Garware Technical Fibres net profit before tax increases by 54% in Q1 FY24

Garvare Technical Fibres Ltd., a leading manufacturer of technical textiles for the Indian and global markets, today announced its unaudited financial results for the quarter ended June 30, 2023

Consolidated: Q1 FY24 Highlights:

• Net Sales increased by 7% to Rs 325.7 Cr in Q1 FY24 as compared to Rs.304.5 Cr in Q1 FY23

• Profit before tax increased by 54 % to 57.1 Cr in Q1 FY24 as compared to Rs.37.1 Cr in the same period last year

• Net profit after tax has increased by 52% to Rs. 43.0 Cr in Q1 FY24 as against Rs.28.2 Cr in the corresponding period of FY23

• EPS for Q1 FY24 is at Rs.21.08 this is a growth of 54% over Q1 FY23

Management Comments:

In a statement, Mr. Vayu Garware, CMD, Garware Technical Fibres Ltd. said,“ FY24 has started off well and as per plan. Profit before tax has increased by 54% over the first quarter of previous year. PBT margins have recovered to 17% + levels and we look to maintain those going forward. It should be noted that FY23 Q1 was not very good for us, so this is a strong recovery this FY. Aquaculture business has remained strong during the quarter especially in Chile. Geo-synthetics business also continued its excellent growth momentum and delivered well on profitability as well as ROCE. Domestic businesses have also done well during Q1 24 over previous Q1 FY23. We expect a good FY24

Garware Technical Fibres Ltd. an ISO 14001:2015 and ISO 9001:2015 certified company is a leading player in Technical Textiles specializing in providing customized solutions to its customers worldwide. Globally, the company is known for its applied innovation in the field of sports, fisheries, aquaculture, shipping, agriculture, coated fabrics and geo-synthetics. The company’s products are manufactured in state-of-art facilities at Wai and Pune and marketed in more than 75 countries.

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