Manufacturer of technical textiles Garware Technical Fibres announced on Tuesday that its consolidated profit after tax (PAT) increased by 11% to Rs 59.6 crore for the three months ended March 31.
According to a regulatory filing by Garware Technical Fibres, the company’s PAT for the same quarter of the previous fiscal year was Rs 53.9 crore.In the quarter under review, the company’s operating revenue increased by 3.97 percent to Rs 370.48 crore from Rs 356.31 crore during the same period the year prior.
“Results from the most recent quarter demonstrate improved performance on all fronts. Operating EBITDA margins increased to 21.5% in Q4 FY23 from 20.6% in Q4 FY22, principally due to strong demand from customers for new products. aquaculture products in Chile and Scotland.”Geosynthetics business has registered excellent growth during the current quarter and overall for the year,” Garware Technical Fibres CMD Vayu Garware said.
Due to a focused and concentrated approach on funds release from operations, the company has done well on working capital management and as a result, cash generation from operations has significantly improved over the previous year, he said.
“We look forward to a good FY24 with international sports business expected to come back on track and some improvement in orders from Norway, which have been subdued due to the new resource tax being imposed by the Norwegian government, ” he added.
