Leading technical textiles manufacturer, Garware Technical Fibers reported a 9 per cent Y-o-Y growth in its net profit to Rs 46.8 crore during Q1, FY25. The company’s profits before tax during the quarter rose by 9 per cent, affirms VayuGarware, Chairman and Managing Director.
The company’s net sales during the quarter increased by 3 per cent Y-o-Y to Rs 336.3 crore from Rs 325.7 crore in the same period the previous year. Profits before tax increased to Rs 62.1 crore as compared to Rs 57.1 crore in Q1 FY24.
During Q4, FY24, all the plants of Garware Technical Fibers had operated near full capacity. However, this did not affect the company’s results for Q1 FY25 as much of its production was shipped to Norway and Chile, with billing scheduled for the second quarter.
The company’s domestic business continued to grow in Q1 FY25, with the geosynthetics division poised for a strong performance this fiscal year, states Garware. The firm anticipatesa stronger profit growth in Q2 FY25, which would set the stage for robust results in the first half of the year, he adds.
