Garware Technical Fibres Ltd, a leading manufacturer of technical textiles for the Indian and global markets, has reported net sales increase of 7 per cent in the first quarter of fiscal 2024 (Q1 FY24), totalling ₹325.7 crore, compared to ₹304.5 crore in the corresponding quarter of the previous year, Q1 FY23.

The profit before tax (PBT) for Q1 FY24 surged by a remarkable 54 per cent, amounting to ₹57.1 crore, up from ₹37.1 crore in the same period last year. This substantial growth in PBT translated into a significant increase in net profit after tax, which stood at ₹43 crore in Q1 FY24. This figure represents a 52 per cent increase compared to ₹28.2 crore in the corresponding period of FY23, Garware Technical Fibres said in a press release.

Furthermore, the company's earnings per share (EPS) for Q1 FY24 was at ₹21.08, reflecting a robust growth of 54 per cent over Q1 FY23.

“FY24 has started off well and as per plan. Profit before tax has increased by 54 per cent over the first quarter of previous year. PBT margins have recovered to 17 per cent + levels and we look to maintain those going forward. It should be noted that Q1FY23 was not very good for us, so this is a strong recovery. Geo-synthetics business continued its excellent growth momentum and delivered well on profitability as well as return on capital employed (ROCE). Domestic businesses have also done well during Q1 FY24,” said Vayu Garware, chief managing director, Garware Technical Fibres.