Garware Technical Fibres' 9M FY24 pre-tax profit rises by 25 per cent
Garware Technical Fibres, a prominent player in the technical textiles sector, announced its unaudited financial performance for the quarter and nine months ending December 31, 2023.
In Q3 FY24, the company showcased resilience amid challenging international logistics, reporting a 5 per cent surge in net sales to Rs. 289.4 Cr compared to Rs. 274.6 Cr in Q3 FY23.
Profits before tax witnessed a notable 18 per cent uptick to Rs. 55.0 Cr from Rs. 46.6 Cr in the corresponding period last year. Likewise, net profit after tax soared by 18 per cent to Rs. 43.3 Cr, and earnings per share (EPS) stood at Rs. 21.23, marking a substantial 20 per cent growth.
For the nine-month period of FY24, despite a marginal 1 per cent decline in net sales to Rs. 943.3 Cr, the company demonstrated robust financial performance. Profit before tax surged impressively by 25 per cent to Rs. 180.2 Cr, with net profit after tax escalating by 23 per cent to Rs. 138.7 Cr. EPS for 9M FY24 reached Rs. 68.07, reflecting a commendable 25 per cent growth compared to the same period last year.
Vayu Garware, CMD of Garware Technical Fibres, attributed the Q3 success to a remarkable 18 per cent growth over the previous year, highlighting the buoyancy in the Geosynthetics segment.
Despite logistical hurdles, strong margins across all businesses bode well for the upcoming quarter. However, challenges in accessing materials due to Red Sea disruptions could pose a hindrance, particularly in serving European and South American markets.
