Garware Technical Fibres Ltd, a leading manufacturer of technical textiles for the Indian and global markets, has reported a 10-per cent increase in net sales to ₹1305.6 crore in fiscal 2023 (FY23), up from ₹1189.4 crore in the previous fiscal year.

The profit before tax also saw a growth of 3 per cent, reaching ₹223.2 crore in FY23, compared to ₹216.4 crore last year. The net profit after tax registered a 5-per cent increase, climbing to ₹172.2 crore in FY23 from ₹164.8 crore in FY22. The earnings per share (EPS) for FY23 stood at ₹83.54, reflecting a 5-per cent growth over the twelve months of FY22, the company said in its financial results for the quarter and year ended Mar 31, 2023.

Looking at the fourth quarter of FY23 (Q4 FY23), Garware Technical Fibres reported a substantial increase in net sales by 35 per cent quarter-over-quarter (QoQ), amounting to ₹370.5 crore, compared to ₹274.6 crore in Q3 FY23. On a year-on-year (YoY) basis, there was a 4-per cent increase in net sales from ₹361.3 crore in Q4 FY22.

The company's net profit after tax for Q4 FY23 also showed impressive growth, with a 63-per cent increase QoQ to ₹59.6 crore, up from ₹36.6 crore in Q3 FY23. On a YoY basis, the net profit after tax showed an increase of 11 per cent from ₹53.9 crore in Q4 FY22.

“Current quarter results have shown better performance on all fronts. PAT for Q4F23 has significantly grown by 63 per cent over immediately preceding quarter Q3 F23. Operating EBIDTA margins improved to 21.5 per cent in Q4 F23 versus 2O.6 per cent in Q4 FY22, primarily on account of strong pull from customers for new aquaculture products in Chile and Scotland. Due to focused and concentrated approach on funds release from operations, the company has done well on working capital management and as a result, cash generation from operations has significantly improved over the previous year,” said Vayui Garware, CMD, Garware Technical Fibres.

The EPS for Q4 FY23 was reported at ₹28.95, marking an 11-per cent growth over Q4 FY22.