :
In respect of matters under dispute
- Sales Tax 9.15 9.15
- Income tax 3,163.85 3,163.85
- Deposited in Small Cause Court, Mumbai 731.56 –
- Octroi 21.64 21.64
45 Estimated amount of contracts remaining to be executed on Capital Account and not provided for net of Advances
` 479.22 lakhs (As at 31st March, 2022 ` 569.15 lakhs)
46 INTEREST IN FIRM / JOINT VENTURE :

The Company has entered into a partnership agreement (Sopan D Patil & GWRL J.V.) in which the company holds 40%
share in profit / loss to execute Geo Synthetics Work - Contract value worth ` 577.31 lakhs. During the year ended
31.03.2023, the said partnership has incurred a loss of ` (0) lakhs (As at 31st March, 2022 ` (0.01) lakhs).
Current assets 0.77 0.77

Non-current assets 15.40 15.40
Current liabilities – –
Non-current liabilities (21.04) (21.04)
Reserve & Surplus 4.87 4.87
– –
Revenue – –
Cost of material consumed – –
Employee benefit expenses – –
Other expenses – (0.01)
Profit / (loss) before tax – (0.01)
Income-tax expenses – –
Profit / (loss) after tax – (0.01)

47 Analytical Ratios
The following are analytical ratios for the year ended 31st March, 2023 and 31st March, 2022
Particulars Formula For the year For the year Variance

ended ended
31st March, 31st March,
2023 2022
A Balance Sheet related ratios:
Current Ratio * Total Current assets 56,112.27 78,222.26
1.33 2.02 (34%)
Debt-Equity Ratio ** Total borrowing 13,286.35 7,957.29
Net worth 102,621.30 99,624.13
0.13 0.08 62%
Debt Service Coverage Ratio Earnings available for debt service 19,318.23 19,258.81
Debt Service (Interest Payment + 1,187.46 1,045.00
Principal Repayment) 16.27 18.43 (12%)
Inventory turnover ratio Cost of Goods Sold 40,103.91 35,574.09
Average Inventory 19,069.68 18,516.48
2.10 1.92 9%
Trade receivable turnover ratio Total Sales 125,361.68 117,605.46
Average Trade receivables 24,320.46 23,974.09
5.15 4.91 5%
Trade payable turnover ratio Total Purchase + Other Expenses 87,206.70 82,078.09
Average Trade payable 19,993.33 22,756.07
4.36 3.62 21%
Net capital turnover ratio * Total Sales 125,361.68 117,605.46
Average Working Capital 26,830.88 37,225.35
4.67 3.16 48%
B Profit & Loss related ratios
Return on equity ratio Profit After Tax 15,907.01 16,073.06
Net worth 102,621.30 99,624.13
15.5% 16.1% (4%)
Net profit ratio Profit After Tax 15,907.01 16,073.06
Sales 128,146.90 120,152.49
12.4% 13.4% (7%)
Return on capital employed Earnings Before Interest and Tax 21,859.08 22,045.74
Average Capital Employed 114,942.72 104,174.48
19.0% 21.2% (10%)
Return on investment Treasury Income 2,441.94 2,143.39
Average invested funds in treasury 49,577.06 46,922.72
investments 4.9% 4.6% (8%)
* Mainly due to reduction in current investment and increase in current borrowing.
** Mainly due to increase in borrowing.
48 There have been no transactions carried out in Crypto Currency or Virtual Currency during the year, neither the Company
holds any balances in the same.

49 Relationship with Struck-off companies

Balances as at 31st March, 2023
Nature of Transaction Name of struck off company Balanace Relationship with
with struck off company outstanding struck off company
Company's shares held Genex Infraproject Limited 100 Share holder

Fairgrowth Investments Limited 60 Share holder
Wall Street Securities And Investments India Limited 20 Share holder
K P R Developers Limited 501 Share holder
Investments in securities NA
Receivables NA
Payables NA
Other outstanding balances NA
(to be specified)


Sujeer Nayak Trading Enterprises Pvt. Ltd. 208 Share holder
Receivables NA
Payables NA
(to be specified)
50 Disclosures pertaining to Corporate Social Responsibility (` in lakhs)

Amount required to be spent by the company during the year 339.83 320.04
Amount of expenditure incurred during the year on:
(i) Construction/acquisition of asset – –
(ii) On purposes other than (i) above 339.83* 320.04**
Shortfall at the end of the year – –
Total of previous years shortfall – –
Reason for shortfall NA NA
Details of related party transactions – –
Where a provision is made with respect to a liability incurred by entering into – –
a contractual obligation, the movements in the provision during the year
* Includes an amount of ` 248.27 lakhs earmarked for ongoing projects transferred to Unspent CSR Account in terms of
Section 135(6) of the Companies Act, 2013, for the Financial Year 2022-23
** Includes an amount of ` 154.62 lakhs earmarked for ongoing projects transferred to Unspent CSR Account in terms of
Nature of CSR activity:

Activities like promoting Health care, Education, Environmental Sustainability, Rural Development and Livelihood
Enhancement projects

51 DISCLOSURES ON FINANCIAL INSTRUMENTS
a. Financial Instruments by category
The following table presents the carrying amounts of each category of financial assets and liabilities as at 31st March,
2023. Cash and cash equivalents and other bank balances are always recognised at amortised cost and hence not part
of the below table. (` in lakhs)
Particulars Measured Measured Amortised Total Carrying
at FVTOCI at FVTPL Cost Amount
Financial Assets
Investments in subsidiaries, associates and joint ventures – – 4,830.61 4,830.61
Other Investments-Non Current 855.38 6,375.94 53,506.30 60,737.62
Trade Receivables-Non Current – – 453.02 453.02
Loans-Non Current – – 390.05 390.05
Other Financial Assets-Non Current – – 661.09 661.09
Other Investments-Current – 1,000.00 - 1,000.00
Trade Receivables-Current – – 22,027.43 22,027.43
Loans-Current – – 20.51 20.51
Other Financial Assets-Current – – 690.59 690.59
Total 855.38 7,375.94 82,579.60 90,810.92
Financial Liabilities
Trade Payable-Non Current – – 271.13 271.13
Other Financial Liabilities-Non Current – – 406.83 406.83
Lease Liabilities-Non Current – – 59.80 59.80
Borrowings-Current – – 13,286.35 13,286.35
Lease Liabilities- Current – – 9.18 9.18
Trade Payable-Current – – 18,698.25 18,698.25
Other Financial Liabilities-Current – – 2,097.73 2,097.73
Total – – 34,829.27 34,829.27
The following table presents the carrying amounts of each category of financial assets and liabilities as at
31st March, 2022 (` in lakhs)
Financial Assets
Investments in subsidiaries, associates and joint ventures – – 4,830.61 4,830.61
Other Investments-Non Current 1,099.32 33,000.92 – 34,100.24
Other Investments-Current – 17,856.21 – 17,856.21
Loans-Current – – 194.04 194.04
Total 1,099.32 50,857.13 32,556.43 84,512.88
Lease Liabilities-Non Current – – – –
Lease Liabilities- Current – – – –
Total – – 31,261.40 31,261.40

b. Fair value hierarchy

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within
the fair value hierarchy, described as follows:
Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable.
The following table provides the fair value measurement hierarchy of the Company's financials assets and liabilities
that are measured at fair value or where fair value disclosure is required:
As at 31st March, 2023

Fair Value Measurement Using (` in lakhs)
Particulars Quoted Price in Significant Significant Total

active markets observable inputs unobservable inputs
(Level 1) (Level 2) (Level 3)
Assets measured at fair value
FVTOCI financial investments
Quoted equity instruments 768.63 – – 768.63
Unquoted equity instruments – – 86.75 86.75
FVTPL financial investments
Other Debt Instrument 0.16 1,000.00 – 1,000.16
Unquoted debt instruments – 6,375.78 – 6,375.78
Unquoted equity instruments – – – –


active markets observable input unobservable input
Quoted equity instruments 1,026.18 – – 1,026.18
FVTPL financial investments –
Foreign Currency Forward Contract – – – –
Other Debt Instrument 17.66 44,647.82 – 44,665.48
Unquoted debt instruments 6,191.65 6,191.65
c. Valuation technique to determine fair value

The following methods and assumptions were used to estimate the fair values of financial instruments.
(i) The management assesses that fair value of cash and cash equivalents, trade receivables, trade payables, bank
overdrafts and other current financial assets and liabilities approximate their carrying amounts largely due to the
short-term maturities of these instruments.

(ii) The fair values of the equity investment which are quoted, are derived from quoted market prices in active markets.
The Investments measured at fair value and falling under fair value hierarchy Level 3 are valued on the basis of
valuation reports provided by external valuers with the exception of certain investments, where cost has been
considered as an appropriate estimate of fair value because of a wide range of possible fair value measurements
and cost represents the best estimate of fair values within that range. The carrying value of those investments
are individually immaterial.
d Financial risk management objectives
The Company is exposed to market risk (including currency risk, interest rate risk and other price risk), credit risk and
liquidity risk. The Company's risk management strategies focus on the un-predictability of these elements and seek to
minimise the potential adverse effects on its financial performance. The Company's senior management which is
supported by a Treasury Management Group ('TMG') manages these risks.
All hedging activities are carried out by specialist teams that have the appropriate skills, experience and supervision.
Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market prices comprises of risks relating to interest rate risk and other price risks such as equity price
risk and commodity price risk. Financial instruments affected by market risks mainly include borrowings, deposits
and investments.
Foreign currency risk management
Foreign exchange risk arises on future commercial transactions and on all recognised monetary assets and liabilities,
which are denominated in a currency other than the functional currency of the Company. The Company's
management has set policy wherein exposure is identified, benchmark is set and monitored closely, and accordingly
suitable hedges are undertaken.
The Company's foreign currency exposure arises mainly from foreign exchange imports, exports and other
income/expenses in foreign currency, primarily with respect to USD.
As at the end of the reporting period, the carrying amounts of the company's foreign currency denominated monetary
assets and liabilities in respect of the primary foreign currency i.e. USD and derivative to hedge the exposure,
are as follows:
Particulars of unhedged foreign currency exposure and Derivatives (Outstanding) as at Balance Sheet date:
(` in lakhs)
Particulars Currency As at As at
Trade Receivable USD 15352.72 18,263.01
Trade Payable USD (1131.09) (1,275.39)
Net 14221.63 16,987.62
Forward Contracts to Sell USD (13318.31) (15,382.91)
(Hedge of Receivables)
Net Exposure 903.32 1,604.71
The Company's exposure to foreign currency changes for all other currncies is not material.
Foreign currency sensitivity analysis
The following table demonstrate the sensitivity to a reasonable possible change in USD exchange rate, with all other
variables held constant. (` in lakhs)
Particulars Currency For the year ended For the year ended
Impact on profit before tax
INR/USD - Increase by 1% USD 433.84 332.16
INR/USD - Decrease by 1% USD (433.84) (332.16)

Interest rate risk management

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company exposure to the risk of changes in market interest rates relates
primarily to the Company's debt obligations and investments in debt instruments including debt mutual fund.
Interest rate sensitivity
The below table demonstrate the sensitivity of the company's profit before tax to a reasonable possible change in
interest rate with all other variables being constant.
(` in lakhs)
Particulars Change in For the year ended For the year ended
interest rate 31st March, 2023 31st March, 2022
Interest expense Increase 100 basis point (70.68) (70.09)
Decrease 100 basis point 70.68 70.09
Interest income/Fair Value gain Increase 100 basis point 544.69 540.19
Decrease 100 basis point (544.69) (540.19)
e Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade
receivables) and from its financing activities, including deposits with banks and other financial instruments.
f Trade Receivable
Customer credit risk is managed by SCM team subject to the company's established policy, procedures and control
relating to customer credit risk management. Outstanding customer receivables are regularly monitored and
followed up.
g Financial instruments and cash deposits
Credit risk from balances with banks is managed by the Company's treasury department in accordance with the
Company's policy. Investments of surplus funds are made only with approved counterparties and within credit
limits assigned to each counterparty. The limits are set to minimise the concentration of risks and therefore
mitigate financial loss through counterparty's potential failure to make payments.
h Liquidity risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at
reasonable price. The Company's objective is to at all times maintain optimum levels of liquidity to meet its cash
and liquidity requirements. The Company closely monitors its liquidity position and deploys a robust cash
management system. It maintains adequate source of financing through the use of bank deposits and cash credit
facilities. Processes and policies related to such risks are overseen by senior management. Management monitors
the Company's liquidity position through rolling forecasts on the basis of expected cash flows. The Company assessed
the concentration of risk with respect to its debt and concluded it to be low.
The table below summarises the maturity profile of the company's financial liabilities based on contractual
undiscounted payments.
(` in lakhs)
Financial Liabilities Year Total More than 1 year Less than 1 year
Trade Payables 31st March, 2023 18,969.38 271.13 18,698.25
31st March, 2022 21,017.29 333.31 20,683.98
Borrowings 31st March, 2023 13286.35 – 13286.35

31st March, 2022 7957.29 – 7957.29
Lease Liability 31st March, 2023 68.98 59.80 9.18

31st March, 2022 – – –
Other Financial Liabilities 31st March, 2023 2,504.57 406.83 2,097.73

31st March, 2022 2,286.82 301.26 1,985.56

i Excessive risk concentration

Concentrations arise when a number of counter parties are engaged in similar business activities, or activities in the
same geographical region, or have economic features that would cause their ability to meet contractual obligations to
be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative
sensitivity of the Company’s performance to developments affecting a particular industry. Company believes that
there is no such excessive risk concentration.
52 Leases (` in lakhs)
As at As at
(i) Carrying value of right of use assets at the end of the reporting
period (Refer Note 3) 67.73 –
(ii) Analysis of Lease liability:
Movement of lease liabilities
Opening lease liabilities – –
Addition during the year /period 71.53 –
Interest Cost 1.89 –
Cash outflow towards payment of lease liabilities (4.45) –
Deletion during the year on account of termination of lease – –
Closing lease liabilities 68.98 –
(iii) Maturity analysis of lease liabilities (on undiscounted basis)
Less than 1 year 14.24 –
Between 1-5 years 63.91 –
More than 5 years 8.82 –
TOTAL 86.97 –
(iv) Lease liabilities included in statement of financial position
Current 9.18 –
Non-current 59.80 –
(v) Impact on statement of profit and loss
Interest on lease liabilities 1.89 –
Depreciation on right of use assets 3.80 –
Net impact on profit before tax 5.69 –
Deferred tax - Charge/ (credit) 1.43 –
Net impact on profit after tax 4.26 –
(vi) Rent Expenses 491.55 455.54
53 Capital Management
The Company's objective when managing capital is to ensure the going concern operation and to maintain an efficient
capital structure to reduce the cost of capital, support the corporate strategy and meet shareholders expectations. The
policy of the company is to borrow through banks supported by committed borrowing facility to meet anticipated
funding requirements.
The capital structure is governed by policies approved by the Board of Directors.
The following table summarises the capital of the Company. (` in lakhs)
Short Term Debt (including current maturities of long term loan) 13,286.35 7,957.29
Long Term Debt – –
Trade Payables 18,698.25 20,683.98
Less: Cash and cash equivalents (3876.10) (3,872.25)
Net Debt 28,108.50 24,769.02
Equity 102,621.30 99,624.13
Capital and net debt 130,729.80 124,393.15
Net Debt to Capital Ratio (Debt/Equity plus debt) 0.22 0.20

54 The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company
for holding any Benami property.
55 The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.
56 The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
57 The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the Company shall:
the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
58 The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or
any other relevant provisions of the Income Tax Act, 1961
59 The Company has used the borrowings from banks for the purpose for which it was obtained.
60 The figures of previous year have been regrouped / rearranged, wherever necessary to conform to current year's
presentation.

F.R.NO.: 106201W/W100598 DIN. 00092201 DIN. 06948274



CONSOLIDATED
FINANCIAL STATEMENTS
INDEPENDENT AUDITORS' REPORT

To,
The Members of,
GARWARE TECHNICAL FIBRES LIMITED
Report on the Audit of Consolidated Financial Statements
1. Opinion
We have audited the accompanying Consolidated Financial Statements of GARWARE TECHNICAL FIBRES LIMITED and
its Subsidiaries (Holding Company and its subsidiaries together referred to as “the Group”) and its Associate, which
comprise the Consolidated Balance Sheet as at 31st March, 2023, the Consolidated Statement of Profit and Loss (including
Other Comprehensive Income), Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash
Flows for the year then ended, and notes to the Consolidated Financial Statements, including a summary of Significant
Accounting Policies and other explanatory information (hereinafter referred to as “the Consolidated Financial
Statements”).
In our opinion and to the best of our information and according to the explanations given to us and based on the
consideration of reports of other auditor on separate Financial Statements and on the other financial information of the
subsidiaries and associate, the aforesaid Consolidated Financial Statements give the information required by the
Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India, of the Consolidated state of affairs of the Group and its associate as at 31st March,
2023, of its Consolidated Profit, its Consolidated total comprehensive income, their Consolidated changes in equity
and their Consolidated cash flows for the year ended on that date.
2. Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the
Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor's Responsibilities
for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in
accordance with the Code of Ethics issued by Institute of Chartered Accountants of India and the relevant provisions of
the Act, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence obtained by us along with the consideration of audit report of the other auditor referred in sub
paragraph (a) of the 'Other Matters' paragraph below, is sufficient and appropriate to provide a basis for our opinion on
the Consolidated Financial Statements.
3. Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
Consolidated Financial Statements of the current period. These matters were addressed in the context of our audit of the
Consolidated Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
We have determined the matter described below to be the key audit matters to be communicated in our report.
Key Audit Matter How our audit addressed the key audit matter
Inventory Existence: Our procedures included, but were not limited to the following:
The inventory's carrying value in the Balance Sheet We attended inventory counts at locations, selected based on financial
as at 31st March, 2023 is ` 21,437.22 lakhs. The significance and risk. Where locations were not attended we tested
inventory of the Company is held across various certain controls over inventory existence across the Company.
locations including its Plants, Sales Depots, For locations attended we performed the following procedures at each
Warehouses and Contract Manufacturers' locations. site:
We focussed on this matter because of the following: l Selected a sample of inventory items and compared the quantities
l Significance of the inventory balance to the profit we counted to the quantities recorded.
and statement of financial position. l Observed a sample of management's inventory count procedures to
l Complexity involved in determining inventory assess compliance with the Company policy.
quantities on hand due to the number and l Made enquiries regarding obsolete inventory items and looked at
diversity of inventory storage locations. the condition of items counted.
Property, Plant & Equipment and Intangible There were no significant exceptions noted from these procedures.
Assets We tested a sample of inventory items to assess whether they were
There are areas where management judgement recorded at a value higher than that for which they could be sold.We
impacts the carrying value of property, plant and did not identify any exceptions
equipment (PPE), intangible assets and their We assessed the controls in place over the PPE/ Intangible Assets
respective depreciation/amortisation rates. cycle, evaluated the appropriateness of capitalisation process,
These include the decision to capitalise or expense performed tests of details on costs capitalised, the point of
costs; the annual asset life review; the timeliness of capitalisation of the assets and the de-recognition criteria for assets
the capitalisation of assets and the use of retired from active use.
management assumptions and estimates for the In performing these procedures, we reviewed the judgements made
determination or the measurement andrecognition by management including the nature of underlying costs capitalised;
criteria for assets retired from active use. determination of realizable value of the assets retired from active
Due to the materiality in the context of the Balance use.We also analysed the appropriateness of assets useful lives
Sheet of the Company and the level of judgement applied in the calculation of depreciation vis à visthe useful lives of
and estimates required, we consider this to be an assets prescribed in Schedule II to the Act. We observed that the
area of significance. management has regularly reviewed the aforesaid judgements and
there are no material changes.

