Globe Textiles Reports Robust Growth, Net Profit Doubles In Q2 FY24-25
Globe Textiles (India) Ltd has posted impressive financial results for the quarter ending September 2024, marking a significant milestone in its growth trajectory. The company achieved a 35.12% increase in consolidated revenue, reaching Rs 15,019.77 lakhs, up from Rs 11,115.74 lakhs in the same quarter of FY23-24.
Net profit surged by 102.20%, reaching Rs 380.76 lakhs compared to Rs 188.31 lakhs in Q2 FY23-24, underscoring the company’s enhanced operational efficiency and strategic execution.
Bhavik Parikh, Chairman and Managing Director, attributed these achievements to the company’s focus on quality, innovation and customer-centric strategies. “Our emphasis on sustainability, digital innovation and market expansion will drive long-term growth,” he said.
The company also highlighted its impressive 85.5% growth in net profit for Q1 FY24-25, followed by the 102.20% surge in Q2, reflecting strong cost management and revenue growth strategies.
A major contributor to the company’s success is its recent acquisition of a 70% stake in Globe Denwash, a leader in sustainable denim washing and finishing techniques. This acquisition strengthens Globe Textiles’ presence in key international markets, particularly in the UK, US, and Europe, where sustainability is crucial. Globe Denwash’s eco-friendly techniques align with Globe Textiles’ sustainability goals, focusing on energy reduction and water recycling.
In addition, Globe Textiles capitalized on increased demand in international markets, particularly following a political crisis in a neighbouring region. Through strategic brand-building and marketing, the company reinforced its position as a global leader in textile exports.
Looking ahead, Globe Textiles is committed to sustaining its growth momentum with a focus on sustainability, digital transformation and expanding its global market share.
