Technical textiles manufacturer Garware Technical Fibres Limited reported a 7% increase in net sales to total Rs 325.7 crore and a 54% increase in net profit before tax totalling Rs 57.1 crore in the first quarter of the 2024 financial year.
“FY24 has started off well and as per plan,” said Garware Technical Fibres Limited’s CMD Vayu Garware in a press release on August 17. “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.”
Garware Technical Textiles’ net sales had totalled Rs 304.5 crore in the first quarter of the 2023 financial year and its profits before tax had totalled Rs 37.1 crore during the quarter. The business’ earnings per share for the quarter ending on June 30, 2023 were at Rs 21.08, representing 54% growth compared to its rate for the first quarter of the 2023 financial year.
“It should be noted that FY23 Q1was not very good for us, so this is a strong recovery this FY,” said Garware. “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 [return on capital employed]. Domestic businesses have also done well during Q1 24 over previous Q1 FY23. We expect a good FY24.”
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