4. Information other than the Financial Statements and Auditor's Report thereon
The Holding Company's management and Board of Directors are responsible for the other information. The other
information comprises the information included in the Holding Company's Annual Report, but does not include the
Consolidated Financial Statements and our auditor's report thereon.
Our opinion on the Consolidated Financial Statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the Consolidated Financial Statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the Consolidated Financial
Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work
we have performed, we conclude that there is a material misstatement of this other information, we are required to report
that fact. We have nothing to report in this regard.
5. Management's and Board of Directors' Responsibilities for the Consolidated Financial Statements.
The Holding Company's Management and Board of Directors are responsible for the preparation and presentation of these
Consolidated Financial Statements in term of the requirements of the Act that give a true and fair view of the Consolidated
state of affairs, consolidated profit and other comprehensive income, Consolidated changes in equity and Consolidated
cash flow of the Group including its associate in accordance with the accounting principles generally accepted in India,
including the Indian Accounting Standards specified under section 133 of the Act, read with relevant rules issued
thereunder. The respective Management and Board of Directors of the companies included in the Group and its associate
are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Group and its associate and for preventing and detecting frauds and other irregularities;
the selection and application of appropriate implementation and maintenance of accounting policies; making judgments
and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the Consolidated Financial Statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the
Consolidated Financial Statements by the Management and Directors of the Holding Company, as aforesaid.
In preparing the Consolidated Financial Statements, the respective management and Board of Directors of the companies
included in the Group and its associate is responsible for assessing the ability of each company to continue as a going
concern and using the going concern basis of accounting unless the respective Board of Directors and management either
intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the group and its associate are also responsible for
overseeing the financial reporting process of each company.
6. Auditor's Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this Consolidated Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
l Identify and assess the risks of material misstatement of the Consolidated Financial Statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
l Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Act, We are also responsible for expressing our
opinion on the internal financial controls with reference to the Consolidated Financial Statements and the operating
effectiveness of such controls based on our audit.
l Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
l Conclude on the appropriateness of management and Board of Directors' use of the going concern basis of accounting
in preparation of Consolidated Financial Statements and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of the
assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report
to the related disclosures in the Consolidated Financial Statements or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report.
However, future events or conditions may cause the Group to cease to continue as a going concern.
l Evaluate the overall presentation, structure and content of the Consolidated Financial Statements, including the
disclosures, and whether the Consolidated Financial Statements represent the underlying transactions and events
in a manner that achieves fair presentation.
l Obtain sufficient appropriate audit evidence regarding the financial information of such entities or business activities
within the Group to express an opinion on the consolidated financial statements, of which we are the independent

auditors. We are responsible for the direction, supervision and performance of the audit of financial information of
such entities included in the consolidated financial statements of which we are the independent auditors. For the
other entity included in the consolidated financial statements, which has been audited by other auditor, such other
auditor remains responsible for the direction, supervision and performance of the audit carried out by them. We
remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in para (a) of
the section titled 'Other Matters' in this audit report.
Materiality is the magnitude of misstatements in the consolidated financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the consolidated financial
statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our
audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the
consolidated financial statements.
We believe that the audit evidence obtained by us along with the consideration of audit report of the other auditor referred
to in subparagraph (a) of the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit
opinion on the consolidated financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the Consolidated Financial Statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
7. Other Matters
We did not audit the Financial Statements of one Subsidiary included in the statement, whose Financial Statements
reflects total assets of ` 168.02 lakh as at 31st March, 2023, total revenue of ` 5.21lakh, Profit after tax ` 6.42 lakh and net
cash inflow amounting to ` 159.62 lakh for the year ended on that date, as considered in the Consolidated Financial
Statements. The Consolidated Financial Statement also include Group's share of net profit (including other
comprehensive income) of ` 0.09 lakh for the year ended 31st March 2023, as considered in the Consolidated Financial
Statements, in respect of one associate, whose Financial Statements have not been audited by us. These Financial
statements have been audited by other auditors whose reports have been furnished to us by the Management and our
opinion on the Consolidated Financial Statements, in so far as it relates to the amounts and disclosures included in respect
of this subsidiary and associate, and our report in terms of sub-section (3) of Section 143 of the Act, in so far as it relates to
the aforesaid subsidiary and associate, is based solely on the reports of the other auditors.
Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below,
is not modified in respect of the above matter with respect to our reliance on the work done and the report of the other
auditor.
8. Report on Other Legal and Regulatory Requirements
As required by section 143(3) of the Act, based on our audit and on the consideration of report of the other auditor on
separate financial statements of such subsidiary as was audited by other auditor, as noted in the 'Other Matters' paragraph,
we report, to the extent applicable, that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purpose of our audit of the aforesaid Consolidated Financial Statements
b. In our opinion, proper books of account as required by law relating to preparation of the aforesaid Consolidated
Financial Statements have been kept by the Group so far as it appears from our examination of those books and the
reports of the other auditors;
c. The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss, Consolidated Statement of Changes in
Equity and the Consolidated Cash Flow Statement dealt with by this Report are in agreement with the relevant
books of account maintained for the purpose of preparation of the Consolidated Financial Statements;
d. In our opinion, the aforesaid Consolidated Financial Statements comply with the Indian Accounting Standards
specified under section 133 of the Act read with relevant rules issued thereunder;
e. On the basis of the written representations received from the directors of the Holding Company as on 31st March,
2023, and taken on record by the Board of Directors of the Holding Company and the reports of the statutory auditors of
its subsidiary company and associate company, none of the directors of the Group companies and its associate
company is disqualified as on 31st March, 2023 from being appointed as a director in terms of section 164(2) of the Act;
f. With respect to the adequacy of the internal financial controls over financial reporting of the Group and its
associate and the operative effectiveness of such controls in terms of section 143(3)(i) of the Act, refer to our separate
report in "Annexure A".
g. With respect to the other matters to be included in the Auditor's Report in accordance with the requirements of
section 197(16) of the Act, as amended: In our opinion and to the best of our information and according to the

explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance
with the provisions of section 197 of the Act.
h. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations
given to us and based on the consideration of the reports of the other auditors on separate financial statements of the
subsidiaries as noted in the 'Other Matters' paragraph :
(i) The Consolidated Financial Statements disclose the impact of pending litigations as at 31st March, 2023 on the
consolidation financial position of the group and associate - Refer Note No.43 to the Consolidated Financial
Statements;
(ii) The Group and its associate have made provision, as required under the applicable law or Ind AS, for material
foreseeable losses, if any, on long-term contracts including derivative contracts;
(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Holding Company during the year ended 31st March, 2023.
(iv) (a) The respective Managements of the Company and its subsidiaries which are companies incorporated in India,
whose financial statements have been audited under the Act, have represented to us that, to the best of their
knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced
or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by
the Company or any of such subsidiaries to or in any other person or entity, including foreign entity
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary
shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or
on behalf of the Company or any of such subsidiaries (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.
(b)The respective Managements of the Company and its subsidiaries which are companies incorporated in India,
whose financial statements have been audited under the Act, have represented to us that, to the best of their
knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by
the Company or any of such subsidiaries from any person or entity, including foreign entity (“Funding Parties”),
with the understanding, whether recorded in writing or otherwise, that the Company or any of such subsidiaries
shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or
on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries.
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances
performed by us on the Holding Company, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any
material misstatement.
(v) With respect to dividends
a. The final dividend proposed in the previous year, declared and paid by the Company during the year is in
accordance with Section 123 of the Act, as applicable.
b. There was no interim dividend declared by the Company.
c. The Board of Directors of the Company have proposed final dividend for the year which is subject to the approval
of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance
with Section 123 of the Act, as applicable.
II. With respect to the matters specified in paragraphs 3(xxi) and 4 of the Companies (Auditor's Report) Order, 2020
(the “Order”/ “CARO”) issued by the Central Government in terms of Section 143(11) of the Act, to be included in
the Auditor's report, according to the information and explanations given to us, and based on the CARO reports
issued by us for the Company and its subsidiaries included in the consolidated financial statements of the Company,
to which reporting under CARO is applicable, we report that there are no qualifications or adverse remarks in the
CARO report of subsidiary.
(FRN: 106201W/W100598)
ABHAY R. MEHTA
Partner
Date: 22nd May, 2023 UDIN: 23046088BGQDTF7448
ANNEXURE “A” TO THE INDEPENDENT AUDITORS' REPORT ON THE CONSOLIDATED FINANCIAL

STATEMENTS OF GARWARE TECHNICAL FIBRES LIMITED FOR THE YEAR ENDED 31ST MARCH, 2023
Report on the internal financial controls with reference to the aforesaid consolidated Financial Statements
under Clause (i) of Sub-Section 3 of Section 143 of the Companies Act, 2013.
Opinion
In conjunction with our audit of the consolidated financial statements of Garware Technical Fibres Limited (hereinafter
referred to as “the Holding Company”) as of and for the year ended 31st March, 2023, we have audited the internal

financial controls with reference to consolidated financial statements of the Holding Company and such companies
incorporated in India under the Companies Act, 2013 which is its subsidiary company, as of that date. In our opinion, the
Holding Company and such company incorporated in India which is its subsidiary company have, in all material
respects, adequate internal financial controls with reference to consolidated financial statements and such internal financial
controls were operating effectively as at 31st March, 2023, based on the internal financial controls with reference to
consolidated financial statements criteria established by such companies considering the essential components of such
internal controls stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by
the Institute of Chartered Accountants of India (the “Guidance Note”)
Management's Responsibility for Internal Financial Controls
The Company's management and Board of Directors are responsible for establishing and maintaining internal financial
controls based on the internal control over financial reporting criteria established by respective Company considering the
essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial
Reporting issued by the Institute of Chartered Accountants of India ('the Guidance Note'). These responsibilities include the
design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring
the orderly and efficient conduct of its business, including adherence to Company's policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors' Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls with reference to consolidated
financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on
Auditing, prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal
financial controls. The Guidance Note and those Standards require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial
reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls
system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial
reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material
misstatement of the Consolidated Financial Statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on
the Company's internal financial controls system over financial reporting.
Meaning of Internal Financial Controls with reference to Consolidated Financial Statements
A Company's internal financial control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A Company's internal financial control over financial reporting includes
those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of Consolidated Financial Statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the Company are being made only in accordance with
authorization of management and directors of the Company; and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or disposition of the Company's assets that could have a material
effect on the Consolidated Financial Statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls with reference to consolidated financial statements,
including the possibility of collusion or improper management override of controls, material misstatements due to error or
fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to
consolidated financial statements to future periods are subject to the risk that the internal financial controls with reference
to consolidated financial statements may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

(FRN: 106201W/W100598)
ABHAY R. MEHTA
Partner
Date: 22nd May, 2023 UDIN: 23046088BGQDTF7448

CONSOLIDATED BALANCE SHEET AS AT 31st MARCH, 2023 (` in lakhs)
As at As at
A ASSETS Note No. 31st March, 2023 31st March, 2022
(1) Non-Current Assets
(a) Property, Plant and Equipment 3 24,096.72 23,582.27
(b) Right of Use of Assets 3 67.73 –
(c) Intangible Assets 4 387.96 419.92
(d) Financial Assets –
(i) Investments in Subsidiaries and Associate 5 1.00 1.00
(ii) Other Investments 6 60,737.62 34,218.29
(iii) Trade Receivables 7 453.02 163.09
(iv) Loans 8 390.05 331.66
(v) Other Financial Assets 9 661.09 668.57
(e) Other non-current Assets 10 1,542.19 739.62
Total Non-Current Assets 88,337.38 60,124.42
(2) Current Assets
(a) Inventories 11 21,437.22 22,393.43
(b) Financial Assets
(i) Investments 12 1,000.00 17,856.21
(ii) Trade Receivables 13 23,403.56 25,793.97
(iii) Cash and Cash Equivalents 14 4,161.72 3,905.74
(iv) Bank Balances other than (iii) above 14 419.87 141.56
(v) Loans 15 20.52 194.04
(vi) Other Financial Assets 16 690.59 408.27
(c) Current Tax Assets 17 341.46 104.94
(d) Other Current Assets 18 9,504.68 10,585.30
Total Current Assets 60,979.62 81,383.46
TOTAL - ASSETS 149,317.00 141,507.88
B EQUITY AND LIABILITIES
(1) Equity
(a) Equity Share Capital 19 2,037.82 2,061.82
(b) Other Equity 20 99,601.73 94,996.71
Total Equity 101,639.55 97058.53
(2) LIABILITIES
Non-Current Liabilities
(i) Trade Payables 21 271.13 333.31
(ii) Other Non-Current Financial Liabilities 22 406.83 301.26
(iii) Lease Liability 23 59.80 –
(b) Provisions 24 806.35 754.16
(c) Deferred Tax Liabilities (net) 25 3,046.66 3,350.97
Total Non-Current Liabilities 4,590.77 4,739.70
(3) Current Liabilities
(i) Borrowings 26 13,286.35 7,957.29
(ii) Lease Liabilities 27 9.18 –
(iii) Trade Payables 28
Dues to Micro Enterprises and Small Enterprises 124.18 140.49
Dues to Other than Micro Enterprises and Small Enterprises 19,264.05 20,909.08
(iv) Other Current Financial Liabilities 29 2,173.16 2,071.39
(b) Other Current Liabilities 30 7,771.28 8,017.75
(c) Provisions 31 428.67 465.02
(d) Current Tax Liabilities (net) 32 29.80 148.63
TOTAL - EQUITY AND LIABILITIES 149,317.00 141,507.88
C NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS 1-61
F.R.NO.: 106201W/W100598 DIN. 00092201 DIN. 06948274



CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31st MARCH, 2023
(` in lakhs)
Note No. 31st March, 2023 31st March, 2022
1 INCOME
Revenue from Operations 33 130,554.85 118,939.87
Other Income 34 2,790.48 2,554.00
Total Income 133,345.33 121,493.87
2 EXPENSES
Cost of Materials Consumed 35 36,419.61 34,781.56
Purchases of stock-in-trade 4,065.10 3,147.65
Changes in inventories of finished goods, stock-in-trade and
work-in-progress 36 1,441.01 (2,983.23)
Employee Benefits Expenses 37 16,685.74 14,981.95
Finance Cost 38 1,195.32 1,057.31
Depreciation and Amortisation Expenses 3,4 2,230.75 2,145.98
Other expenses 39 – –
i) Processing and Testing Charges 10,727.95 10,963.95
ii) Others 38,262.02 35,757.39
Total Expenses 111,027.50 99,852.56
Profit Before Tax 22,317.83 21,641.31
Tax Expenses 40
1. Current Tax 5,397.32 5,390.72
2. Deferred Tax (299.46) (227.47)
3. Adjustment for Short Provision of Earlier Years – –
TOTAL TAX EXPENSE 5,097.86 5,163.25
Profit After Tax 17,219.97 16,478.06
Share of profit/(loss) from Investment in Associate & Join Venture 0.00 0.03
Profit for the year 17,219.97 16,478.09
Other Comprehensive Income
(i) Items that will not be reclassified to profit or loss
Remeasurement of Defined Benefit Obligation (26.43) (82.18)
(ii) Income tax related to items that will not be reclassified to profit
or loss 7.70 12.15
Total Other Comprehensive Income for the year (265.50) (69.16)
Total Comprehensive Income for the year 16,954.46 16,408.93
EARNINGS PER EQUITY SHARE (Nominal value per share ` 10 each)
Basic (`) and Diluted (`) 44 83.54 79.92
Profit for the year
Attributable to:
Equity holder of parent 17,219.97 16,478.06
Non-controlling interest 0.00 0.03
Other Comprehensive income for the year
Attributable to:
Equity holder of parent (265.50) (69.16)
Non-controlling interest – –
Total comprehensive income for the year
Attributable to:
Equity holder of parent 16,954.46 16,408.90
Non-controlling interest 0.00 0.03
3 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS 1-61

F.R.NO.: 106201W/W100598 DIN. 00092201 DIN. 06948274



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31st MARCH, 2023
Other Equity
For the year ended 31st March, 2023 (` in lakhs)
Particulars Equity Reserves and Surplus Other Comprehensive Income Other

