Garware Technical Fibres Q4 consolidated PAT up 11% QoQ at Rs 59.6 cr

Technical textiles manufacturer Garware Technical Fibres on Tuesday reported an 11 per cent growth in consolidated profit after tax (PAT) at Rs 59.6 crore during the quarter ended March 31.

The company's PAT stood at Rs 53.9 crore during the corresponding quarter of the previous fiscal, Garware Technical Fibres said in a regulatory filing.

Revenue from operations of the company witnessed a 3.97 per cent growth at Rs 370.48 crore during the quarter under review, compared to Rs 356.31 crores in the same period of the previous year.

"Current quarter results have shown better performance on all fronts. Operating EBITDA margins improved to 21.5 per cent in Q4 FY23 vs 20.6 per cent in Q4 FY22, 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," 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.