June 22, 2024
Financial Results

FY24 Milestone: Garware Technical Fibres Surpasses Rs. 200 Crore PAT, Rs. 100 EPS

Garware Technical Fibres Ltd., a prominent manufacturer of technical textiles serving both domestic and international markets, released its audited financial results for the quarter and fiscal year ending March 31, 2024.

In the fourth quarter of FY24, Garware Technical Fibres recorded a 3% increase in net sales, totaling Rs. 382.3 Crores compared to Rs. 370.5 Crores in Q4FY23. The profit before tax surged by 17% to Rs. 91.5 Crores, up from Rs. 78.5 Crores in the corresponding period last year. The net profit after tax also witnessed a substantial growth of 16%, reaching Rs. 69.5 Crores in Q4 FY24, compared to Rs. 59.7 Crores in Q4 FY23. The earnings per share (EPS) for Q4 FY24 stood at Rs. 34.1, marking a noteworthy growth of 17.4% over the previous year’s fourth quarter.

For the fiscal year 2023-24, Garware Technical Fibres reported a 2% increase in net sales, totaling Rs. 1325.6 Crores compared to Rs. 1305.6 Crores in FY23. The profit before tax surged impressively by 22% to Rs. 271.7 Crores compared to Rs. 223.2 Crores in the previous fiscal year. The net profit after tax also showed a significant growth of 21%, reaching Rs. 208.2 Crores compared to Rs. 172.2 Crores in FY23. The earnings per share (EPS) for 12MFY24 stood at Rs. 102.2, reflecting a robust growth of 22% over the previous fiscal year.

Vayu Garware, CMD of Garware Technical Fibres Ltd., expressed his satisfaction with the company’s performance, stating, “Q4 FY24 demonstrated a notable profit growth of 17% over the previous year, driven by strong demand from Norway and northern Europe. We have observed a significant improvement in operating margins, reflecting a 200 basis points increase over the previous year, attributed to an improved product mix and growing demand for value-added solutions.”

Commenting on the fiscal year’s achievements, Garware added, “FY24 marked a significant milestone for us as we crossed the Rs. 200 crore mark in PAT and surpassed Rs. 100 in EPS. The growth was primarily fueled by our Aquaculture and Geosynthetics segments, along with robust performance in the domestic market. Our focus on operational fund generation has resulted in a strong free cash flow for the year.”

Looking ahead, Garware expressed optimism, saying, “We anticipate a robust H1FY25, driven by continued demand in the Aquaculture segment from Chile and Norway, along with sustained growth momentum in our Geosynthetics business.”

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