Technical textiles business Garware Technical Fibres Limited reported that its pre-tax net profits increased by 28% year-on-year to total Rs 125.2 crore in the first half of the 2024 financial year. However, the business’ net sales dropped by 8% year-on-year in the second quarter at Rs 328.3 crore.
“H1 FY 24 has shown a strong recovery in margins with PBT of 19%, which we expect to maintain going forward,” said Garware Technical Fibres Limited’s CMD Vayu Garware in a press release. “Profit before tax grew by 28% in H1 FY24 over previous year H1. This good performance has been driven by improved product mix and growth in new products in the global aquaculture segment as well as improvement in our domestic businesses compared to H1 last year.”
The business saw its profits before tax increase by 12% to total Rs 68.1 crore in the second quarter of the 2024 financial year, ending on September 30, compared to Rs 61 crore in the second quarter of the 2023 financial year. For the first half of the current fiscal, Garware Technical Fibres’ net profit after tax increased by 26% year-on-year to Rs 95.4 crore.
“Geosynthetics business continued its strong growth momentum both on top-line and profits,” said Garware. “Free Cash Flow from operations has also improved significantly over previous year H1.”
Garware Technical Fibres Limited’s manufacturing facilities are located in Wai and Pune. The business markets its products in over 75 countries globally.
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