Garware Hi-Tech Films Limited Conducts Its 66th Annual General Meeting

BusinessWire India

Mumbai (Maharashtra) [India], September 28: Garware Hi-Tech Films Limited (GHFL) (BOM: 500655 | NSE: GRWRHITECH), a global manufacturer of Solar Control Films (SCF), Paint Protection Films (PPF) and other speciality polyester films, held its 66th Annual General Meeting (AGM) on 27 September 2023 at its registered office at Waluj, Chattrapati Sambhajinagar.

Ms Monika Garware, Vice Chairman and Joint Managing Director of the Company chaired the meeting in accordance with the provisions of the Companies Act, 2013.

At the said AGM, the shareholders of the Company passed the following resolutions by the requisite majority in respect of:

* Audited financial statements (standalone and consolidated) for the year ended 31 March 2023, together with the reports of the Board of Directors and the Auditors thereon.

* Declared dividend (at 100% of par value) on Equity Shares for the financial year ended 31 March 2023.

* Re-appointment of Ms Sonia Garware as a non-independent director.

* Revision of Ms Monika Garware as Joint Managing Director of the Company up to 31.10.2026.

* Appointment of Mr MS Adsul as Director - Technical (whole-time director) for three years.

During the meeting, Monika Garware informed about the re-launch of the 'Safety Glazing' window film for the domestic market driven by strong demand. This innovative product seamlessly integrates effective solar control with advanced safety features in line with government regulations on light transmission. Additionally, she also informed about the launch of internationally unique shrink film products - 'Pearl Float' and 'Solid White' - in response to the growing demand for environmentally friendly shrink films in both domestic and export markets.

Garware further updated that GHFL has touched around 100 partnerships, including Garware application studios and PPF distributors. The company's dealer network has also expanded to over 350 outlets.

In addition, Monika Garware provided guidance on the company's growth prospects and future scenarios.

* GHFL's growth is expected to be driven by its extensive global presence spanning across 90 countries, supported by a diverse, value-added product range, strategic export growth and a robust portfolio of patents and IPRs. Investments in PPF, new SCF lines, and increasing demand for recyclable shrink films are expected to drive volume and revenue growth.

* Growth in the Solar Control Film (SCF) business is expected to be driven by global economic recovery, untapped domestic market and diversification into complementary architectural film segments. SCF products offer unique features such as 99% UV rejection and infrared rejection.

* In the Paint Protection Films business, the Company maintains a positive outlook in both the global and Indian markets. Increased customer awareness regarding the benefits of PPF, such as scratch resistance and hydrophobicity, supports this optimism. In addition, the company expects higher PPF penetration driven by the premiumisation of the Indian automotive market and the rapid growth of the EV segment.

Monika Garware appreciated the Company's employees and shareholders for their commitment and unflinching support.

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