Share Capital Capital Share General Foreign Retained Revaluation Net gain / Equity Equity
Capital Reserve Redemption Premium Reserve currency earnings Reserve (loss) on instruments
Reserve translation fair value through
reserve of defined other
benefit comprehensive
plans income
Balance as at 1st April, 2021 2061.82 294.38 214.37 125.56 22,086.65 – 55,767.46 – (402.37) 984.47 79,070.53
Profit for the year – – – – – – 16,478.06 – – – 16,478.06
Foreign currency translation credit
Capital Reserve GTF USA Inc – – – – – 32.82 – – – – 32.82
Other comprehensive income – – – – – – – – (82.18) 13.02 (69.15)
Total Comprehensive income for the year – – – – – 32.82 16,478.06 – (82.18) 13.02 16,441.73
Dividends paid – – – – – (515.55) – – – (515.55)
Balance as at 31st March, 2022 2,061.82 294.38 214.37 125.56 22,086.65 32.82 71,729.97 – (484.55) 997.49 94,996.71
Balance as at 1st April, 2022 2,061.82 294.38 214.37 125.56 22,086.65 32.82 71,729.97 – (484.55) 997.49 94,996.71
Profit for the year – – – – – – 17,219.97 – – – 17,219.97
Foreign currency translation credit
Capital reserve GTF USA Inc – – – – – 270.89 – – – – 270.89
Transfer to Capital Redemption Reserve (24.00) – 24.00 – 24.00 – – – – – –
Buyback of Shares (including Transaction
Charges) (Refer Note: 18) – – – (22.82) (11,154.14) – – – – – (11,176.96)
Other comprehensive income – – – – – – – – (26.43) (239.08) (265.51)
Total Comprehensive income for the year (24.00) – 24.00 (22.82) (11,178.14) 270.89 17,219.97 – (26.43) (239.08) 6,048.39
Dividends paid – – – – – – (1,443.38) – – – (1,443.38)
Balance as at 31st March, 2023 2,037.82 294.38 238.37 102.74 10,908.52 303.71 87,506.56 – (510.98) 758.42 99,601.73

F.R.NO.: 106201W/W100598 DIN. 00092201 DIN. 06948274



CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH 2023 (` in lakhs)

I. CASH FLOW FROM OPERATING ACTIVITIES 31st March, 2023 31st March, 2022
Net Profit Before Tax 22,317.83 21,641.31
Adjustments for reconcile Profit Before Tax to Net Cash Flows:
Depreciation and Amortisation Expenses 2,230.75 2,145.98
Unrealised Exchange Difference 285.99 36.87
Finance Cost 1,195.32 1,057.30
Interest and Dividend Income Received (2,405.49) (410.60)
Fair Value Gain at Financial Instruments at FVTPL (184.13) (1,935.19)
Gain on sale/redemption of investments (200.86) (208.21)
(Profit) / Loss on sale of Fixed Assets 28.16 21.10
Bad Debts 105.03 51.37
Operating Profit before Working Capital Changes 23,351.11 22,476.49
Working Capital Adjustments
(Increase) / Decrease in Trade & Other Receivable and Other Assets 2,156.73 (3,690.77)
(Increase) / Decrease in inventories 956.21 (3,351.61)
Increase / (Decrease) in Trade and Other Payables (1,823.86) (3,921.80)
Cash generated from Operations 24,640.19 11,512.31
Direct Taxes paid (5,702.00) (5,127.74)
Net cash provided by Operating Activities 18,938.19 6,384.56
II. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property, Plant & Equipment and Intangible Assets (2,889.51) (1,470.78)
Sale of Property, Plan & Equipment 78.46 17.77
(Increase)/ Decrease of Investments 0.00 (1.00)
(Increase)/ Decrease of Other Investments (10,151.04) (313.79)
Interest and Dividend Income Received 2,790.48 2,554.00
Net cash provided by / (used in) Investing Activities (10,171.61) 786.19
III. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Short-term / Long-term Borrowings 5,329.06 (2,224.10)
Buyback of Shares (incl.Buyback Tax and Transaction Charges) (11,063.06) –
Expenses for buyback of equity shares (137.87) –
Finance Cost (1,195.32) (1,057.31)
Dividend paid including Dividend Distribution Tax (1,443.41) (515.55)
Net cash from Financing Activities (8,510.59) (3,796.95)
Net Increase/ (Decrease) in Cash & Cash Equivalents (I+II+III) 255.98 3,373.81
Cash & Cash Equivalents at the beginning of the year 3,905.74 531.93
Cash & Cash Equivalents at year end 4,161.72 3,905.74
Reconciliation of cash flow in liabilities arising from financing activities ( ` in lakhs)

Particulars Amount
As at 1st April, 2021 13,253.68
Cash movements (5,296.39)
As at 31st March, 2022 7,957.29
Cash movements 5,329.06
As at 31st March, 2023 13,286.35
IV. NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS 1-61

F.R.NO.: 106201W/W100598 DIN. 00092201 DIN. 06948274



DEBT RECONCILIATION STATEMENT IN ACCORDANCE WITH IND AS-7
(` in lakhs)
Opening balances
Short-term borrowing (excluding bank overdraft) 7,957.29 10,181.39
Lease liabilities – –
Cash flows
Long-term borrowing (excluding Finance Lease obligation). – –
Short-term borrowing 5,329.06 (2,224.10)
Pursuant to acquisition- Long term borrowing – –
Non-cash changes
Foreign exchange movement – –
Net addition in lease liability – –
Reclassification in accordance with amendment to Schedule III
Current maturities of Long turn borrowings reclassed to Other financial liabilities – –
Current maturities of Long term borrowings reclassed to short term borrowings – –
Closing balances
Short-term borrowing (excluding bank overdraft) 13,286.35 7,957.29

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH, 2023
1 COMPANY INFORMATION
Garware Technical Fibres Limited ("the Holding Company”) is incorporated under the Provision of Companies Act,
1956 and domiciled in India. The Holding Company is listed with BSE & NSE. The Holding Company has its the
Registered Office and principal place of business at Plot No.11, Block D-1, MIDC, Pune - 411019, Maharashtra. The
Holding Company and its subsidiaries (collectively referred to as "the Group") is engaged in manufacturing and selling
various products such as Ropes, Twine, Yarn, Fishnet, Other Nets and Technical Textiles. The Group is providing
solution to the infrastructure industries which include coastal protection, land filling etc. The Group caters to both
domestic and international markets.
The Company's financial statements were authorised for issue in accordance with a resolution of the Board of
Directors on 22nd May, 2023 in accordance with the provisions of the Companies Act, 2013 and are subject to the
approval of the shareholders at the Annual General Meeting.
The Group's Consolidated Financial Statements are reported in Indian Rupees, which is also the Group's functional
currency.
2 Significant Accounting Policies Accounting Judgements, Estimates and Assumptions:
(A) Significant Accounting Policies:
2.1 Basis of preparation of Consolidated Financial Statements:
The Consolidated Financial Statements have been prepared in accordance with the relevant provisions of
the Companies Act, 2013, the Indian Accounting Standards (Ind AS) notified under the Companies (Indian
Accounting Standards) Rules, 2015 read with the Companies (Indian Accounting Standards) Amendment Rules,
2017 and the Guidance Notes and other authoritative pronouncements issued by the Institute of Chartered
Accountants of India (ICAI).
The Consolidated Financial Statements have been prepared on a historical cost basis, except for certain financial
assets and financial liabilities measured at fair value (refer accounting policy no. 2.10 regarding financial
instruments). Historical cost is generally based on the fair value of the consideration given in exchange for goods
and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liability takes place either:
l In the principal market for the asset or liability, or
l In the absence of a principal market, in the most advantageous market for the asset or liability
The principal or the most advantageous market must be accessible by the Group.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when
pricing the asset or liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a market participant's ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant that
would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data
are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the Consolidated Financial Statements
are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is
significant to the fair value measurement as a whole:
unobservable.
Basis of Consolidation:
The Consolidated Ind-AS Financial Statements comprise the Financial Statements of the Holding Company, its
subsidiaries and the Associate as at the reporting date.
(i) Subsidiaries:
Subsidiaries include all the entities over which the Group has control. The Group controls an entity when the
Group is exposed to, or has rights to, variable returns through its involvement in the entity and has the ability to
affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are consolidated
from the date control commences until the date control ceases.
The acquisition method of accounting is used to account for business combinations by the Group. The Group
combines the financial statements of the Holding Company and its subsidiaries line by line adding together like items
of assets, liabilities, equity, income and expenses. Intercompany transactions, balances and unrealised gains on
transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction

provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed
where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the
results and equity of subsidiaries are shown separately in the consolidated statement of profit and loss, consolidated
statement of changes in equity and consolidated balance sheet respectively.
(ii) Associate:
Associates are all entities over which the Group has significant influence but not control or joint control. This is
generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates
are accounted for using the equity method of accounting, after initially being recognised at cost.
2.2 Current and Non-Current Classification of Assets and Liabilities and Operating Cycle:
An asset is considered as current when it is:
l Expected to be realised or intended to be sold or consumed in normal operating cycle,
l Held primarily for the purpose of trading,
l Expected to be realised within twelve months after the reporting period, or
l Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve
months after the reporting period
All other assets are classified as non-current.
A liability is considered as current when:
l It is expected to be settled in normal operating cycle,
l It is held primarily for the purpose of trading,
l It is due to be settled within twelve months after the reporting period, or
l There is no unconditional right to defer the settlement of the liability for at least twelve months after the
reporting period.
All other liabilities are classified as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The Operating Cycle is the time between the acquisition of assets for business purposes and their realisation into
cash and cash equivalents.
2.3 Property, Plant and Equipment:
Property, Plant and Equipment are recorded at their cost of acquisition, net of refundable taxes or levies, less
accumulated depreciation and impairment losses, if any. The cost thereof comprises of its purchase price, including
import duties and other non-refundable taxes or levies and any directly attributable cost for bringing the asset to its
working condition for its intended use.
Subsequent Expenditure
l Subsequent costs are included in the asset's carrying amount, only when it is probable that future economic
benefits associated with the cost incurred will flow to the Company and the cost of the item can be measured
reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced.
l Major inspection/ repairs/ overhauling expenses are recognised in the carrying amount of the item of property,
plant and equipment as a replacement if the recognition criteria are satisfied.
An item of Property, Plant and Equipment and any significant part initially recognised is derecognised upon disposal
or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of
the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is
included in the Statement of Profit or Loss when the asset is derecognised.
For transition to Ind AS, the Group has elected to continue with the carrying value of all its property, plant and
equipment recognised as on 1st April, 2016 (date of transition) measured as per previous GAAP as its deemed cost on
2.4 Depreciation:
Depreciation on property, plant and equipment is provided on different class of assets on the following basis:
Type of Asset Method Useful Life
Freehold Buildings Written down value 60 years
Factory Buildings Written down value 30 years
Plant and Machinery Straight-Line 25 years
Electrical Installations Straight-Line 10 years
Furniture & Fixtures Straight-Line 10 years
Office Equipments Straight-Line 3 / 5 years
Vehicles Straight-Line 8 years
Helicopter Straight-Line 20 years

Depreciation on additions to Property Plant and Equipment is provided on pro-rata basis from the date of acquisition
or installation, and in case of new project from the date of commencement of commercial production.
Depreciation on Assets sold, discarded, demolished or scrapped, is provided upto the date on which the said Asset is
sold, discarded, demolished or scrapped.
Cost of Leasehold Land and Improvement is written off over the period of Lease.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each
financial year end and adjusted prospectively, if appropriate.
2.5 Capital Work in Progress and Capital Advances:
Expenses incurred for acquisition of capital assets outstanding at each balance sheet date are disclosed under capital
work-in-progress. Advances given towards the acquisition of fixed assets are shown separately as capital advances
under the head Other Non-Current Assets.
2.6 Intangible Assets and amortisation thereof:
2.6.1 Internally generated Intangible Assets (Research and Development):
i) Research costs are expensed as incurred. Development expenditure incurred on an individual project is
recognised as an intangible asset when the Group can demonstrate all the following:
a) The technical feasibility of completing the Intangible Asset so that it will be available for use or sale.
b) Its intention to complete the asset.
c) Its ability to use or sell the asset.
d) How the asset will generate future economic benefits.
e) The availability of adequate resources to complete the development and to use or sell the asset.
f) The ability to measure reliably the expenditure attributable to the intangible asset during development.
2.6.2 Other Intangible Assets:
An Intangible Asset is recognised if:
a) it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity;
and
b) the cost of the asset can be measured reliably.
An item of Intangible Asset is derecognised upon disposal or when no future economic benefits are expected from
its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net
disposal proceeds and the carrying amount of the asset) is included in the Statement of Profit or Loss when the asset
is derecognised.
2.6.3 Amortisation of Intangible Assets:
Amortization of the asset begins on a straight line basis over the period of expected future benefit from the related
project, i.e., the estimated useful life of ten years. Amortisation is recognised in the Statement of Profit and Loss.
During the period of development, the asset is tested for impairment annually.
For transition to Ind AS, the Group has elected to continue with the carrying value of all its Intangible Assets
recognised as on 1st April, 2016 (date of transition) measured as per previous GAAP as its deemed cost on
Intangible Assets with finite useful lives are amortised on a straight line basis over the following period:
Type of asset Useful Life
Technical Know How 10 Years
Product Development 10 Years
Computer Software 10 Years
Patent 5 Years
2.7 Impairment of Property Plant & Equipment and Intangible Assets
Carrying amount of Tangible and Intangible assets are reviewed at each Balance Sheet date. These are treated as
impaired when the carrying cost thereof exceeds its recoverable value. Recoverable value is higher of the asset's net
selling price or value in use. Value in use is the present value of estimated future cash flows expected to arise from the
continuing use of an asset and from its disposal at the end of its useful life. Net selling price is the amount receivable
from the sale of an asset in an arm's length transaction between knowledgeable, willing parties, less the cost of
disposal. An impairment loss is charged for when an asset is identified as impaired. The impairment loss recognised
in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

2.8 Inventories
Inventories are stated at lower of cost or net realisable value. The costs of various categories of inventories are arrived
at as follows :
a) Stores, spares, fuel & packing materials and raw materials - at costs determined on moving weighted average
method.
b) Cost of finished goods and work-in-progress includes the cost of raw materials, packing materials, an appropriate
share of fixed and variable production overheads, excise duty as applicable and other costs incurred in bringing
the inventories to their present location and condition. Fixed production overheads are allocated on the basis of
normal capacity of production facilities.
Net realisable value is the estimated selling price in the ordinary course of business.
2.9 Revenue Recognition
The Group derives revenues primarily from sale of manufactured goods, traded goods and related services.
Revenue is recognized on satisfaction of performance obligation upon transfer of control of promised products or
services to customers in an amount that reflects the consideration the Company expect to receive in exchange for
those products or services.
The Group does not expect to have any contracts where the period between the transfer of the promised goods or
services to the customer and payment by the customer exceeds one year. As a consequence, it does not adjust any of
the transaction prices for the time value of money.
The Group satisfies a performance obligation and recognises revenue over time, if one of the following criteria is met:
1. The customer simultaneously receives and consumes the benefits provided by the Group's performance as
the Group performs;
or
2. The Group's performance creates or enhances an asset that the customer controls as the asset is created or
enhanced; or
3. The Group's performance does not create an asset with an alternative use to the Group and an entity has an
enforceable right to payment for performance completed to date.
For performance obligations where one of the above conditions are not met, revenue is recognised at the point in time
at which the performance obligation is satisfied.
Revenue from sale of products and services are recognised at a time on which the performance obligation is satisfied
except Revenue from Project Contracts where in revenue is recognised over the time from the financial year in which
the Contract is commenced for execution. The period over which revenue is recognised is based on Group's right to
payment for performance completed. In determining whether the Group has right to payment, the Group considers
whether it would have an enforceable right to demand or retain payment for performance completed to date if the
contract were to be terminated before completion for reasons other than Group's failure to perform as per the
terms of the contract.
Revenue in excess of invoicing are classified as contract asset while invoicing in excess of revenues are classified as
contract liabilities.
Interest Income:
For all financial instruments measured at amortised cost, interest income is measured using the Effective Interest
Rate (EIR), which is the rate that exactly discounts the estimated future cash flows through the contracted or expected
life of the financial instrument, as appropriate, to the net carrying amount of the financial asset.
Other Operating Revenue
Export incentives and subsidies are recognised when there is reasonable assurance that the Company will comply
with the conditions attached to them and the incentive will be received. Insurance claims are accounted to the extent
the Company is reasonably certain of their ultimate collection
Dividend Income:
Dividend income is recognised when the Group's right to receive the payment is established, which is generally when
shareholders approve the dividend.
2.10 Financial Instruments:
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.
(i) Financial Assets:
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value
through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.

