Q1FY’24 Net Profit At Garware Technical Fibres Surges 52%
Net profit in the first fiscal quarter ending June 30, 2023 at Garware Technical Fibres surged 52 percent to Rs 43 crore as against Rs 28.2o crore in the corresponding period of fiscal 2023.
Net sales of the ISO 14001:2015 and ISO 9001:2015 certified company increased 7 percent year on year to Rs 325.7 crore in the first quarter of fiscal 2024.
Profit before tax too ascended 54 percent to Rs 57.10 crore in the quarter under review compared to Rs 37.1 crore in the same period of previous fiscal.
Earnings per share for the first quarter of fiscal 2024 stood at Rs 21.08, up 54 percent year on year.
“Fiscal 2024 has started off well and as per plan. PBT margins have recovered to plus 17 percent levels and we look to maintain those going forward,” Vayu Garware, CMD, Garware Technical Fibres said.
“It should be noted that the first quarter of fiscal 2023 was not very good for us, so this is a strong recovery,” he added.
Garware Technical Fibres is a leading player in technical textiles specialising in providing customised solutions.
The company offers solutions in the field of sports, fisheries, aquaculture, shipping, agriculture, coated fabrics and geo-synthetics.
