Bengaluru , May 28, 2024: Garware Technical Fibres Ltd., a leading manufacturer of technical textiles for the Indian and global markets, announced its audited financial results for the quarter and year ended March 31, 2024.
Consolidated: Q4 FY24 Highlights:
Net Sales increased by 3% to Rs. 382.3 Cr in Q4FY24 as compared to Rs. 370.5 Cr in Q4FY23
Profit before tax increased by 17% to Rs. 91.5 Cr in Q4FY24 as compared to Rs. 78.5 Cr in the same period last year
Net profit after tax has increased by 16% to Rs. 69.5 Cr in Q4 FY24 as against Rs. 59.7 Cr in the corresponding period of FY23
EPS for Q4 FY24 is at Rs. 34.1 this is a growth of 17.4% over Q4 FY23
Consolidated: 12M FY24 Highlights:
Net Sales increased by 2% to Rs. 1325.6 Cr in FY24 as compared to Rs. 1305.6 Cr in FY23
Profit before tax increased by 22% to Rs. 271.7 Cr in FY24 as compared to Rs. 223.2 Cr in the same period last year
Net profit after tax has increased by 21% to Rs. 208.2 Cr in FY24 as against Rs. 172.2 Cr in the corresponding period of FY23
EPS for 12M FY24 is at Rs. 102.2 this is a growth of 22% over 12M FY23
Management Comments:
In a statement, Mr. Vayu Garware, CMD, Garware Technical Fibres Ltd. said, “Q4 FY 24 has shown a profit growth of 17% over previous Q4FY23 on account of strong demand from Norway and northern Europe. Operating margins improved by 200 basis points over previous year Q4 on the back of further improved product mix and strong demand for value added solutions.
In FY24 the Company was able to cross a milestone of Rs 200cr PAT and EPS crossing Rs. 100/-. Growth in FY24 was fuelled by Aquaculture, Geosynthetics and from the domestic business. Net profit before tax increases by 22% in FY24. Sustained focus on fund generation from operations delivered a strong free cash flow for the year.
We look forward for a strong H1FY25 on account of continuing good demand in Aquaculture segment from Chile & Norway for our newer solutions. Geosynthetics business also is expected to continue its growth momentum with good visibility.