For purposes of subsequent measurement, financial assets are classified in three categories:
Financial assets at amortised cost
l
Equity instruments measured at fair value through other comprehensive
l income (FVTOCI)
Investments measured at fair value through Profit & Loss (FVTPL)
l
Financial Assets at Amortised Cost:
A financial asset is measured at the amortised cost if both the following conditions are met:
a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and
interest (SPPI) on the principal amount outstanding.
After initial measurement, such financial assets are subsequently measured at amortised cost using the effective
interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on
acquisition and any fees or costs that are an integral part of the EIR.
Equity Instruments at FVTOCI:
For equity instruments not held for trading, an irrevocable choice is made on initial recognition to measure it at
FVTOCI. All fair value changes on such investments, excluding dividends, are recognised in the OCI. There is no
recycling of the amounts from OCI to profit or loss, even on sale or disposal of the investment. However, on sale or
disposal the Group may transfer the cumulative gain or loss within equity.
Financial Assets at FVTPL:
Even if an instrument meets the two requirements to be measured at amortised cost or fair value through other
comprehensive income, a financial asset is measured at fair value through profit or loss if doing so eliminates or
significantly reduces a measurement or recognition inconsistency (sometimes referred to as “accounting
mismatch”) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on
them on different bases. All other financial assets are measured at fair value through profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognised (i.e. removed from the Group's statement of financial position) when:
i) The rights to receive cash flows from the asset have expired, or
ii) The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
received cash flows in full without material delay to a third party under a ''pass-through'' arrangement and either;
a. The Group has transferred substantially all the risks and rewards of the asset, or
b. The Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset.
Impairment of Financial Assets
The Group applies the expected credit loss (ECL) model for measurement and recognition of impairment loss on the
following financial assets and credit risk exposures:
l Financial assets at amortised cost.
l Trade Receivables
The Group follows 'simplified approach' for recognition of impairment loss allowance on trade receivables. Under
this approach the Group does not track changes in credit risk but recognises impairment loss allowance based on
lifetime ECLs at each reporting date. For this purpose the Group uses a provision matrix to determine the impairment
loss allowance on the portfolio of trade receivables. The said matrix is based on historically observed default rates
over the expected life of the trade receivables duly adjusted for forward looking estimates.
For recognition of impairment loss on other financial assets and risk exposures, the Group determines whether there
has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly,
12-month ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL
is used. If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant
increase in credit risk since initial recognition, then the Group reverts to recognising impairment loss allowance
based on 12-month ECL.
For assessing increase in credit risk and impairment loss, the Group combines financial instruments on the basis of
shared credit risk characteristics with the objective of facilitating an analysis that is designed to enable significant
increases in credit risk to be identified on a timely basis.
Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a
financial instrument. The 12-month ECL is a portion of the lifetime ECL which results from default events on a
financial instrument that are possible within 12 months after the reporting date.
ECL is the difference between all contractual cash flows that are due to the Group in accordance with the contract and
all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original EIR. The ECL
impairment loss allowance (or reversal) recognized during the period in the statement of profit and loss and the

cumulative loss is reduced from the carrying amount of the asset until it meets the write off criteria, which is generally
when no cash flows are expected to be realised from the asset.
ii) Financial Liabilities:
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of
directly attributable transaction costs. The Company's financial liabilities include trade and other payables, loans
and borrowings including bank overdrafts, financial guarantee contracts.
This is dependent upon the classification thereof as under:
Loans and Borrowings:
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using
the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as
through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium
on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in
the statement of profit and loss.
Derecognition:
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When
an existing financial liability is replaced by another from the same lender on substantially different terms, or the
terms of an existing liability are substantially modified, such an exchange or modification is treated as the
derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying
amounts is recognised in the statement of profit or loss.
(iii) Offsetting of Financial Instruments:
Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a
currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to
realise an asset and settle the liabilities simultaneously.
(iv) Equity Instruments:
An equity instrument is any contract that evidences a residual interest in the assets of an entity in accordance with the
substance of the contractual arrangements. These are recognised at the amount of the proceeds received, net of
direct issue costs.
2.11 Employee Benefits
i) Defined Contribution Plan:
The Group's contribution paid / payable during the year to Provident Fund , ESIC, Superannuation Fund etc., are
recognised as expenses in the Statement of Profit and Loss. These are approved / recognised schemes of
the Group.
ii) Defined Benefit Plan:
The Group's annual liability towards Gratuity is funded on the basis of actuarial valuation furnished by the Life
Insurance Corporation of India under Group Gratuity Scheme.
iii) The undiscounted amount of short-term employee benefit expected to be paid in exchange for the service
rendered by employees is recognised during the period when the employee renders the service. These benefits
include compensated absences such as paid annual leave and performance incentives and are determined using
the Projected Unit Credit Method. Compensated absences which are not expected to occur within twelve months
after the end of the period in which the employee renders the related services are recognised as an actuarially
determined liability at the present value of the defined benefit obligation at the Balance Sheet date. Actuarial gains
and losses are recognised immediately in the Balance Sheet with a corresponding effect in the Statement of Other
Comprehensive Income. Past service cost is recognised immediately in the Statement of Profit or Loss.
2.12 Borrowing Costs
Borrowing costs comprising of interest and other costs that are incurred in connection with the borrowing of funds,
that are attributable to the acquisition or construction of qualifying assets are considered as a part of cost of such
assets less interest earned on the temporary investment. A qualifying asset is one that necessarily takes substantial
period of time to get ready for the intended use. All other borrowing costs are charged to Statement of Profit & Loss in
the year in which they are incurred .
2.13 Leases:
The Group has adopted Ind AS 116 effective from April 1, 2019 using modified retrospective approach. For the
purpose of preparation of Standalone Financial Information, management has evaluated the impact of change in
accounting policies required due to adoption of lnd AS 116 for year ended 31st March, 2020. As per the modified
retrospective approach, the Group is not required to restate comparative information, instead, the cumulative
effect of initially applying this standard can be recognised as an adjustment to the opening balance of retained

earnings as on 1st April, 2019.

The Group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease
if the contract conveys the right to control the use of an identified asset for a define period of time in exchange
for consideration. To assess whether a contract conveys the right to control the use of an identified assets, the
Group assesses whether:
(i) the contact involves the use of an identified asset
(ii) the Group has substantially all of the economic benefits from use of the asset through the period of the lease, and
(iii) the Group has the right to direct the use of the asset.
As a lessee, The Group recognises a right of use asset and a lease liability at the lease commencement date. The right
of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any
lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of
costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is
located, less any lease incentives received.
The right of use asset is subsequently depreciated using the straight-line method from the commencement
date to the earlier of the end of the useful life of the right of use asset or the end of the lease term. The estimated
useful lives of right of use assets are determined on the same basis as those of property and equipment. In addition,
the right of use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements
of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily
determined, the Group's incremental borrowing rate. For leases with reasonably similar characteristics, the Group,
on a lease by lease basis, may adopt either the incremental borrowing rate specific to the lease or the incremental
borrowing rate for the portfolio as a whole.
Lease payments included in the measurement of the lease liability comprise the fixed payments, including in-
substance fixed payments and lease payments in an optional renewal period if the Group is reasonably certain to
exercise an extension option;
The lease liability is measured at amortised cost using the effective interest method. The Group has elected not to
recognise right of use assets and lease liabilities for short-term leases that have a lease term of 12 months or less
and leases of low-value assets. The Group recognises the lease payments associated with these leases as an
expense on a straight-line basis over the lease term. The Group applied a single discount rate to a portfolio of
leases of similar assets in similar economic environment with a similar end date.
2.14 Foreign Currency Transactions:
Transactions in foreign currencies are initially recorded at their respective functional currency spot rates at the date
the transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates
of exchange at the reporting date.
Differences arising on settlement or translation of monetary items are recognised as income or expenses in the
period in which they arise.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the
exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign
currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising
on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss
on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised
in OCI or profit or loss are also recognised in OCI or profit or loss, respectively).
2.15 Taxes on Income:
Current Income Taxes:
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted, at the reporting date.
Current income tax relating to items recognised directly in equity is recognised in other comprehensive income /
equity and not in the Statement of Profit and Loss. Management periodically evaluates positions taken in the tax
returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes
provisions where appropriate.
Deferred Taxes:
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences, when the deferred tax liability arises from
an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects

neither the accounting profit nor taxable profit or loss

Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits
and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be
available against which the deductible temporary differences, and the carry forward of unused tax credits and unused
tax losses can be utilised, except, when the deferred tax asset relating to the deductible temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of
the transaction, affects neither the accounting profit nor taxable profit or loss.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has
become probable that future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is
realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at
the reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items
are recognised in correlation to the underlying transaction either in OCI or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets
against current tax liabilities.
Minimum Alternate Tax (MAT):
MAT paid in accordance with the tax laws in India, which give rise to future economic benefits in the form of
adjustment of future income tax liability, is considered as an asset if there is convincing evidence that the Group will
pay normal income tax after the specified years. Accordingly, MAT is recognised as an asset in the Balance Sheet
when the asset can be measured reliably and it is probable that the future economic benefits associated with it will
flow to the Group.
2.16 Provisions and Contingent Liabilities:
Provisions involving substantial degree of estimation in measurement are recognised when there is a present
obligation as a result of past events and it is probable that there will be an outflow of resources.
When the Group expects some or all of a provision to be reimbursed, the same is recognised as a separate asset, but
only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of
profit and loss net of any reimbursement. If the effect of the time value of money is material, provisions are discounted
using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is
used, the increase in the provision due to the passage of time is recognised as a finance cost.
A Contingent Liability is a possible obligation that arises from past events and the existence of which will be confirmed
only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of
enterprise or a present obligation that arises from past events that may, but probably will not, require an outflow of
resources.
Both provisions and contingent liabilities are reviewed at each Balance Sheet date and adjusted to reflect the current
best estimates. Contingent Liabilities are not recognised but are disclosed in the notes.
2.17 Government Grants and Subsidy
Grants and Subsidies from the government are recognised when there is a reasonable assurance that
(i) the Group will comply with the conditions attached to them, and
(ii) the grant / subsidy will be received.
Government grants of the nature of promoters' contribution are credited to capital reserve and treated as a part of the
shareholders' funds.
2.18 Earnings Per Share:
Basic earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders
by the weighted average number of equity shares outstanding during the year. The weighted average number of
equity shares outstanding during the year are adjusted for events including a bonus issue, bonus element in right
issue to existing shareholders, share split, and reverse share split (consolidation of shares).
For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity
shareholders and the weighted average number of equity shares outstanding during the year are adjusted for the
effects of all dilutive potential equity shares.
2.19 Cash and Cash Equivalent:
Cash and cash equivalent for the purpose of Cash Flow Statement comprise cash at bank and in hand and short term
highly liquid investments which are subject to insignificant risk of changes in value.
2.20 Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is
adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts

or payments. The cash flows from operating, investing and financing activities of the Group are segregated based on
the available information.
2.21 Commitments
Commitments are future liabilities for contractual expenditure. The commitments are classified and disclosed as
follows:
a) The estimated amount of contracts remaining to be executed on capital accounts and not provided for; and
b) Other non-cancellable commitments, if any, to the extent they are considered material and relevant in the opinion
of the Management.
2.22 Segment Reporting
(A) Operating Segments
i) Synthetic Cordage
ii) Fibre and Industrial Products and Projects
Identification of Segments
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating
decision maker.
The Management monitor the operating result of its business units separately for the purpose of making decision
about resource allocation and performance assessment. For management purposes, operating segments have been
identified on the basis of nature of products and other quantitative criteria specified in the Ind AS 108. The Group's
financing and Income Taxes are not allocated to operating segments.
The accounting policies adopted for segment reporting are in conformity with the accounting policies adopted for
the Company.
Segments Revenue and Results
Revenue and expenses have been identified to segments on the basis of their relationship to the operating activities of
the segment. Income / Costs which relate to the Group as a whole and are not allocable to segments on a reasonable
basis have been included under Unallocated income/costs. Interest income and expense are not allocated to
respective segments.
Segments Assets and Liabilities
Segment Assets / Liabilities include all operating assets / liabilities used by the operating segments. Common assets
and liabilities which cannot be allocated to any of the business segment are shown as unallocable assets / liabilities.
Inter Segment Transfer
Inter segment revenues are recognised at sale price. The same is based on market price and business risks. Profit or
loss on Inter Segment transfer are eliminated at the Group level.
(B) Significant Accounting Judgements, Estimates and Assumptions:
The preparation of Financial Statements is in conformity with the recognition and measurement principles of Ind AS
which requires the management to make judgements for estimates and assumptions that affect the amounts of
assets, liabilities and the disclosure of contingent liabilities on the reporting date and the amounts of revenues and
expenses during the reporting period and the disclosure of contingent liabilities. Differences between actual results
and estimates are recognised in the period in which the results are known / materialize.
2.23 Estimates Assumptions and Judgements:
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the
next financial year, are described below. The Group based its assumptions and estimates on parameters available
when the financial statements were prepared. Existing circumstances and assumptions about future developments,
however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such
changes are reflected in the assumptions when they occur.
In the process of applying the Group's accounting policies, management has made the following judgements, which
have the most significant effect on the amounts recognised in the financial statements:
a) Estimation o f Current Tax Expense and Deferred Tax:
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are described below. The Company based its assumptions and estimates on parameters
available when the financial statements were prepared. Existing circumstances and assumptions about future
developments, however, may change due to market changes or circumstances arising that are beyond the control
of the Company. Such changes are reflected in the assumptions when they occur.
In the process of applying the Company's accounting policies, management has made the following judgements,
which have the most significant effect on the amounts recognised in the financial statements:
a) Estimation of current tax expense and deferred tax:

The calculation of the Company's tax charge necessarily involves a degree of estimation and judgement in respect
of certain items whose tax treatment cannot be finally determined until resolution has been reached with the
relevant tax authority or, as appropriate, through a formal legal process. The final resolution of some of these items
may give rise to material profits/losses and/or cash flows. Significant judgments are involved in determining the
provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.
b) Recognition of Deferred Tax Assets / Liabilities:
The recognition of deferred tax assets / liabilities is based upon whether it is more likely than not that sufficient and
suitable taxable profits will be available in the future against which the reversal of temporary differences can be
deducted. To determine the future taxable profits, reference is made to the latest available profit forecasts.
c) Estimation of Provisions & Contingent Liabilities:
The Group exercises judgement in measuring and recognising provisions and the exposures to contingent
liabilities which is related to pending litigation or other outstanding claims. Judgement is necessary in assessing
the likelihood that a pending claim will succeed, or a liability will arise, and to quantify the possible range of the
financial settlement. Because of the inherent uncertainty in this evaluation process, actual liability may be
different from the originally estimated as provision
d) Estimated useful life of Property, Plant and Equipment:
Property, Plant and Equipment represent a significant proportion of the asset base of the Group. The charge in
respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life, its
expected usage pattern and the expected residual value at the end of its life. The useful lives, usage pattern and
residual values of Group's assets are determined by management at the time the asset is acquired and reviewed
periodically, including at each financial year end. The lives are based on historical experience with similar assets
as well as anticipation of future events, which may impact their life, such as changes in technology etc.
e) Estimation of Provision for Inventory:
The Group writes down inventories to net realisable value based on an estimate of the realisability of inventories.
Write downs on inventories are recorded where events or changes in circumstances indicate that the balances
may not be realised. The identification of write-downs requires the use of estimates of net selling prices of the
down-graded inventories. Where the expectation is different from the original estimate, such difference will
impact the carrying value of inventories and write-downs of inventories in the periods in which such estimate has
been changed.
f) Estimation of Defined Benefit Obligation:
The present value of the defined benefit obligations depends on a number of factors that are determined on an
actuarial basis using a number of assumptions. The assumptions used in determining the net cost (income) for
post employment plans include the discount rate. Any changes in these assumptions will impact the carrying
amount of such obligations.
g) The Group determines the appropriate discount rate at the end of each year. This is the interest rate that should be
used to determine the present value of estimated future cash outflows expected to be required to settle the defined
benefit obligations. In determining the appropriate discount rate, the Group considers the interest rates of
government bonds of maturity approximating the terms of the related plan liability.
h) Estimated fair value of Financial Instruments:
The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques. The Management uses its judgement to select a variety of methods and make assumptions that are
mainly based on market conditions existing at the end of each reporting period.
(C) Recent accounting pronouncements
2.24 Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. On 31st March, 2023, MCA
amended the Companies (Indian Accounting Standards) Rules, 2015 by issuing the Companies (Indian Accounting
Standards) Amendment Rules, 2023, applicable from 1st April, 2023, as below:
Ind AS 1 - Presentation of Financial Statements The amendments require companies to disclose their material
accounting policies rather than their significant accounting policies. Accounting policy information, together with
other information, is material when it can reasonably be expected to influence decisions of primary users of general
purpose financial statements. The Company does not expect this amendment to have any significant impact in its
Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors The amendments will help entities to
distinguish between accounting policies and accounting estimates. The definition of a change in accounting
estimates has been replaced with a definition of accounting estimates. Under the new definition, accounting
estimates are “monetary amounts in financial statements that are subject to measurement uncertainty''. Entities
develop accounting estimates if accounting policies require items in financial statements to be measured in a way
that involves measurement uncertainty. The Company does not expect this amendment to have any significant
impact in its financial statements.

3 PROPERTY, PLANT & EQUIPMENT (` in Lakhs)
Particulars Leasehold Buildings Plant and R&D Electrical Furniture Office Vehicles Helicopter Total
Land Machinery Equipments Installations and Equipments
Fixtures

As at 1st April 2021 512.01 4,421.92 19,563.35 3,567.22 799.28 388.16 650.51 907.24 112.78 30,922.47
Additions – 96.96 569.16 43.53 25.42 24.60 187.90 417.54 – 1,365.12
Disposals – (1.09) (102.42) – – (0.21) (37.81) (61.28) – (202.81)
As at 31st March 2022 512.01 4,517.79 20,030.10 3,610.74 824.70 412.54 800.59 1,263.50 112.78 32,084.77
Additions – 157.98 1,841.57 72.36 78.94 95.44 118.89 413.02 – 2,778.21

Disposals – – (164.13) (16.18) (5.90) – (4.22) (187.06) – (377.49)
As at 31st March 2023 512.01 4,675.77 21,707.54 3,666.92 897.75 507.98 915.26 1,489.46 112.78 34,485.49
Depreciation and Impairment
As at 1st April 2021 25.86 1,287.36 3,359.97 748.78 278.27 167.02 354.14 450.95 13.82 6,686.16
Disposals – (0.75) (94.01) – – (0.20) (38.12) (32.90) – (165.99)
As at 31st March 2022 31.54 1,511.90 4,435.69 975.60 342.97 205.33 420.57 558.17 20.74 8,502.50
Disposals – – (36.80) (1.93) (3.80) (13.16) (7.07) (133.93) – (196.69)
Foreign exchange transactions
As at 31st March 2023 37.21 1,721.91 5,652.99 1,199.26 405.74 232.04 550.57 561.39 27.65 10,388.77
Net Carrying Value
As at 31st March 2023 474.80 2,953.87 16,054.55 2,467.67 492.01 275.94 364.68 928.07 85.14 24,096.72
As at 31st March 2022 480.47 3,005.89 15,594.41 2,635.15 481.74 207.21 380.02 705.33 92.05 23,582.27
Notes:
3.1 There were no immovable properties whose title deeds were not held in the name of the Company.
(` in lakhs)
As at As at
Right Of Use Asset 31st March, 2023 31st March, 2022
Lease Right of use of Assets 71.53 –
Less Accumulated Depreciation ROU Assets (3.80) –
Right of use of Assets Net 67.73 –

4 INTANGIBLE ASSETS
(` in lakhs)
Particulars Technical Product Computer Patent Trade Total

Knowhow Development Software Mark

As at 1st April 2021 15.93 445.28 824.72 82.18 – 1,368.12
Additions 12.67 – 75.75 10.17 8.66 107.24
As at 31st March 2022 28.60 445.28 900.47 92.35 8.66 1,475.36
Additions 10.88 – 30.10 62.50 4.28 107.75
As at 31st March 2023 39.47 445.28 930.57 154.84 12.94 1,583.11
Amortisation and Impairment

As at 1st April 2021 2.07 361.26 506.15 22.31 – 891.79
As at 31st March 2022 7.57 375.31 626.91 45.52 0.13 1,055.44
As at 31st March 2023 13.73 375.95 719.86 83.33 2.27 1,195.15

