Total expenses rose 1.15% to Rs 303.33 crore in quarter ended 31 March 2023. Cost of materials consumed was at Rs 86.74 crore (down 1.03% YoY) and employee expense was Rs 48.62 crore (up 15.87%) during the quarter.

For the full year, consolidated net profit rose 20.90% to Rs 208.18 crore on 1.53% increase in net sales to Rs 1305.55 crore in the year ended March 2023 over the year ended March 2022.

Meanwhile, the board declared a dividend of Rs 3 for the financial year ended 2023-24. It will be paid within 30 days from the conclusion of the ensuing annual general meeting.

Vayu Garware, CMD, Garware Technical Fibres said, “QFY24 has shown a profit growth of 17% over previous Q4FY23 on account of strong demand from Norway and northern Europe. Operating margins improved by 200 basis points over previous year Q4 on the back of further improved product mix and strong demand for value added solutions.

In FY24 the Company was able to cross a milestone of Rs 200 crore PAT and EPS crossing Rs 100. Growth in FY24 was fuelled by Aquaculture, Geosynthetics and from the domestic business. Net profit before tax increases by 22% in FY24. Sustained focus on fund generation from operations delivered a strong free cash flow for the year.

We look forward for a strong H1FY25 on account of continuing good demand in Aquaculture segment from Chile & Norway for our newer solutions. Geosynthetics business also is expected to continue its growth momentum with good visibility.”

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.