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Net sales of India's Garware Technical Fibres rise 5% in Q3 FY24

05 Feb '24

2 min read

Pic: Garware Technical Fibres

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Indian firm Garware Technical Fibres reported a 5 per cent increase in Q3 FY24 net sales to ₹289.4 crore and an 18 per cent increase in net profit to ₹43.3 crore.
The company's EPS grew by 20 per cent to ₹21.23 in Q3 FY23.
Despite a 1 per cent decline in 9M FY24 net sales, profits and EPS surged by 23 per cent and 25 per cent respectively.

Garware Technical Fibres Ltd, a leading manufacturer of technical textiles for the Indian and global markets, has reported a 5 per cent increase in net sales for the third quarter of fiscal 2024 (Q3 FY24), reaching ₹289.4 crore (approximately $34.846 million), up from ₹274.6 crore in the same quarter of the previous fiscal. This growth is attributed to the company's strategic initiatives and strong market presence.

Profit before tax (PBT) for Q3 FY24 saw an impressive 18 per cent increase, rising to ₹55 crore, compared to ₹46.6 crore in Q3 FY23. The net profit after tax (PAT) followed suit, also growing by 18 per cent to ₹43.3 crore, up from ₹36.6 crore in the corresponding quarter of the previous year. The EPS for the quarter stood at ₹21.23, marking a 20 per cent growth over Q3 FY23, the company said in a media release.

For the first nine months of fiscal 2024 (9M FY24), Garware Technical Fibres experienced a slight 1 per cent dip in net sales, totalling ₹943.3 crore, compared to ₹935.1 crore in 9M FY23. Despite this, the company demonstrated strong profitability, with PBT increasing by 25 per cent to ₹180.2 crore in 9M FY24 from ₹144.7 crore in the same period last year. PAT also saw a substantial rise of 23 per cent to ₹138.7 crore, compared to ₹112.5 crore in 9M FY23. The EPS for the nine-month period showed a notable increase of 25 per cent, reaching ₹68.07.

“Q3 FY24 has shown growth of 18 per cent over previous Q3 FY23, in-spite of the disruptions in international logistics faced toward the end of the quarter. Margins continued to be strong throughout the year across all businesses so far. With a strong pipeline of orders from aquaculture globally, we look forward for a good fourth quarter. This is of course subject to our ability to reach materials in time to Europe and South America due to the Red Sea challenges,” said Vayu Garware, CMD, Garware Technical Fibres.

Fibre2Fashion News Desk (DP)