Net Carrying Value
As at 31st March 2023 25.74 69.34 210.71 71.51 10.66 387.96
As at 31st March 2022 21.03 69.97 273.56 46.83 8.53 419.92
(` in lakhs)
5 INVESTMENTS IN SUBSIDIARY AND ASSOCIATE
No. of No. of
a) In Subsidiary Company carried at cost: Shares/units Amount Shares/units Amount
Shares in Garware Environmental Services
Pvt. Limited of ` 10/- each 1,000,000 – 1,000,000 –
Shares in Garware Technical Fibres USA Inc 100 – 100 –
Shares in Garware Technical Fibres Chille SpA 5,000 – 5,000 –
Shares in Garware Technical Textile
Pvt. Limited of ` 10/- each 10,000 – 10,000 –
Shares in Garware Technical Fibres Foundation
of ` 10/- each 10,000 1.00 – 1.00
-
b) In Associate Company at cost :
Shares in Garware Meditech Pvt. Limited of
` 10/- each 5,000 – 5,000 –
Total investment in subsidiary and Associate 1.00 1.00

6 OTHER INVESTMENTS
(` in lakhs)
A. INVESTMENTS at FVTOCI As at 31st March, 2023 As at 31st March, 2022

In Equity instruments: No. of No. of
Quoted Shares/units Amount Shares/units Amount
Shares in Garware Marine Industries Limited
of ` 10/- each 50,000 3.00 50,000 5.83
Shares in Garware Hi-Tech Films Limited of ` 10/- each 146,350 765.63 146,350 1,020.35
Sub-total 768.63 1,026.18
Unquoted
Shares in Intermedia Interactive Solutions Private Limited
of ` 10/- each 890,680 86.75 890,680 73.13
Shares of Gujarat Filament Corporation Limited
of ` 10/- each 50 – 50 0.01
Sub-total 86.75 73.14
Sub Total - (A) 855.38 1,099.32
B. INVESTMENTS at FVTPL
(i) Banking & PSU
Invesco India Banking & PSU Debt Fund - Direct Growth 51,511 1,046.92 51,511 1,021.58
Invesco India Banking & PSU Debt Fund - Regular Growth 54,325 1,039.04 54,325 1,018.17
(ii) Corporate bond
Regular Growth 3,474,626 2,138.39 3,474,626 2,073.18
Direct Growth 3,306,946 2,151.43 3,306,946 2,078.73
(iii) Other Debt Instruments
7 Year National Savings Certificates – 0.16 – 0.16
(Deposited with Sales Tax Authorities) – – – –
Sardar Sarovar Narmada Nigam Limited FDR – – – 17.50
Sub Total - (B) 6,375.94 6,209.31
C. INVESTMENTS AT AMORTISED COST –

(i) INDEX FUND –
Edelweiss NIFTY PSU Bond Plus SDL Index Fund - 2026 –
Direct 14,505,721 1,648.56 14,505,721 1,557.99
Regular - 14,522,111 1,645.27 14,522,111 1,557.28
Direct 3,484,910 371.10 – –
Regular 3,484,910 370.62 – –
Aditya Birla SL Nifty 100% SDL April 2027 Direct 2,509,537 265.60 – –
Aditya Birla SL Nifty 100% SDL April 2027 Regular 2,509,537 265.32 – –
SBI CPSE Bond Plus SDL September 2026 Direct 5,008,089 530.15 – –
SBI CPSE Bond Plus SDL September 2026 Regular 5,008,089 529.18 – –
Axis CRISIL SDL 2027 Debt Index Fund Direct 5,074,600 530.76 – –
Axis CRISIL SDL 2027 Debt Index Fund Regular 5,075,888 530.08 – –
Direct 7,334,850 765.19 – –
Regular 7,334,850 764.69 – –
FUND Direct 2,430,085 254.98 – –

(` in lakhs)
No. of No. of
FUND Regular 2,430,085 254.94 – –
Direct 7,393,968 764.98 – –
Regular 7,393,968 764.95 – –
ICICI Prudential Nifty SDL Sep 2027 Index Fund Direct 7,282,852 755.06 – –
ICICI Prudential Nifty SDL Sep 2027 Index Fund Regular 7,292,997 755.04 – –
(ii) Fixed Maturity Plan (FMP)

Regular Growth 9,999,500 1,110.63 9,999,500 1,057.08
SBI Fixed Maturity Plan FMP - Series 41 1498 days Direct
Growth 9,999,500 1,114.87 9,999,500 1,059.24
Regular Growth 4,999,750 555.37 4,999,750 527.23
Direct Growth 4,999,750 556.98 4,999,750 528.01
Regular Growth 7,499,625 825.74 7,499,625 783.52
Direct Growth 7,499,625 828.02 7,499,625 784.56
Regular Growth 12,499,375 1,374.28 12,499,375 1,303.20
Direct Growth 12,499,375 1,377.98 12,499,375 1,304.85
days Direct Growth 9,999,500 1,103.78 9,999,500 1,042.26
days Regular Growth 9,999,500 1,101.97 9,999,500 1,041.48
Regular Growth 4,999,750 550.34 4,999,750 521.86
Direct Growth 4,999,750 551.86 4,999,750 522.51
Kotak FMP Series 292 1735 days Regular Growth 9,999,500 1,087.03 9,999,500 1,030.27
Kotak FMP Series 292 1735 days Direct Growth 9,999,500 1,092.03 9,999,500 1,032.23
SBI FMP Series 78 - 1170 Days Direct Growth 7,499,625 755.74 – –
SBI FMP Series 78 - 1170 Days Regular Growth 7,499,625 752.83 – –
DSP FMP Series 270 - 1144 Days Direct Growth 7,499,625 755.26 – –
DSP FMP Series 270 - 1144 Days Regular Growth 7,499,625 753.10 – –
HDFC FMP 1269 Days March 2023 Direct Growth 4,999,750 501.06 – –
HDFC FMP 1269 Days March 2023 Regular Growth 4,999,750 500.57 – –
KOTAK FMP Series 310 - 1131 Days Direct Growth 7,499,625 751.23 – –
KOTAK FMP Series 310 - 1131 Days Regular Growth 7,499,625 750.73 – –
ABSL Fixed Term Plan - Series - UJ 1110 Days Direct
Growth 7,499,625 750.72 – –

(` in lakhs)
No. of No. of
ABSL Fixed Term Plan - Series - UJ 1110 Days Regular
Growth 7,499,625 750.38 – –
Nippon India Fixed Horizon Fund XLV - Series 4 Direct
Growth 7,499,625 750.50 – –
Nippon India Fixed Horizon Fund XLV - Series 4 Regular
Growth 7,499,625 750.14 – –
(iii) EXCHANGE TRADED FUND (ETF)
Edelweiss Mutual Find - Bharat Bond ETF - April 2025 246,508 2,815.41 246,508 2,672.54
Nippon India ETF Nifty SDL - 2026 Maturity 3,500,000 4,002.68 3,500,000 3,782.45
Axis AAA Bond PLUS SDL ETF - 2026 15,000,000 1,673.94 15,000,000 1,582.50
(iv) GILT FUND
Bandhan CRISILIBX Gilt 2027 Index Fund Direct Growth 9,817,484 1,098.07 9,817,484 1,037.12
Bandhan CRISILIBX Gilt 2027 Index Fund Regular Growth 9,822,016 1,093.37 9,822,016 1,034.99
(v) MARKET LINK DEBENTURES
Aditya Birla Finance Limited MLD 200 2,098.24 – –
L&T FINANCE LIMITED MLD SR C FY 22 23 BR NCD
24AG24 200 2,097.84 – –
L&T FINANCE LIMITED MLD SR M BR NCD 20JU25 95 971.51 – –
MAHINDRA AND MAHINDRA FINANCIA 1,500 1,523.26 – –
KOTAK MAHINDRA INVESTMENTS LTD 1,500 1,523.10 – –
SBI FMP - Direct Grwoth LD 605G – – 59.21
SBI FMP - Regular Grwoth L 605G – – 58.85
Sub Total - (C) 53,506.30 26,909.66
Total Investments measured at FVTPL (A+B+C) 60,737.62 34,218.29
Aggregate amount of quoted investments 768.63 1,026.18
Aggregate amount of unquoted investments 59,968.99 33,192.11
Total other Investments 60,737.62 34,218.29
7 TRADE RECEIVABLE (` in lakhs)

Non-Current As at 31st March, 2023 As at 31st March, 2022
(Unsecured, considered good measured at amortised cost)
Trade Receivable (Includes retention money) 453.02 163.09
Total 453.02 163.09
Trade Receivable ageing Schedule for the year ended as at 31st March, 2023 and 31st March, 2022 :
Not Due Less Than 6 6 months - 1-2 years 2-3 years More than Total
months 1 year 3 years
considered good 191.13 – 0.17 0.30 152.17 – 343.77
7.78 75.61 48.48 31.23 – – 163.09
(ii) Disputed Trade receivables -
Credit impaired – – – – – 109.25 109.25
– – – – – – –
Total 191.13 – 0.17 0.30 152.17 109.25 453.02
7.78 75.61 48.48 31.23 – – 163.09
8 LOANS - NON CURRENT
(i) Staff loans 368.53 229.55
(ii) Other Loans 21.52 102.11
Total 390.05 331.66

(` in lakhs)
9 OTHER NON-CURRENT FINANCIAL ASSETS As at 31st March, 2023 As at 31st March, 2022
Security Deposits 497.52 419.73
Other Deposit 163.57 211.67
Bank Deposits with maturity of more than 12 months – 37.17
(Above bank deposits are pledged as margin money)
661.09 668.57
10 OTHER NON-CURRENT ASSETS

Taxes Receivable (other than Income Tax) 619.74 619.74
Capital Advances 97.52 46.36
Other Non-Current Assets* 824.93 73.52
Total 1,542.19 739.62
* Other Non-Current Assets includes advance to a
Partnership Firm i.e. Sopan D. Patil & GWRL 21.20 21.20
11 INVENTORIES - CURRENT ASSET

Raw Materials 6,459.76 5,862.23
FG stock GIT (USA and Chile) 1,695.29 1,845.24
Stores, Spares, Fuel and Packing Materials 2,903.84 3,017.35
Total 21,437.22 22,393.43
Note:
11.1 For details of inventories pledged refer Note 26 and refer Note 2.8 for basis of valuation.
11.2 There was no material difference between books of accounts and the monthly returns or statements of
current assets filed by the Company with banks.
(` in lakhs)
No. of No. of
12 INVESTMENTS - CURRENT Shares/units Amount Shares/units Amount
(a) INVESTMENTS IN MUTUAL FUNDS
(i) DEBT MUTUAL FUND
ICICI Prudential Saving Fund Growth – – 153,450 665.00
Sundaram Corporate Bond Fund CBDG Direct Growth – – 3,705,900 1,240.36
IDFC Banking & PSU Debt Fund -Regular Plan Growth – – 3,051,236 610.75
IDFC Banking & PSU Debt Fund - Direct Plan Growth – – 3,021,641 616.39
HDFC Bank FMP 1100D – – 5,000,000 617.51
Aditya Birla Sun Life Fixed Term Plan Series RC (1295 days) – – 20,000,000 2,589.48
L&T FMP Series XVIII - Direct plan 1155D Growth – – 5,000,000 633.68
L&T FMP Series XVIII - Regular plan Growth – – 5,000,000 630.70
SBI FMP Ser 9 R Plan 1178 DAYS Regular Growth – – 5,000,000 608.29
SBI FMP Ser 9 R Plan 1178 DAYS Direct Growth – – 5,000,000 612.54
SBI FMP Ser 11 Plan 1178 DAYS Regular Growth – – 5,000,000 607.00
SBI FMP Ser 11 Plan 1178 DAYS Direct Growth – – 5,000,000 611.15
ICICI FMP - Plan Series 85 - 1127 Days Q – – 15,000,000 1,860.59
HDFC FMP 1381D Direct Plan Growth – – 20,000,000 2,681.06
Kotak FMP Series 261 Growth – – 10,000,000 1,270.71
Sub-total (a) – – 15,855.21
(b) FIXED DEPOSITS WITH NBFCs
Shriram Transport Finance Company Limited 1,000.00 2,001.00
Sub-total (b) 1,000.00 2,001.00
Total Current Investments (a+b) 1,000.00 17,856.21

(` in lakhs)
13 TRADE RECEIVABLES
(a) Receivable from parties other than related parties
Unsecured, Considered Good 23,403.56 25,819.24
Less: Provision for expected credit loss – (25.27)
23,403.56 25,793.97
Unsecured, Credit impaired 232.84 (229.06)
Less: Provision for credit impairment (232.84) 229.06
– –
(b) Receivable from related parties – –
Garware Technical Fibres US INC – –
Garware Technical Fibres Chile SPA – –
– –
Total 23,403.56 25,793.97
Before accepting any new customer, the company has appropriate levels of control procedures which ensures the
potential customer's credit quality and the same are periodically reviewed by the management.
Movement in allowance for doubtful debts
Balance at the beginning of the year 254.33 177.76
Allowance for doubtful debts during the year – 76.57
Reversal of allowance for doubtful debts during the year (21.49) –
Balance at the end of the year 232.84 254.33
Ageing Schedule of Trade Receivables for the year ended as at 31st March, 2023 and 31st March, 2022 :
Not Due Less Than 6 months - 1-2 years 2-3 years More than Total
6 months 1 year 3 years
considered good 16,098.78 5,489.94 779.72 380.56 62.27 41.16 22,852.43
18599.00 5933.59 408.73 288.16 229.84 234.66 25693.98
(ii) Undisputed Trade receivables
considered Credit Impaired – – – – – 377.58 377.58
– – – – – 353.32 353.32
(iii) Disputed Trade receivables -
Credit impaired – – – – – 406.39 406.39
– – – – – 1.01 1.01
Total Trade Receivables (gross) 16,098.78 5,489.94 779.72 380.56 62.27 825.14 23,636.40
18599.00 5933.59 408.73 288.16 229.84 588.99 26048.30
Less: Provision for expected
Credit Loss/Credit Impairment (232.84)
-254.33
Total Trade Receivables (net) 23403.56
25793.97
14 (A) CASH AND BANK BALANCES

Cash on hand 15.32 20.77
Balances with banks in current accounts 2,081.40 3,884.97
In Deposits Accounts with maturity less than
three months in Liquid Fund 2,065.00 –
Total Cash and Cash Equivalents (A) 4,161.72 3,905.74

(` in lakhs)
(B) BANK BALANCES OTHER THAN CASH AND CASH
EQUIVALENTS
Unpaid dividend accounts 71.71 73.94
Inaccessible balance in bank account 34.24 34.24
Pledged Term Deposits with maturity less than three months 275.05 33.38
Term Deposit with maturity above three months and less
than twelve months 38.87 –
Total Bank balances other than cash and cash
equivalents (B) 419.87 141.56
Total (A+B) 4,581.59 4,047.29
15 LOANS
Measured at amortised cost
Unsecured, considered good
Staff Loan 20.52 194.04
Total 20.52 194.04
16 OTHER FINANCIAL ASSET
Security Deposit 314.91 259.63
Other Financial Assets 311.03 51.57
Interest Accrued on Other Deposits 64.65 97.07
Total 690.59 408.27
17 OTHER CURRENT TAX ASSET (NET)
Advance Tax and Tax Deducted at Source (net of provision) 341.46 104.94
Total 341.46 104.94
18 OTHER CURRENT ASSET
Balance with Government authorities 7,206.50 8,885.62
Trade Advances 1,193.14 975.84
Prepayments 201.41 183.89
Advance to Employees 126.17 72.39
Others 777.47 467.56
Total 9,504.68 10,585.30

19 EQUITY SHARE CAPITAL
No. of Shares Amount No. of Shares Amount
a) Authorised Share Capital
i) Equity Shares of ` 10/- each 50,000,000 5,000.00 50,000,000 5,000.00
ii) Unclassified Shares of ` 10/- each 10,000,000 1,000.00 10,000,000 1,000.00
60,000,000 6,000.00 60,000,000 6,000.00
b) Issued, Subscribed and Fully Paid up
Equity Shares of ` 10/- each 20,378,169 2,037.82 20,618,169 2,061.82
20,378,169 2,037.82 20,618,169 2,061.82
i) Reconciliation of Number of Shares
Equity Shares
Opening Balance 20,618,169 2,061.82 20,618,169 2,061.82
Changes during the year* (240,000) (24.00) – –
Closing Balance 20,378,169 2,037.82 20,618,169 2061.82
ii) Rights, Preferences and restrictions attached to Equity Shares:

The Company has only one class of equity shares having a par value of ` 10 per Share. Each shareholder of
equity shares is entitled for one vote per share. The Dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the Annual General Meeting . In the event of liquidation of the Company, the
Shareholders of equity shares are eligible to receive remaining assets of the Company, in proportion of their
shareholding, after distribution of all preferential amounts, if any.

