Globe Textiles Reports 127.65% Rise In Net Profit For FY24
Globe Textiles India Ltd, a prominent textile exporter of fabrics and garments, announced its financial results for Q4 and the full fiscal year 2023-24, demonstrating robust performance driven by strong demand, operational efficiencies, and strategic market expansion.
For Q4 FY24, the company reported overall revenues of ₹43,100.39 lakhs, a 107% increase year-over-year, with EBITDA rising by 145.61% to ₹823.97 lakhs, and PAT growing by 127.65% to ₹575.11 lakhs. For the full year, Globe Textiles achieved revenues of ₹43,100.39 lakhs, up from ₹40,183.18 lakhs, marking a 107.25% YoY growth.
The acquisition of a 70% stake in Globe Denwash Pvt. Ltd, featuring an environmentally friendly facility with a Zero Liquid Discharge system and partial solar energy generation, contributed to a 30% revenue growth on a consolidated basis. The company’s strategic product mix optimization and shift to a customer-centric business model yielded tangible results.
Globe Textiles expanded its garment processing capacity to 20,000 units per day and 6 lakh units per month, significantly boosting production capabilities. Despite global geopolitical and macroeconomic challenges, Globe Textiles delivered a strong performance in Q4 FY24, resulting in healthy revenue growth. Operational efficiency and volume growth led to a record EBITDA of ₹823.97 lakhs, a 145.61% YoY increase, and a full-year PAT of ₹575.11 lakhs, reflecting a 127.65% growth.
The company generated free cash flow from operations amounting to ₹42,822.40 lakhs and invested ₹42,276.42 lakhs in various projects, with robust business performance and disciplined capital allocation leading to an ROCE improvement by 13.33 bps at the end of March 2024.
Globe Textiles continues to leverage its strengths in the textile industry, driving growth through strategic initiatives and operational excellence.
