The net profit after tax followed a similar upward trend, escalating by 26 per cent to ₹95.4 crore in comparison to ₹75.9 crore in H1 FY23. This profit boost is reflected in the earnings per share (EPS), which stood at ₹46.84 for H1 FY24, marking a growth of 27.1 per cent over the previous year's corresponding period, the company said in a media release.
The second quarter (Q2) of FY24, however, saw a downturn in net sales which fell by 8 per cent to ₹328.3 crore from ₹355.9 crore in Q2 FY23. Despite the dip in sales, the company maintained its growth in profitability metrics. Profit before tax for Q2 FY24 increased by 12 per cent to ₹68.1 crore, compared to ₹61 crore reported in the same quarter of the previous year. Net profit after tax also rose, showing a 10 per cent increase to ₹52.5 crore in Q2 FY24, up from ₹47.8 crore in the comparable period of FY23.
The EPS for the second quarter saw an increase to ₹25.8, which is an 11.2 per cent growth compared to Q2 FY23.
“H1 FY24 has shown a strong recovery in margins with PBT of 19 per cent, which we expect to maintain going forward. Profit before tax grew by 28 per cent in H1 FY24 over previous year H1. This good performance has been driven by improved product mix and growth in new products in the global aquaculture segment as well as improvement in our domestic businesses compared to H1 last year. Geosynthetics business continued its strong growth momentum both on topline and profits. Free cash flow from operations has also improved significantly over previous year H1,” said Vayu Garware, CMD, Garware Technical Fibres.
Fibre2Fashion News Desk (DP)