Garware Technical Fibres Ltd share Price Today

Textiles company Garware Technical Fibres announced consolidated Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

• Net Sales increased by 3% to Rs 382.3 crore in Q4FY24 as compared to Rs 370.5 crore in Q4FY23
• Profit before tax increased by 17%to Rs 91.5 crore in Q4FY24 as compared to Rs 78.5 crore in the same period last year
• Net profit after tax has increased by 16% to Rs 69.5 crore in Q4FY24 as against Rs 59.7 crore in the corresponding period of FY23
• EPS for Q4 FY24 is at Rs 34.1 this is a growth of 17.4%over Q4FY23

FY24 Financial Highlights:

• Net Sales increased by 2% to Rs 1325.6 crore in FY24 as compared to Rs 1305.6 crore in FY23
• Profit before tax increased by 22% to Rs 271.7 crore in FY24 as compared to Rs 223.2 crore in the same period last year
• Net profit after tax has increased by 21% to Rs 208.2 crore in FY24 as against Rs 172.2 crore in the corresponding period of FY23
• EPS for FY24 is at Rs 102.2 this is a growth of 22% over FY23

In a statement, Vayu Garware, CMD, Garware Technical Fibres said, "Q4FY24 has shown a profit growth of 17% over previous Q4FY23 on account of strong demand from Norway and northern Europe. Operating margins improved by 200 basis points over previous year Q4 on the back of further improved product mix and strong demand for value added solutions.

In FY24 the Company was able to cross a milestone of Rs 200 crore PAT and EPS crossing Rs 100/-. Growth in FY24 was fuelled by Aquaculture, Geosynthetics and from the domestic business. Net profit before tax increases by 22% in FY24. Sustained focus on fund generation from operations delivered a strong free cash flow for the year.

We look forward for a strong H1FY25 on account of continuing good demand in Aquaculture segment from Chile & Norway for our newer solutions. Geosynthetics business also is expected to continue its growth momentum with good visibility.

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