Garware up over 11%

Garware Technical Fibres is among the top five gainers on the BSE since the opening bell today. The stock opened almost 4.5% higher at Rs.337.60 and rose further to hit an intraday high at Rs.3564, up more than 11%. Its 52-week high is at Rs.3830.05.

The market has given a big thumbs up to its earnings for Q4FY24. On a 3% (YoY) rise in revenue from operations at Rs.382 crore. PAT came in at Rs.69 crore, up 16% while PBT was at Rs.91 crore, up 17%. The god performance was 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.

It ended the year FY24 with a 21% rise in PAT at Rs.208 crore on a 2% increase in net revenue at Rs.1326 crore. EPS for the year was at Rs.102.20. Growth in FY24 was fuelled by Aquaculture, Geosynthetics and from the domestic business. Sustained focus on fund generation from operations delivered a strong free cash flow for the year.

The company expects the good times to continue, estimating a strong H1FY25 on account of continuing good demand in Aquaculture segment from Chile & Norway for its newer solutions. Geosynthetics business also is expected to continue its growth momentum with good visibility.

The company 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 geo-synthetics. The company's products are manufactured at Wai and Pune.