Garware Technical Fibres consolidated net profit before tax increases by 25% in 9M FY24

Hyderabad, February 5, 2024: Garware Technical Fibres Ltd., a leading manufacturer of technical textiles for the Indian and global markets, today announced its unaudited financial results for the quarter and nine months ended December 31, 2023.
 
Consolidated: Q3 FY24 Highlights:
 
  Net Sales increased by 5% to Rs. 289.4 Cr in Q3FY24 as compared to Rs. 274.6 Cr in Q3 FY23
  Profit before tax increased by 18% to Rs. 55.0 Cr in Q3FY24 as compared to Rs. 46.6 Cr in the same period last year
  Net profit after tax has increased by 18% to Rs. 43.3 Cr in Q3 FY24 as against Rs. 36.6 Cr in the corresponding period of FY23
  EPS for Q3 FY24 is at Rs. 21.23 this is a growth of 20% over Q3 FY23
 
Consolidated: 9M FY24 Highlights:
 
  Net Sales decreased by 1% to Rs. 943.3 Cr in 9M FY24 as compared to Rs. 935.1 Cr in 9M FY23
  Profit before tax increased by 25% to Rs. 180.2 Cr in 9M FY24 as compared to Rs. 144.7 Cr in the same period last year
  Net profit after tax has increased by 23% to Rs. 138.7 Cr in 9M FY24 as against Rs. 112.5 Cr in the corresponding period of FY23
  EPS for 9M FY24 is at Rs. 68.07 this is a growth of 25% over 9M FY23
 
Management Comments:
 
In a statement, Vayu Garware, CMD, Garware Technical Fibres Ltd. said, “Q3 FY 24 has shown growth of 18% over previous Q3 FY23, in-spite of the disruptions in international logistics faced toward the end of the quarter. Our Geosynthetics business has grown significantly during the quarter and continued the growth momentum of the last 2 years. 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.