(` in lakhs)
iii) Details of Shareholders holding more than 5% Shares As at 31st March, 2023 As at 31st March, 2022
in the Company
Equity Shares
Mr. V. R. Garware* 1,317,347* 3,355,739**
6.46% 16.28%
Garware Capital Markets Limited 3,568,170 3,568,170
17.51% 17.31%
The above Shareholding represents the legal ownership of shares

* Out of 13,17,347 equity shares, 20 Equity Shares are held by Mr. V. R. Garware, on behalf of Trusts.
** Out of 33,55,739 equity shares, (1) 19,94,084 Equity Shares were registered in the name of Mr. V. R. Garware as
Partner of Partnership Firms. Beneficial interest in the said shares was held by the Partnership firms. (2) 20 Equity
Shares were held by Mr. V. R. Garware, on behalf of Trusts.
iv) In the period of five years immediately preceding 31st March, 2023:
During the year ended 31st March, 2023, the Company has bought back 2,40,000 equity shares of ` 10/- each under the
buyback offer
During the year ended 31st March, 2021, the Company has bought back 3,17,391 equity shares of ` 10/- each under the
buyback offer
During the year ended 31st March, 2021, the Company has made Reduction of capital of 9,46,500 equity shares of
` 10/- each, held by GWRL managerial staff welfare trust.
v) Share held by the promoters at end of the year:

Sr. Name No. of Shares % of total Share % change
No during the year
31.03.2023 31.03.2022 31.03.2023 31.03.2022 31.03.2023
Promoter
1 Mr. V. R. Garware 1,317,327 1,361,635 6.46 6.60 (0.14)
Promoter group
2 Mrs. M. V. Garware 10 10 0.00 0.00 0.00
3 Garware Capital Markets Limited 3,568,170 3,568,170 17.51 17.31 0.20
4 VMIR Investment Limited 922,211 922,211 4.53 4.47 0.05
5 VRG Investments Limited 881,400 881,400 4.33 4.27 0.05
6 Vimlabai Garware Research Institute 554,339 554,339 2.72 2.69 0.03
Private Limited
7 Moonshine Investments and Trading 457,945 457,945 2.25 2.22 0.03
8 Manmit Investments and Trading 284,185 284,185 1.39 1.38 0.02
9 Sanand Investments and Trading 275,032 275,032 1.35 1.33 0.02
10 Sukukar Holdings and Trading Company 256,600 256,600 1.26 1.24 0.01
Private Limited
11 Starshine Comtrade Private Limited 201,720 201,720 0.99 0.98 0.01
12 Gurukrupa Comtrade Private Limited 89,079 89,079 0.44 0.43 0.01
13 Garware Research Institute 2,300 2,300 0.01 0.01 0.00
14 Ramesh Trading Co., through its Partner 1,072,326 1,108,393 5.26 5.38 (0.11)
15 Sunita Trading Co. , through its Partner 856,870 885,691 4.20 4.30 (0.09)
16 Vayu Ramesh Garware on behalf of VRG 10 10 0.00 0.00 0.00
Family Trust
17 Vayu Ramesh Garware on behalf of Vayu 10 10 0.00 0.00 0.00
Garware Family Trust

(` in lakhs)
20 OTHER EQUITY As at 31st March, 2023 As at 31st March, 2022

RETAINED EARNINGS 87,754.02 72,242.93
OTHER RESERVES
(a) Capital Reserve 294.38 294.38
(b) Capital Redemption Reserve 238.37 214.37
(c) Share Premium 102.74 125.56
(d) General Reserve 10908.51 22,086.65
(e) Foreign Currency Translation Reserve 303.71 32.82
Total 11,847.71 22,753.78
Grand Total 99,601.73 94,996.71
Capital Reserve : On Account of forfeiture Share ` 12.32 lakhs in 2094-95, ` 12.43 lakhs in 2004-05; reduction
shares 9,46,500 shares of ` 10/- each of GWRL managerial staff welfare trust ` 94.65 lakhs and US Subsidiary reserve
` 127.50 lakhs
Capital Redemption reserve : The Company has bought back 90,193 shares in 2014-15; 17,36,097 shares in 2013-14;
3,17,391 shares in 2020-21 and 2,40,000 shares in 2022-23 of ` 10/- each
Share Premium Account : Related to Forfeited shares
General Reserve : General reserve is created time to time by way of transfer of profit from Retained Earning for
appropriation purpose.
Foreign Currency Translation Reserve : Related to foreign currency translation of Chile and USA subsidiary
21 NON-CURRENT TRADE PAYABLE
Measured at Amortised Cost
Retention money payable 271.13 333.31
Total 271.13 333.31
Not Due Less Than 1 year 1-2 years 2-3 years More than 3 years Total
(i) Undisputed dues - MSME – – – – – –
– 0.44 – – – 0.44
(ii) Undisputed dues - Others 271.13 – – – – 271.13
332.87 – – – – 332.87
Total 271.13 – – – – 271.13

332.87 0.44 – – – 333.31
Security Deposit from Contractor 406.83 301.26
406.83 301.26
59.80 –
24 NON CURRENT PROVISIONS
Provision for Employee Benefits * 806.35 754.16
Total 806.35 754.16
* Provision for employee benefits includes provision for
Leave encashment, Super annuation and Gratuity (refer Note No. 41)
25 DEFERRED TAX (ASSET) / LIABILITIES
Deferred Tax relates to the following
Depreciation and Amortisation 2,906.51 2,984.20
Employee Benefit Obligation (233.60) (207.61)
Provision for Doubtful Debts (140.66) (29.61)
Financial Asset / Liabilities measured at FVTPL 551.92 545.82
Financial Asset / Liabilities measured at FVOCI 7.70 78.84
Financial Asset / Liabilities measured at Amortised Cost – –
Others (45.20) (20.67)
Deferred Tax Liability (Net) 3,046.66 3,350.97

(` in lakhs)
26 BORROWING-CURRENTS
Secured (at amortised cost)
- From banks
Working Capital Facilities 13,286.35 7,957.29
Total 13,286.35 7,957.29
Note :
Loans availed from Bank of India Consortium are secured by a first charge , pari passu, by way of hypothecation of
the Company's current assets, viz. raw materials, stock-in-process, semi-finished goods, finished goods, stores &
spares (not relating to Plant & Machinery), bills receivable, and book debts. Secured loan including post shipment
credit carries an interest rate ranging from 5.95% to 6.45 % p.a. for repayments on various dates ranging up to 180 days.
27 CURRENT FINANCIAL LIABILITIES

Lease Liabilities Refer note 52 9.18 -
9.18 -
28 TRADE PAYABLE-CURRENT
Outstanding dues of Micro Enterprises & Small
Enterprises 124.18 140.49
Outstanding dues of creditors other than Micro
Enterprises & Small Enterprises 19,264.05 20,909.08
Total 19,388.23 21,049.57

Note:
Refer Note 46 for discussion on company's credit risk management policies and procedures.
Not Due Less Than 1-2 years 2-3 years More than Total
1 year 3 years
(i) Undisputed dues - MSME 122.34 1.84 – – – 124.18
135.52 4.91 0.06 – – 140.49
(ii) Undisputed dues - Others 12,694.23 6,190.28 142.38 42.26 124.54 19193.70
16,635.80 3,815.83 119.92 60.69 119.99 20752.22
(iii) Disputed dues - MSME – – – – – –
– – – – – –
(iv) Disputed dues - Others – – – – 70.35 70.35
– – – – 156.87 156.87
Total 12,816.57 6,192.12 142.38 42.26 194.89 19388.23
16,771.32 3,820.74 119.98 60.69 276.86 21049.57
29 OTHER CURRENT FINANCIAL LIABILITIES

Payable to Employees 1,575.91 1,304.77
Unpaid Dividend (refer note below) 71.71 73.94
Security deposit from Customer 146.50 144.60
Other Payables 379.04 548.08
Total 2,173.16 2,071.39
Note: In respect of unclaimed dividend, the actual amount is transferred to investor protection fund on the determined
due date.

(` in lakhs)
30 OTHER CURRENT LIABILITY As at 31st March, 2023 As at 31st March, 2022

Unearned revenue* 4,214.13 4,500.09
Advance received from Customers 3,194.07 3,109.41
Statutory dues and other liabilities 363.08 408.25
Total 7,771.28 8,017.75
* Includes Discount and Commission.
31 CURRENT PROVISIONS
Provision for Employee Benefits* 428.67 465.02
Total 428.67 465.02
* Provision for employee benefits includes provision for Leave Encashment, Super Annuation and Gratuity (refer Note No. 41)
32 CURRENT TAX LIABILITY (NET)
Provision for Taxation (net of Advance Tax and Tax Deducted
at Source) 29.80 148.63
Total 29.80 148.63
(` in lakhs)
33 REVENUE For the year ended For the year ended
Sale of Products and Services 31st March, 2023 31st March, 2022
Manufactured Goods 118,239.82 110,311.66
Traded Goods 3,298.52 1,587.67
Contracts for Supply & Installation 7,052.35 5,259.63
Other operating Revenue
Sale of Scrap 1,090.86 1,000.76
Sale of Raw Material 757.53 527.01
Miscellaneous Receipts 115.77 253.14
1,964.16 1,780.91
Total 130,554.85 118,939.87
Disaggregation of revenue
Revenue based on Geography
Domestic 49,879.10 41,872.04
Export 80,675.75 77,067.83
Revenue from operations 130,554.85 118,939.87
Revenue based on Business Segment
Synthetic Cordage 109,851.79 102,591.80
Fibre and Industrial Products & Projects 20,703.06 16,348.07
Reconciliation of Revenue from operations
with contract price
Contract Price 131,406.36 119,894.18
Less:- Discounts and Incentives (851.51) (954.31)
34 OTHER INCOME
Interest income from financial asset carried at amortised cost
Bank deposits 329.63 366.27
From other financial assets 15.54 26.16
Dividend income from equity investments designated at
FVTOCI – 13.17
Fair Value Gain at financial instruments at FVTPL 187.44 1,940.18
Fair Value Gain at financial instruments at Amortised cost 2,060.28 –
Gain on sale/redemption of investments 197.54 208.21
Other non-operating income 0.05 –
Total 2,790.48 2,554.00

(` in lakhs)

35 COST OF MATERIAL CONSUMED
Opening Stock at the beginning of the year 5,862.23 6,232.60
Add : Purchases 37,017.14 34,411.19
Less : Closing Stock at the end of the year (6,459.76) (5,862.23)
Total 36,419.61 34,781.56
36 CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND TRADED GOODS
(a) Opening Stock at the beginning of the year

13,514.63 10,531.39
(b) Closing Stock at the end of the year
12,073.62 13,514.62
Net Total (Increase) / Decrease 1,441.01 (2,983.23)
37 EMPLOYEE BENEFIT EXPENSES

Salaries, Wages and Bonus 14,966.36 13,272.91
Contribution to Provident and other Funds (Note No. 38) 851.72 820.35
Staff Welfare 867.65 888.69
Total 16,685.74 14,981.95
38 FINANCE COST
Interest expenses on borrowings * 817.57 776.83
Interest expense on Lease Liability 1.89 –
Bank charges 375.85 280.48
Total 1,195.32 1,057.31
* Interest expenses includes ` 425.55 lakhs (Previous year ` 433.93 lakhs) on account of interest on borrowings from
related parties.
39 OTHER EXPENSES
Stores and Spares consumed 5,795.67 6,936.28
Master Batch and Additive consumed 3,153.83 2,647.15
Packing materials consumed 1,526.36 1,567.52
Power, Fuel and Water Charges 4,386.10 4,091.15
Processing and Testing Charges 10,727.95 10,963.95
Installation Contract related expenses 2,813.02 1,954.70
Administrative, Selling and General Expenses -
Advertisement & Sales Promotion expenses 890.39 655.26
Rent 549.76 489.00
Rates, Taxes and Octroi 208.04 155.24
Insurance 395.06 339.54
Transport and Forwarding Charges -Export 7,845.22 8,889.23
Transport and Forwarding Charges - Domestic 2,350.51 2,433.54

(` in lakhs)

Repairs and Maintenance
Buildings 66.80 39.57
Plant and Machinery 1,461.19 1,814.12
Others 541.96 450.47
Travelling Expenses 1,637.11 719.19
Discount and Commission on sales 650.99 379.75
Bad Debts 105.03 51.37
Legal and Professional Charges 2,717.03 1,627.26
Auditors' Remuneration
Audit Fees 14.45 16.95
Fees for other Services 43.85 25.43
Out of pocket expenses 3.43 2.13
Establishment and other miscellaneous expenses 1,974.50 1,814.79
Exchange ( Gain ) / Loss (net) (1,221.18) (1,766.96)
Directors' Fees 6.40 7.00
Corporate Social Responsibility 339.84 320.04
Managerial Remuneration – –
(Profit) / Loss on Fixed Assets Discarded 28.16 21.10
Total 48,989.97 46,721.34
Detail of CSR Expenditure;
Amount required to spent during the year 320.04 284.86
Amount spent during the year 165.43 65.13
Amount transferred as per statutory requirement to be spent in next year 154.61 219.73
Research and development cost

The company has incurred expenses on research and development at research and development facilities (Chinchwad
and Wai Plant) approved and recognised by the Ministry of Science and Technology, Government of India (DSIR).
Revenue expenditure charged to statement of profit and loss 1,040.93 924.67

Capital expenditure 72.36 43.53
40 Income taxes
The major components of income tax expenses for the year ended 31st March, 2023 & 31st March, 2022.
Statement of Profit and Loss:

Current income tax charges
Current income tax 5,397.32 5,390.72
Deferred tax
Relating to origination and reversal of temporary differences (299.46) (227.47)
Income tax expenses reported in the Statement of profit and loss 5097.86 5,163.25
Other comprehensive income

Net gain or loss on remeasurements of defined benefit plans (26.43) (82.18)
Income tax related to items that will not be reclassified to profit or loss 7.70 12.15
Deferred tax charged / (Credited) in other comprehensive income (265.51) (69.16)

Reconciliation of tax expenses and accounting profit multiplied by India's domestic tax rate for the year ended
31st March, 2023 & 31st March, 2022.
(` in lakhs)
Particulars For the year ended For the year ended
Accounting profit before tax (before exceptional items) 22,317.83 21,641.31
At India's statutory income tax rate of 25.168% 5,616.95 5,446.68
Fair value gain of FVTOCI investment Dividend income (615.42) (540.71)
Difference in book and IT depreciation 47.36 53.01
Others (65.40) 77.72
Tax on Capital gain income 413.82 354.02
Income Tax expenses reported in the Statement of Profit and Loss (A) 5,397.32 5,390.72
Tax Expenses recognised in Statement of Profit and Loss
Incremental Deferred Tax Liability on account of Property, Plant and
Equipment and Intangible Assets 142.68 (15.15)
Incremental Deferred Tax Liability / (Asset) on account of
Financial Assets and Other items (442.14) (212.32)
Deferred Tax Provision (B) (299.46) (227.47)
Total Expenses recognised in Statement of Profit and Loss (A+B+C) 5,097.86 5163.25
Appeals filed against income tax assessment orders for AY 2013-14 to AY 2019-20 are pending before the first appellate
authority as on 31st March 2023.
41 Gratuity
The Company operates a defined benefit plan viz. gratuity for its employees. Under the gratuity plan, every employee who
has completed at least specified years of service gets a gratuity on departure @ 15 days (minimum) of the last drawn salary
for each completed year of service. The scheme is funded with an insurance Company in the form of qualifying insurance
policy. The fund has formed a trust and it is governed by the Board of Trustees.
The fund is subject to risks such as asset volatility, changes in bond yields and asset liability mismatch risk. In managing
the plan assets, Board of Trustees reviews and manages these risks associated with the funded plan. Each year, the Board
of Trustees reviews the level of funding in the gratuity plan. Such a review includes asset-liability matching strategy and
investment risk management policy (which includes contributing to plans that invest in risk-averse markets). The Board
of Trustees aim to keep annual contributions relatively stable at a level such that no plan deficit (based on valuation
performed) will arise.
I Changes in the net benefit obligation and fair value of plan assets are as follows : (` in lakhs)
Particulars Present value Fair value of Net amount
1st April, 2021 2,834.99 (2,095.84) 739.15
Actuarial (Gains)/Losses on Obligations - Due to Experience 210.26 – 210.26
in Demographic Assumptions (3.03) – (3.03)
Return on Plan Assets, Excluding Interest Income (15.60) (15.60)
Total amount recognised in Other Comprehensive Income 97.78 (15.60) 82.18
31st March, 2022 3,086.79 (2,700.82) 385.97

(` in lakhs)
Present value Fair value of Net amount

Particulars
Actuarial (Gains)/Losses on Obligations - Due to Experience (18.64) – (18.64)
in Demographic Assumptions – – –
Return on Plan Assets, Excluding Interest Income – 111.14 111.14
Total amount recognised in Other Comprehensive Income (84.71) 111.14 26.43
31st March, 2023 3,267.47 (2,960.54) 306.93
II The net liability disclosed above relates to funded plans are as follows : (` in lakhs)
Present value of funded obligation (3,267.47) (3,086.79) (2,834.99)

Fair value of plan assets 2,960.54 2,700.82 2,095.84
Funded Status (Surplus / (Deficit)) (306.93) (385.97) (739.15)
III Significant estimates

The principal actuarial assumptions were as follows :
Discount rate 7.50% 7.23% 6.80%
Salary growth rate 5.00% 6.00% p.a. for the next 2 years, 6.00% p.a. for the next 2 years,
5% p.a. thereafter, 5% p.a. thereafter,
starting from the 3rd year starting from the 3rd year
Normal retirement age 58/60 years 58/60 years 58/60 years
Indian Assured Indian Assured Indian Assured
Mortality table Lives Mortality Lives Mortality Lives Mortality
(2012-14) Urban (2012-14) Urban (2012-14) Urban
Employee turnover 2.00% 2.00% 2.00%
IV Sensitivity analysis
The sensitivity of defined obligation to changes in the weighted principal assumptions is:
Assumption Impact on defined benefit obligation
Discount rate
1.00% increase Decrease by 226.49 Decrease by 232.15
1.00% decrease Increase by 256.33 Increase by 264.46
Future salary increase
Attrition Rate

The above sensitivity analysis is based on a change in assumption while holding all other assumptions constant. In
practice, this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the
sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of
defined benefit obligation calculated with the Projected Unit Credit Method at the end of the reporting period) has
been applied as when calculating the defined benefit liability recognised in the balance sheet.
The method and types of assumptions used in preparing the sensitivity analysis did not change compared to the
previous periods.
The following are the expected cash flows to the defined benefit plan in future years: (` in lakhs)

Within next 12 months 298.76 240.72
Between 1-10 years 2680.03 2319.20
11 years & above 3423.39 3651.34
V The major categories of plan assets are as follows: (` in lakhs)

Investments with Insurer (LIC of India) 0.01% 0.01%
HDFC Standard Life Insurance 99.99% 99.99%
42 Segment Reporting
(a) The Company's operating businesses are organized and managed separately according to the nature of products and
services provided, with each segment representing a strategic business unit that offers different products and serves
different markets. These business segments are : 1. Synthetic Cordage 2. Fibre and Industrial Products & Projects.
Segments based on the location of the customers are identified as Secondary Segments.
(b) Segment Accounting Policies are the same as those used in the preparation of the Financial Statements. The company
generally accounts for inter-segment sales and transfers at cost plus appropriate margins.
(c) The segment revenues and segment expenses are directly attributable to the segments, except certain expenses which
are not allocated to any segments by using appropriate basis. All other expenses which are not attributable or
allocable to the segments have been disclosed as unallocable expenses.
(d) The segment assets and liabilities are directly attributable to the segments, except certain assets and liabilities which
are allocated to the segments using appropriate basis. All other assets and liabilities are disclosed as unallocable.
(` in lakhs)
i) Primary Segment Report Year 2022-2023 Year 2021-2022
Particulars Synthetic Fibre and Unallocated Total Synthetic Fibre and Unallocated Total
Cordage Industrial Cordage Industrial
Products Products
& Projects & Projects
i) Segment Revenue 109,899.71 22,701.36 – 132,601.07 103,032.09 18,420.07 – 121,452.16

Inter-segment revenue (551.19) (1,495.03) – (2,046.22) (440.23) (2,072.00) – (2,512.29)
Sales/Income From operations 109,348.52 21,206.33 – 130,554.85 102,591.80 16,348.07 – 118,939.87
ii) Depreciation and amortization 1,991.38 237.61 1.76 2,230.75 1,905.84 240.14 – 2,145.98
iii) Segment Result 21,909.31 2,639.82 – 24,549.13 21,356.12 2,212.56 – 23,568.68
Less -
i) Interest (1,195.32) (1,057.31)
ii) Other Unallocable
expenditure net of
unallocable (income) (1,035.99) (870.06)
Total profit before tax 22,317.83 21,641.31
iv)Segment Assets 61,580.68 10,332.57 77,403.76 149,317.00 63,388.92 10,760.27 67,358.69 141,507.88
v) Segment Liabilities 26,224.42 4,808.97 16,644.08 47,677.46 27,370.89 5,375.57 11,702.90 44,449.36

Reconciliation of Profit (` in lakhs)

Segment Profit 24,549.13 23,568.68
Other Income 2,785.22 2,554.00
Finance Cost (1,187.46) (1,057.31)
Other Corporate Costs (3,829.06) (3,434.06)
Profit Before Tax and discontinued operations 22,317.83 21,641.31
Reconciliation of Assets (` in lakhs)
Segment operating assets 71,913.25 74,149.29

Investments 61,738.62 52,075.50
Cash and bank balances 4,581.59 4,047.30
Balances with government authorities 7,206.50 8,885.62
Other unallocable assets 3,877.05 2,350.27
Total assets 149,317.00 131,887.78
Reconciliation of liabilities (` in lakhs)
Segment operating liabilities 31,033.38 32,746.46

Borrowings 13,286.35 7,957.29
Income tax liabilities (Net) 3,076.46 3,499.61
Other unallocable liabilities 281.26 246.00
Total liabilities 47,677.46 50,777.08
ii) Information about geographic segment

Revenue from external customers (` in lakhs)
India 49,879.10 41,872.04

Outside India 80,675.75 77,067.83
Total 130,554.85 118,939.87
iii) Notes :
The business segments viz. 'Synthetic Cordage' and 'Fibre and Industrial Products and Projects' are considered as the
primary segments. Synthetic Cordage comprises of Ropes, Twines and Nettings made of Twine. Fibre and Industrial
Products & Projects segment comprises of Fibre, Synthetic Fabric, Yarn, Woven and Non-Woven Textiles, Secugrids,
Coated steel gabions, Machinery and project. Inter-segment sales are accounted for at market value.
The Geographical Segments on the basis of location of customers are considered as secondary segments. Sales are
recognised as sales to customers in India and sales to customers outside India. As the Company has integrated
manufacturing facilities, it is not possible to directly attribute or allocate on a reasonable basis, the expenses, assets
and liabilities to the Geographical Segment.

