Garware Technical Fibres sees consolidated net profit before tax increase by 25% in first nine months of FY24

Technical textiles manufacturing business Garware Technical Fibres reported that its consolidated net profit before tax increased by 25% in first nine months of the 2024 financial year to total Rs 180.2 crore compared to Rs 144.7 crore in the first nine months of the 2023 fiscal. 

The business’ net sales increased by 5% to reach Rs 289.4 crore in the third quarter of the 2024 financial year compared to Rs 274.6 crore in the third quarter of the 2023 financial year, Garware Technical Fibres Limited announced in a press release detailing its unaudited financial results. The business saw its profit before tax increase by 18% year-on-year in the December quarter and its net profit after tax also increased by 18%.  
 
“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,” said Garware Technical Fibres’ CMD Vayu Garware in a press release. “Our Geosynthetics business has grown significantly during the quarter and continued the growth momentum of the last two 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.”

Garware Technical Fibres net sales decreased by 1% year-on-year in the first nine months of the 2024 financial year to Rs 943.3 crore. The business’ net profits after tax increased by 23% and its earnings per share is at Rs 68.07 which represents 25% growth over the nine months.