National Biz News

All Business Stories for You!


Globe Textiles net profit rises 127.65% in the year ended March 2024

Ahmedabad, 28th May 2024: Globe Textiles India Limited (GTIL) (NSE: GLOBE), a well-known textile star exporter of fabrics and garments catering to global and domestic markets for the last one decade today announced its financial results for the fourth quarter and full-year results for the Financial Year 2023-24. The company reported robust performance driven by strong demand, operational efficiencies, and strategic market expansion.

(Rs. In Lakhs)

Particulars Q4 FY23 Q4 FY24 YoY Change FY23 FY24 YoY Change
Revenue 11003.99 10,060.77 (91.42%) 40,183.18 43,100.39 107.25%
EBITDA 82.75 270.69 327.11% 565.86 823.97 145.61 %
PAT 76.39 130.42 170.72% 450.53 575.11 127.65%
ROCE 9.45 10.71 113.33%

Globe Textiles (India) Limited registered an all-round strong operational and financial performance in Q4 of FY24. In April 2024, the Company has acquired 70% stake in Globe Denwash Private Limited which is having environmentally friendly facility with a Zero Liquid Discharge system and partly solar generation which minimizes energy costs while using green energy helped the company to grow its revenue by 30% on consolidated basis. Product mix optimization and business model transition to a customer-centric approach has been enabling growth engines and started yielding tangible results.

Further, the company added a garment processing capacity of 20,000 units per day and 6 lakhs units per month contributing significant growth to its production capabilities.

Business Highlights for Q4 & Full year FY24 (YoY)

During quarter four of FY24, a strong performance was delivered by Globe Textiles (India) Limited, as guided during earlier quarters, amidst sustained challenges in the global geopolitics and macroeconomic environment, with volumes in operations. This volume growth led to a healthy revenue growth in Q4. Overall Revenue for the full year stood at ₹43,100.39 Lakhs against ₹40,183.18 Lakhs in Q4 FY23, which is a growth of 107.25% on a YoY basis.

Growth in volume and operational efficiency resulted in a record EBITDA, during the year EBITDA reached a milestone of ₹823.97 Lakhs which is a growth of 145.61 % on a YoY basis.

Improvement of margin in Textile /yarn due to lower input costs, improvement in efficiencies in Garments division and Full year Profit after tax stood at ₹575.11 Lakh.

During the year the company has earned free cash flow from operations of ₹42,822.40 Lakhs and spent ₹42,276.42 Lakhs in various projects. On the back of a robust business performance and a disciplined capital allocation, ROCE on a run rate of FY24 improved by 13.33 bps at the end of March 2024.


Your email address will not be published. Required fields are marked *