43 DISCLOSURE OF THE TRANSACTIONS WITH RELATED PARTIES, FOR THE YEAR ENDED ON
31ST MARCH, 2023
(I) List of Related Parties & Relationship :
A. Subsidiaries
1. Garware Technical Fibres USA Inc. 2. Garware Technical Fibres Chile SpA
3. Garware Environmental Services Pvt. Ltd. 4. Garware Technical Textile Pvt. Ltd.
5. Garware Technical Fibres Foundation
B. Associate Company
1. Garware Meditech Pvt. Ltd.
C. Executive Directors - Key Managerial Personnel
1. Mr. V. R. Garware
D. Non Executive Directors
1. Mrs. M. V. Garware 2. Mr. R. M. Telang - Independent Director
3. Mr. S. P. Kulkarni - Independent Director 4. Dr. S. S. Rajpathak - Independent Director
5. Ms. Mallika Sagar - Independent Director
E. Enterprises over which control is exercised by the individual listed at 'C' above
1. Garware Capital Markets Ltd. 2. VMIR Investment Ltd.
3. VRG Investments Ltd. 4. Vimlabai Garware Research Institute Pvt. Ltd.
5. Moonshine Investments & Trading Company Pvt. Ltd. 6. Manmit Investment & Trading Company Pvt. Ltd.
7. Sanand Investments & Trading Company Pvt. Ltd. 8. Sukukar Holdings & Trading Company Pvt. Ltd.
9. Starshine Comtrade Pvt. Ltd. 10. Gurukrupa Comtrade Pvt. Ltd.
11. Garware Research Institute 12. Garware Infrastructure Pvt. Ltd
13. VRG Business Ventures Pvt. Ltd. 14. Vallabhi Tradecom LLP.
15. Ramesh Trading Company 16. Sunita Trading Company
17. VG Trading Company 18. VRG Trading Company
19. Vayu Garware Family Trust 20. VRG Family Trust
21. VG Family Trust 22. Vayu Garware 2 Family Trust
23. VRG 2 Family Trust 24. Vayu Garware 3 Family Trust
25. VRG 3 Family Trust 26. Consolidated Agricultural & Dairy Farming Co. Pvt. Ltd
(II) Following are the transactions with the related parties mentioned in A, B, C, D and E above during the
year ended on 31st March, 2023: (` in lakhs)
Sr. Particulars Subsidiaries/ Associate Enterprises Owned or Executive Non-Executive Total
No. Joint Venture Companies significantly Influenced by Directors - Key Directors
Companies Key Management Personnel Management
or Their Relatives Personnel
Transactions with Related Parties
1 Deposit Received – – 3,995.00 – – 3,995.00
– – 4,038.00 – – 4,038.00
2 Deposit Refund – – 3,995.00 – – 3,995.00
– – 4,038.00 – – 4,038.00
3 Interest paid on Deposits – – 425.55 – – 425.55
– – 433.93 – – 433.93
4 Director Remuneration* – – – 1,007.65 – 1,007.65
– – – 992.76 – 992.76
5 Directors Sitting Fees – – – – 6.40 6.40
– – – – 7.20 7.20
6 Dividend paid – – 664.10 95.31 0.02 759.43
– – 237.18 34.04 0.01 271.23
Balance as on 31st March, 2023
7 Balance (Payable) / Receivable * – – – (400.00) – (400.00)
– – – (670.00) – (670.00)
Note:
* The above figures do not include provision for leave encashment and gratuity fund, as separate figures are not available for the
Executive Director - Key Management Personnel.
* Includes commission paid / payable to Executive Director - Key Management Personnel ` 400 lakhs (Previous year ` 670 lakhs).
For Investment in related parties as at 31st March, 2023 refer Note No. 5.

(` in lakhs)

44 EARNINGS PER SHARE (EPS)
BASIC AND DILUTED EPS
Net Profit attributable to Equity Shareholders of the Company 17,219.97 16,478.09
Weighted Average No. of Equity Shares of ` 10/- each (No. in lakhs) 206.12 206.18
Basic And Diluted Earning Per Share (`) 83.54 79.92
45 CONTINGENT LIABILITIES :
In respect of matters under dispute
- Sales Tax 9.15 9.15
- BG Encashment claim 3,163.85 3,163.85
- Income tax 731.56 –
- Octroi 21.64 21.64
46 Estimated amount of contracts remaining to be executed on Capital Account and not provided for net of Advances
` 479.22 lakhs (As at 31st March, 2022 ` 569.15 lakhs).
47 INTEREST IN FIRM / JOINT VENTURE :

The Company has entered into a partnership agreement (Sopan D. Patil & GWRL J.V) in which the company holds 40%
share in profit / loss to execute Geo-Synthetics Work - Contract value worth ` 577.31 lakhs. During the year ended
31.03.2023, the said partnership has incurred a loss of ` (0) lakhs (As at 31st March, 2022 ` (0.01) lakhs).
Current assets 0.77 0.77

Non-current assets 15.40 15.40
Current liabilities – –
Non-current liabilities (21.04) (21.04)
Reserve & Surplus 4.87 4.87
– –
Revenue – –
Cost of material consumed – –
Employee benefit expenses – –
Other expenses – (0.01)
Profit / (loss) before tax – (0.01)
Income-tax expenses – –
Profit / (loss) after tax – (0.01)

48 Analytical Ratios
The following are analytical ratios for the year ended March 31, 2023 and March 31, 2022
Particulars Formula For the year For the year Variance

ended ended
31st March, 31st March,
2023 2022
A Balance Sheet related ratios:
Current Ratio* Total Current assets 60,979.62 81,383.46
1.42 2.05 (31%)
Debt-Equity Ratio ** Total borrowing 13,286.35 7,957.29
Net worth 101,639.55 97,058.53
0.13 0.08 59%
Debt Service Coverage Ratio Earnings available for debt service 20,646.03 19,681.34
Debt Service (Interest Payment + 1,195.32 1,057.31
Principal Repayment) 17.27 18.61 (7%)
Inventory turnover ratio Cost of Goods Sold 41,925.72 34,945.98
Average Inventory 21,915.33 20,717.63
1.91 1.69 13%
Trade receivable turnover ratio Total Sales 130,554.85 118,939.87
Average Trade receivables 23,856.58 25,167.21
5.47 4.73 16%
Trade payable turnover ratio Total Purchase + Other Expenses 90,072.22 84,280.18
Average Trade payable 20,521.12 23,254.65
4.39 3.62 21%
Net capital turnover ratio* Total Sales 130,554.85 118,939.87
Average Working Capital 29,783.37 39,104.31
4.38 3.04 44%
B Profit & Loss related ratios
Return on equity ratio Profit After Tax 17,219.97 16,478.06
Net worth 101,639.55 97,058.53
16.9% 17.0% 0%
Net profit ratio Profit After Tax 17,219.97 16,478.06
Sales 130,554.85 118,939.87
13.2% 13.9% (5%)
Return on capital employed Earnings Before Interest and Tax 23,513.14 22,698.61
Average Capital Employed 113,169.68 101,624.65
20.8% 22.3% (7%)
Return on investment Treasury Income 2,045.26 2,148.39
Average invested funds in treasury 49,636.08 43,942.45
investments 4.9% 4.9% 1%
* Mainly due to reduction in current investment and increase in current borrowing.
** Mainly due to increase in borrowing.
49 There have been no transactions carried out in Crypto Currency or Virtual Currency during the year, neither the Company
holds any balances in the same.

50 Transaction with struck off companies


Fairgrowth Investments Limited 60 Share holder
Wall Street Securities And Investments India Limited 20 Share holder
K P R Developers Limited 501 Share holder
Receivables NA
Payables NA
(to be specified)


Sujeer Nayak Trading Enterprises Pvt. Ltd. 208 Share holder
Receivables NA
Payables NA
(to be specified)
51 Disclosures pertaining to Corporate Social Responsibility (` in lakhs)

Amount required to be spent by the company during the year 339.83 320.04
Amount of expenditure incurred during the year on:
(i) Construction/acquisition of asset – –
(ii) On purposes other than (i) above 339.83* 320.04**
Shortfall at the end of the year – –
Total of previous years shortfall – –
Reason for shortfall NA NA
Details of related party transactions – –
Where a provision is made with respect to a liability incurred by entering into – –
a contractual obligation, the movements in the provision during the year
* Includes an amount of ` 248.27 lakhs earmarked for ongoing projects transferred to Unspent CSR Account in terms of
** Includes an amount of ` 154.62 lakhs earmarked for ongoing projects transferred to Unspent CSR Account in terms of
Nature of CSR activity:
Activities like promoting Health care, Education, Environmental Sustainability, Rural Development and Livelihood
Enhancement projects

52 DISCLOSURES ON FINANCIAL INSTRUMENTS
a. Financial Instruments by category
The following table presents the carrying amounts of each category of financial assets and liabilities as at 31st March, 2023.
Cash and cash equivalents and other bank balances are always recognised at amortised cost and hence not part of
the below table. (` in lakhs)
Financial Assets
Investments in subsidiaries, associates and joint ventures – – 1.00 1.00
Other Investments-Non Current 855.38 6,375.94 53,506.30 60,737.62
Loans-Current – – 20.52 20.52
Total 855.38 7,375.94 79,126.13 87,357.44
Lease Liabilities-Non Current – – 59.80 59.80
Lease Liabilities- Current – – 9.18 9.18
Total – – 35,594.68 35,594.68
The following table presents the carrying amounts of each category of financial assets and liabilities as at
31st March, 2022. (` in lakhs)
Financial Assets
Investments in subsidiaries, associates and joint ventures – – 1.00 1.00
Other Investments-Non Current 1,099.32 33,118.98 – 34,218.29
Loans-Current – – 194.04 194.04
Total 1,099.32 50,975.19 27,560.60 79,635.10
Total – – 31,712.83 31,712.83

b. Fair value hierarchy

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised
within the fair value hierarchy, described as follows:
unobservable.
The following table provides the fair value measurement hierarchy of the Company's financials assets and liabilities
that are measured at fair value or where fair value disclosure is required:


active markets observable inputs unobservable inputs
Quoted equity instruments 768.63 – – 768.63
FVTPL financial investments
Other Debt Instrument – 1.000.00 – 1.000.00
Unquoted debt instruments – 6,375.94 – 6,375.94


active markets observable input unobservable input
Quoted equity instruments 1,026.18 – – 1,026.18
FVTPL financial investments –
Foreign Currency Forward Contract – – – –
Other Debt Instrument – 44,765.87 – 44,765.87
Unquoted debt instruments 6,209.31 6,209.31
c. Valuation technique to determine fair value

The following methods and assumptions were used to estimate the fair values of financial instruments.
(I) The management assesses that fair value of cash and cash equivalents, trade receivables, trade payables, bank
overdrafts and other current financial assets and liabilities approximate their carrying amounts largely due to the
short-term maturities of these instruments.
(ii) The fair values of the equity investment which are quoted, are derived from quoted market prices in active markets.
The Investments measured at fair value and falling under fair value hierarchy Level 3 are valued on the basis of
valuation reports provided by external valuers with the exception of certain investments, where cost has been
considered as an appropriate estimate of fair value because of a wide range of possible fair value measurements

and cost represents the best estimate of fair values within that range. The carrying value of those investments
are individually immaterial.
d Financial risk management objectives
The Company is exposed to market risk (including currency risk, interest rate risk and other price risk), credit risk and
liquidity risk. The Company's risk management strategies focus on the un-predictability of these elements and seek to
minimise the potential adverse effects on its financial performance. The Company's senior management which is
supported by a Treasury Management Group ('TMG') manages these risks.
All hedging activities are carried out by specialist teams that have the appropriate skills, experience and supervision.
Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market prices comprises of risks relating to interest rate risk and other price risks such as equity price
risk and commodity price risk. Financial instruments affected by market risks mainly include borrowings, deposits
and investments.
Foreign currency risk management
Foreign exchange risk arises on future commercial transactions and on all recognised monetary assets and liabilities,
which are denominated in a currency other than the functional currency of the Company. The Company's
management has set policy wherein exposure is identified, benchmark is set and monitored closely, and accordingly
suitable hedges are undertaken.
The Company's foreign currency exposure arises mainly from foreign exchange imports, exports and other
income/expenses in foreign currency, primarily with respect to USD.
As at the end of the reporting period, the carrying amounts of the company's foreign currency denominated monetary
assets and liabilities in respect of the primary foreign currency i.e. USD and derivative to hedge the exposure,
are as follows:
Particulars of unhedged foreign currency exposure and Derivatives (Outstanding) as at Balance Sheet date:
(` in lakhs)
Trade Receivable USD 15,352.72 18,263.01
Trade Payable USD (1,131.09) (1,275.39)
Net 14,221.63 16,987.62
Forward Contracts to Sell USD (13,318.31) (15,382.91)
(Hedge of Receivables)
Net Exposure 903.32 1,604.71
The Company's exposure to foreign currency changes for all other currencies is not material.
Foreign currency sensitivity analysis
The following table demonstrate the sensitivity to a reasonable possible change in USD exchange rate, with all other
variables held constant. (` in lakhs)
Impact on profit before tax
INR/USD - Increase by 1% USD 433.84 400.16
INR/USD - Decrease by 1% USD (433.84) (400.16)
Interest rate risk management

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company exposure to the risk of changes in market interest rates relates
primarily to the Company's debt obligations and investments in debt instruments including debt mutual fund.

Interest rate sensitivity

The below table demonstrate the sensitivity of the company's profit before tax to a reasonable possible change in
interest rate with all other variables being constant. (` in lakhs)
Particulars Change in For the year ended For the year ended
interest rate 31st March, 2023 31st March, 2022
Interest expense Increase 100 basis point (84.34) (62.35)
Decrease 100 basis point 84.34 62.35
Interest income/Fair Value gain Increase 100 basis point 603.25 391.30
Decrease 100 basis point (603.25) (391.30)
e Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade
receivables) and from its financing activities, including deposits with banks and other financial instruments.
f Trade Receivable
Customer credit risk is managed by SCM team subject to the company's established policy, procedures and control
relating to customer credit risk management. Outstanding customer receivables are regularly monitored and
followed up.
g Financial instruments and cash deposits
Credit risk from balances with banks is managed by the Company's treasury department in accordance with the
Company's policy. Investments of surplus funds are made only with approved counterparties and within credit limits
assigned to each counterparty. The limits are set to minimise the concentration of risks and therefore mitigate
financial loss through counterparty's potential failure to make payments.
h Liquidity risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at
reasonable price. The Company's objective is to at all times maintain optimum levels of liquidity to meet its cash and
liquidity requirements. The Company closely monitors its liquidity position and deploys a robust cash management
system. It maintains adequate source of financing through the use of bank deposits and cash credit facilities. Processes
and policies related to such risks are overseen by senior management. Management monitors the Company's liquidity
position through rolling forecasts on the basis of expected cash flows. The Company assessed the concentration of
risk with respect to its debt and concluded it to be low.
The table below summarises the maturity profile of the company's financial liabilities based on contractual
undiscounted payments. (` in lakhs)
Financial Liabilities Year Total More than 1 year Less than 1 year
Trade Payables 31st March, 2023 19,659.36 271.13 19,388.23
31st March, 2022 21,382.89 333.31 21,049.57
Borrowings 31st March, 2023 13,286.35 – 13,286.35

31st March, 2022 7,957.29 – 7,957.29
Lease Liability 31st March, 2023 68.98 59.80 9.18

31st March, 2022 – – –
Other Financial Liabilities 31st March, 2023 2,579.99 406.83 2,173.16

31st March, 2022 2,372.65 301.26 2,071.39
i Excessive risk concentration
Concentrations arise when a number of counter parties are engaged in similar business activities, or activities in the
same geographical region, or have economic features that would cause their ability to meet contractual obligations to
be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative
sensitivity of the Company's performance to developments affecting a particular industry. Company believes that
there is no such excessive risk concentration.

