Profit before tax (PBT) stood at Rs 78.46 crore in Q4 FY23, up 68.41% QoQ and up 9.9% YoY.

Total expenses rose 2.8% to Rs 290.79 crore in quarter ended 31 March 2023. Cost of materials consumed was at Rs 87.65 crore (up 12.7% YoY) and employee expense was Rs 41.97 crore (up 18.4%) during the quarter.

For the full year, consolidated net profit rose 4.50% to Rs 172.20 crore on 9.77% increase in net sales to Rs 1305.55 crore in the year ended March 2023 over the year ended March 2022.

Vayu Garware, CMD, Garware Technical Fibres said, "Current quarter results has shown better performance on all fronts. Operating EBIDTA margins improved to 21.5% in Q4F23 vs 20.6% in PY Q4F22, primarily on account of strong pull from customers for new aquaculture products in Chile and Scotland.

Geosynthetics business has registered excellent growth during the current quarter and overall for the year. Due to 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.

We look forward to a good F24 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 Govt."

Garware Technical Fibres is a leading player in technical textiles specializing in providing customized solutions to its customers worldwide. Globally, the company is known for its applied innovation in the field of sports, fisheries, aquaculture, shipping, agriculture, coated fabrics and gee-synthetics. The company's products are manufactured in facilities at Wai and Pune and marketed in more than 75 countries.