Technical textiles manufacturer Garware Technical Fibres has reported a 9% year-on-year increase in profits before tax in the first quarter of the 2025 financial year. The business’ net profit after tax also increased by 9% to Rs 46.8 crore.
“FY25 started well with a good order book especially from Aquaculture business from North Europe and Chile,” said Garware Technical Fibres Limited’s CMD Vayu Garware in a press release. “Our plants have been running at close to full capacity in the last quarter. However, this does not reflect in our Q1 FY25 numbers as a majority of this production has been shipped to Norway and Chile for billing in the second quarter locally.”
The business’ unaudited financial results also showed a 3% increase in net sales totalling Rs 336.3 crore in the first quarter of the 2025 financial year compared to Rs 325.7 crore in the first quarter of the previous fiscal. Garware Technical Fibres’ profits before tax totalled Rs 62.1 crore in the quarter ending on June 30 compared to Rs 57.1 crore in the first quarter of the 2024 financial year.
“Domestic business has continued its growth in Q1 FY25 and geosynthetics business also has very good visibility for a strong year in FY25,” said Garware. “Q1 FY25 has shown a profit growth of 9% over previous year Q1 FY24. However, overall, we expect a good growth in profit in Q2 FY25 and therefore a strong result in the first half of the year.”
Copyright © 2024 FashionNetwork.com All rights reserved.