53 Leases (` in lakhs)
As at As at
(i) Carrying value of right of use assets at the end of the reporting
period (Refer Note 3) 67.73 –
(ii) Analysis of Lease liability:

Movement of lease liabilities
Opening lease liabilities – –
Addition during the year /period 71.53 –
Interest Cost 1.89 –
Cash outflow towards payment of lease liabilities (4.45) –
Deletion during the year on account of termination of lease – –
Closing lease liabilities 68.98 –
(iii) Maturity analysis of lease liabilities (on undiscounted basis)
Less than 1 year 14.24 –
Between 1-5 years 63.91 –
More than 5 years 8.82 –
TOTAL 86.97 –
(iv) Lease liabilities included in statement of financial position
Current 9.18 –
Non-current 59.80 –
(v) Impact on statement of profit and loss

Interest on lease liabilities 1.89 –
Depreciation on right of use assets 3.80 –
Net impact on profit before tax 5.69 –
Deferred tax - Charge/ (credit) 1.43 –
Net impact on profit after tax 4.26 –
(vi) Rent Expenses 549.76 489.00

54 Capital Management
The Company's objective when managing capital is to ensure the going concern operation and to maintain an efficient
capital structure to reduce the cost of capital, support the corporate strategy and meet shareholders expectations. The
policy of the company is to borrow through banks supported by committed borrowing facility to meet anticipated
funding requirements.
The capital structure is governed by policies approved by the Board of Directors.
The following table summarises the capital of the Company. (` in lakhs)
Short Term Debt 13,286.35 7,957.29
(including current maturities of long term loan)
Long Term Debt – –
Trade Payables 19,388.23 21,049.57
Less: Cash and cash equivalents (4,581.59) (4,047.30)
Net Debt 28,092.98 24,959.57
Equity 101,639.55 97,058.53
Capital and net debt 129,732.53 122,018.09
Net Debt to Capital Ratio (Debt/Equity plus debt) 0.22 0.20

55 The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company
for holding any Benami property.
56 The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.
57 The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:
the company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
58 The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the Company shall:
the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
59 The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or
any other relevant provisions of the Income Tax Act, 1961
60 The Company has used the borrowings from banks for the purpose for which it was obtained.
61 a The figures of previous year have been regrouped / rearranged, wherever necessary to conform to current year's
presentation.
61 b Additional Information Required by Schedule III
Disclosure of additional information pertaining to the parent company, and its subsidiaries : For the year ended
31st March, 2023
Name of the Entity Net Assets (Total Assets- Shares in Profit Shares in Other Shares in Total
Total Liabilities) and loss (PAT) Comprehensive Income Comprehensive Income
As a % of Amount As a % of Amount As a % of Amount As a % of Amount
Consolidated Consolidated Consolidated Consolidated
Net Assets profit or loss Other Total
comprehensive comprehensive
income income
Parent Company
Garware Technical Fibres Limited 100.97% 102,621.29 92.38% 15,907.01 100.00% (265.50) 92.26% 15,641.51
Indian Subsidiaries
Garware Environmental Services Pvt. Ltd. 0.16% 165.20 0.02% 4.03 0.00% – 0.02% 4.03
Garware Technical Textile Pvt. Ltd. 0.00% (0.28) 0.00% (0.45) 0.00% – 0.00% (0.45)
Indian Associates
Garware Meditech Pvt. Ltd. 0.00% – 0.00% – 0.00% – 0.00% –
Foreign Subsidiaries
Garware Technical Fibres USA INC. 3.16% 3,207.33 3.78% 651.18 0.00% – 3.84% 651.18
Garware Technical Fibres Chile SPA. 0.91% 927.08 2.50% 429.78 0.00% – 2.53% 429.78
Consolidation Adjustment (5.20%) (5,281.08) 1.33% 228.41 0.00% – 1.35% 228.41
Total 100.00% 101,639.54 100.00% 17,219.96 100.00% (265.50) 100.00% 16,954.46

F.R.NO.: 106201W/W100598 DIN. 00092201 DIN. 06948274



Form AOC-1:
Statement containing the salient features of the financial statement of Subsidiary / Joint Venture pursuant to first
proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014.
Part - A : Subsidiary (` in lakhs)
Sr.No. Particulars
1. Name of the Subsidiary Garware Technical Garware Technical Garware Environmental Garware Technical
Fibres USA Inc. Fibres Chile SPA Services Pvt. Ltd. Textiles Pvt. Ltd.
2. Reporting period for the Subsidiary 1st April 2022 to 1st April 2022 to 1st April 2022 to 1st April 2022 to
31st March, 2023 31st March, 2023 31st March, 2023 31st March, 2023
3. Reporting currency as on the last date of the relevant US$ US$ NA NA

Financial Year in the case of Foreign Subsidiaries
4. Exchange rate as on the last date of the relevant 82.17 82.17 NA NA
Financial Year in case of Foreign Subsidiaries
5. Share Capital 4,926.12 73.57 100.00 1.00
6. Reserves and Surplus (1,718.78) 853.53 65.20 (1.28)
7. Total Assets 4,495.29 4,530.05 168.02 0.22
8. Total Liabilities 4,495.29 4,530.05 168.02 0.22
9. Investments – – 167.99 –
10. Turnover 16,366.01 12,314.87 5.21 –
11. Profit Before Tax 824.82 588.75 4.68 (0.45)
12. Provision for Tax 173.64 158.97 (1.74) –
13. Profit After Tax 651.18 429.78 6.42 –
14. Proposed Dividend – – – –
15. % of Shareholding 100% 100% 100% 100%
Notes:
1. Names of Subsidiary which are yet to commence – – Garware Environmental Garware Technical
operations Services Pvt. Ltd. Textiles Pvt. Ltd.
2. Names of Subsidiaries which have been liquidated or – – – –
sold during the year
3. Garware Technical Fibres Foundation, a Section 8 Company was not included in the above statement.
Part - B : Associate Company (` in lakhs)
Name of Associate Company Garware Meditech Pvt. Ltd.
1. Latest Audited Balance Sheet Date 31st March, 2023
2. Shares of Associate held by the Company on the year end
No. 5,000
Amount of Investment in Associates 0.50
Extend of Holding % 50%
3. Description of how there is significant influence Chairman same in both company
4. Reason why the Associate is not Consolidated Consolidated
5. Net worth attributable to Shareholding as per latest Balance Sheet (` 1.06)
6. Profit for the year
I) Considered in Consolidation ` 0.00
ii) Not considered in Consolidation –
F.R.NO.: 106201W/W100598 DIN. 00092201 DIN. 06948274



Progress through the Years
(Standalone)
( ` in lakhs)
Particulars As per GAAP As per IND AS*

31.03.2014 31.03.2015 31.03.2016 31.03.2017 31.03.2018 31.03.2019 31.03.2020 31.03.2021 31.03.2022 31.03.2023
COMPANY OWNED
1. FIXED ASSETS (NET) 16,012.58 17,260.92 19,916.68 20,333.66 22,122.65 22,668.90 24,449.57 24,689.22 23,981.99 24,519.68
2. INVESTMENTS 933.46 904.00 397.80 11,122.21 24,469.33 33,101.17 42,251.11 51,409.97 56,787.05 66,568.23
3. NET CURRENT ASSETS ** 19,694.59 19,049.52 23,955.47 24,726.28 24,318.13 23,857.76 23,879.34 21,318.63 30,162.10 27,866.40
TOTAL ASSETS (NET) 36,640.63 37,214.44 44,269.95 56,182.15 70,910.11 79,627.83 90,580.02 97,417.82 110,931.14 118,954.31
COMPANY OWED
1. LOAN FUNDS 7,133.07 3,972.47 4,774.73 8,608.70 13,838.83 10,797.27 10,037.70 9,691.63 7,957.29 13,286.35
2. COMPANY'S NET WORTH -
$ $$ $$$ $$$$
- EQUITY SHARE CAPITAL 2,197.23 2,188.21 2,188.21 2,188.21 2,188.21 2,188.21 2,188.21 2,061.82 2,061.82 2,037.82
µ
- RESERVES AND SURPLUS 25,285.32 28,806.75 34,596.43 42,371.11 51,410.91 62,761.78 75,104.84 82,073.97 97,562.31 100,583.48
3. DEFERRED TAX LIABILITY 2,025.01 2,247.01 2,710.58 3,014.14 3,472.16 3,880.56 3,249.27 3,590.41 3,349.71 3,046.66
TOTAL CAPITAL EMPLOYED 36,640.63 37,214.44 44,269.95 56,182.16 70,910.11 79,627.82 90,580.02 97,417.83 110,931.13 118,954.31
INCOME 69275.6 79,051.88 83,543.67 85,772.13 90,334.59 103,879.84 101,385.2 105,179.72 120,152.49 128,146.90
RAW MATERIAL AND STOCK CONSUMED 31633.68 36,345.89 31,526.85 29,308.21 29,061.95 32,991.72 27,211.40 29,645.52 35,574.09 40,103.91
SALARIES AND WAGES 6379.98 8,424.09 9,279.29 10,603.61 11,687.91 12,995.14 13,618.26 14,988.39 14,765.15 16,460.49
OPERATING AND OTHER EXPENSES 24209.35 25,530.59 31,411.81 31,131.54 31,662.57 36,596.61 35,888.59 37,217.41 45,626.76 47,499.66
INTEREST 1282.96 1,024.83 872.69 653.55 997.69 1,372.29 1,120.59 996.97 1,045.00 1,187.46
EXCISE DUTY 422.62 436.77 438.31 343.64 88.56 – – – – –
PROFIT BEFORE DEPRECIATION AND TAX 5347.01 7,289.71 10,014.72 13,731.59 16,835.91 19,924.08 23,546.41 22,331.44 23,141.49 22,895.38
DEPRECIATION 1439.33 1,238.55 1,310.49 1,416.35 1,534.76 1,724.04 1,926.22 2,063.99 2,140.75 2,223.76
PROFIT BEFORE TAX 3907.68 6,051.16 8,704.23 12,315.23 15,301.15 18,200.04 21,620.19 20,267.44 21,000.74 20,671.62
TAX 1241.49 1,745.67 2,516.60 3,885.38 4,789.39 5,638.79 3,820.18 4,804.46 4,927.68 4,764.61
PROFIT AFTER TAX 2666.19 4,305.49 6,187.63 8,429.85 10,511.76 12,561.25 17,800.01 15,462.98 16,073.06 15,907.01
EARNING PER SHARE 12.13 19.68 28.28 38.52 48.04 57.40 81.35 72.87 77.96 77.17
@
DIVIDEND PAID PER EQUITY SHARE ( ` ) 2.70 3.00 3.30 5.00 4.50 5.00 17.00 2.50 7.00 3.5
BOOK VALUE OF EQUITY SHARE ( ` ) 125.08 141.65 166.68 203.63 244.95 296.82 353.23 408.07 455.28 503.59
FOB VALUE OF EXPORTS 32,715.82 33,946.01 32,966.53 37,021.66 39,938.92 53,277.22 49,627.20 59,786.49 49,627.20 72,384.20
* The company had transitioned to Indian Accounting Standards (Ind AS) w.e.f 1st April, 2017. There fore the figures from FY 17 are as per Ind AS. Hence,
not strictly 0comparable with earlier years figures presented under GAAP.
** Includes both current and non-current assets and liabilities.
$ 17,36,097 Equity Shares bought back by the Company during the period from 10th October, 2013 to 31st March 2014 under the Buyback Scheme.
$$ 90,193 Equity Shares bought back by the Company during the period from 1st April, 2014 to 9th April 2014 under the Buyback Scheme.
$$$ 1. 9,46,500 Equity Sharesheld by the GWRL Managerial Welfare Trust were cancelled by the Company during the year 2020-21, Pursuant to the order
passed by Hon’ble National Company Law Tribunal, Mumbai Bench .
2. 3,17,391 Equity Shares bought back by the Company during the year 2020-21, under the Buyback Scheme
$$$$ 2,40,000 Equity Shares bought back by the Company during the year 2022-23, under the Buyback Scheme.
µ The figures of reserves and surplus has been calculated after deduction of miscellaneous expenditure to the extend not written off or adjusted and
Includes revaluation reserve ` 6.93 lacs for 31.03.14, ` 5.98 lacs for 31.03.15, ` 4.85 lacs for 31.03.16, ` 3.81 lacs for 31.03.17, ` 2.77 lacs for 31.03.18,
` 1.73 lacs for 31.03.19, ` 0.69 lacs for 31.03.20, ` Nil lacs for 31.03.21, ` Nil lacs for 31.03.22, ` Nil lacs for 31.03.23 respectively
@ The Board of Directors have recommended a dividend of ` 3.50/- (35%) per share of ` 10/- each at ensuing Annual General Meeting of the Company.

Our Innovative, Application-focused

Solutions Portfolio
FISHERIES
Bottom
l Trawling
Pelagic
l Trawling
Purse Seine Nets
l
Assembled Trawls/PSN
l
Gill Nets
l
Dole Nets
l
Ropes & Twines
l
AQUACULTURE Crab/Lobster Netting
l
Smolt
l & Grow Out
Cages
Predator Cages
l
Mooring & Verticle
l
Ropes
Lice Shield
l SHIPPING &
OFFSHORE
Mooring
l
Towing
l
UHMPE
l
Rope
l Articles &
SPORTS Accessories
Sports
l Nets Single Point Mooring
l
Applications Systems
Frames & Accessories
l
for Sports
Safety/Protection
l
Nets
Fitness &
l
AGRICULTURE
Mountaineering Ropes Shade
l Nets Solutions
Customized Application
l
Insect
l Nets
Anti-Hail Nets
l
Anti-Bird Nets
l
Grape Nets l
l Staking Cord
Crop Support Nets
l
Seed Production Cage
l
GEOSYNTHETICS Solutions
Environmental
l Floriculture Nets
l
Highways
l & Railways Fencing Nets
l
Erosion
l Control BLRS Nets l
l Weed Mat
Mining, Oil & Gas,
l
Energy
Slope Protection
l
Solutions
Coastal & River
l
Protection Works

Our Innovative, Application-focused
Solutions Portfolio
COATED FABRICS
Transport
l
Shelter Fabrics
l
Decorative Fabrics
l
Sports l
l Bouncies
Water Tank/Bio Flock
l
Bio Gas
l
INDUSTRIAL Passive Heat

l
Transmission
l
Management Solution
Ropes
Submersible
l
Ropes
General Application
l
Ropes
MATERIAL
HANDLING
lLifting Solutions
SAFETY
Safety Nets
l
Bird Protection Net

l
PPE -
l
Fall Protection DEFENCE &

Solutions GOVT. SECTOR
Air Inflatables Tents/
l
Shelters/Structures
Recovery Rope/
l
Under Slung Ropes

Fast Ropes
l
Fire Retardent
l
Tarpaulin/Vehicle
YARN & Covers/Gun Covers/
THREADS Muzzle Cover
Bag Closing
l
Doll Hair
l
Jute Bag Stitching

l

Mr. Shujaul Rehman,
CEO, Garware Technical Fibres Limited
was recognized among
INDIA'S TOP 28
MOST TRUSTED LEADERS
by 'Great Place To Work
Institute'
for being a trusted leader who inspires,
motivates and leads their team to
create a larger impact.
Garware Technical Fibres Limited achieved Garware Technical Fibres Limited won
'CII National Award for Excellence' 'Gold Winner MURA Category' Award
in Water Management 2022 at Delhi powered by for 'DS5 Productivity Improvement' Kaizen
Niti Aayog and Jal Shakti. in Regional Level 3M Kaizen
The Award recognises the Companies contribution Case Study Competition organized by
towards building a 'Water Efficient Unit'. CII in May 22 at Pune.
www.numerouno-india.com
Plot No. 11, Block D-1, MIDC, Chinchwad, Pune - 411 019, India.
Tel : +91-20-2799 0000/0306 CIN : L25209MH1976PLC018939
www.garwarefibres.com

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e

GTFL:SEC:2023 August 26, 2023

National Stock Exchange of India Ltd.

Pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure

Please acknowledge the communication.

AGARWAL Date: 2023.08.26 10:33:32

By Order of the Board of Directors

Login type Helpdesk details

Manner of holding shares i.e. Your User ID is:

Name of Director Mr. Vayu Ramesh Garware

By Order of the Board of Directors

125 130 131

133 135 173

46th ANNUAL GENERAL MEETING

Share Transfer Agent

Annual Report 2022-2023 1

Strong, Resilient and Future-Ready

Annual Report 2022-2023 3

This growth trajectory was maintained in FY 22-23 despite challenges in

Annual Report 2022-2023 5

James Cash Penney

The global presence was strengthened in FY 22-23 through a slew of

While the Company's value-adding innovations in aquaculture and trawl

Annual Report 2022-2023 7

The thrust on application-focused innovation was maintained in FY 22-23,

Annual Report 2022-2023 9

On the domestic front, a challenging project successfully executed in

On the export front, there was a substantial increase in business in South

Annual Report 2022-2023 11

Among the several programmes launched during the year to enhance

Annual Report 2022-2023 13

Particulars Standalone Consolidated

Revenue from Operations 1,25,361.68 1,17,605.46 1,30,554.85 1,18,939.87

2022 - 2023 – THE YEAR UNDER REVIEW:

14 Annual Report 2022-2023

Annual Report 2022-2023 15

16 Annual Report 2022-2023

Annual Report 2022-2023 17

18 Annual Report 2022-2023

Your Company, continued to remain focused on VIGIL MECHANISM:

Annual Report 2022-2023 19

20 Annual Report 2022-2023

ANNEXURE 1 TO DIRECTORS' REPORT 2022-23

Annual Report 2022-2023 21

For SVD & Associates

22 Annual Report 2022-2023

ANNEXURE 2 TO DIRECTORS' REPORT 2022-23

1. Brief outline of CSR Policy of the Company

Annual Report 2022-2023 23

Sr. Name of the Designation / Nature Number of Meetings Number of Meetings of

1 Mr. R. M. Telang Chairman, 4 4

2 Mr. S. P. Kulkarni Member, 4 4

3 Mr. V. R. Garware Member, 4 4

4 Ms. M. V. Garware Member, 4 4

f. Excess amount for set off, if any: No

Sr. No. Particular Amount (` in lakhs)

24 Annual Report 2022-2023

Annual Report 2022-2023 25

A. Total Foreign Exchange earned: 75,482.58

On behalf of the Board of Directors