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Garvare Technical Fibres Ltd., a leading manufacturer of technical textiles for the Indian and global markets, today announced its unaudited financial results for the quarter ended June 30, 2023

Consolidated: Q1 FY24 Highlights:

• Net Sales increased by 7% to Rs 325.7 Cr in Q1 FY24 as compared to Rs.304.5 Cr in Q1 FY23
• Profit before tax increased by 54 % to 57.1 Cr in Q1 FY24  as compared to Rs.37.1 Cr in the same period last year
• Net profit after tax has increased by 52% to Rs. 43.0 Cr in Q1 FY24 as against Rs.28.2 Cr in the corresponding period of  FY23 
• EPS for Q1 FY24 is at Rs.21.08 this is a growth of 54% over Q1 FY23

Management Comments:

In a statement, Mr. Vayu Garware, CMD, Garware  Technical  Fibres  Ltd. said,“ FY24  has started off well and as per plan. Profit before tax has increased by 54% over the first quarter of previous year. PBT margins have recovered to 17% + levels and we look to maintain those going forward. It should be noted that FY23 Q1 was not very good for us, so this is a strong recovery this FY. Aquaculture business has remained strong during the quarter especially in Chile. Geo-synthetics business also continued its excellent growth momentum and delivered well on profitability as well  as ROCE. Domestic businesses have also done well  during Q1 24 over  previous  Q1 FY23.  We expect  a good FY24

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