Home / News / Net sales of India’s Garware Technical Fibres at ₹654 cr in H1 FY24

Net sales of India's Garware Technical Fibres at ₹654 cr in H1 FY24

07 Nov '23

2 min read

Pic: Garware Technical Fibres

Insights

Indian firm Garware Technical Fibres reported a marginal 1 per cent decrease in H1 FY24 net sales, yet profits climbed with a 28 per cent rise in pre-tax and 26 per cent in net profit.
The company's EPS stood at ₹46.84 for H1 FY24.
The second quarter of FY24 saw sales drop by 8 per cent.
EPS for the second quarter saw an increase to ₹25.8.

Garware Technical Fibres, a leading manufacturer of technical textiles for the Indian and global markets, has reported a slight decrease in net sales by 1 per cent to ₹654 crore in the first half (H1) of the financial year 2024 (FY24). The company’s profit before tax surged by an impressive 28 per cent to ₹125.2 crore, up from ₹98.1 crore in the same period of the previous year.

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)