Globe Textiles India announces stellar performance in Q4 and FY24

Globe Textiles India, a leading fabric and garment exporter of with a decade-long presence in global and domestic markets, has reported a remarkably strong performance in the fourth quarter (Q4) and full year (FY) of 2023-24. This achievement can be attributed to a combination of factors, including:

The company recorded robust demand for its products, coupled with significant improvements in operational efficiency. In April 2024, Globe Textiles India acquired 70 per cent stake in Globe Denwash, an environmentally friendly facility boasting a state-of-the-art zero liquid discharge system and partial solar power generation. This strategic move resulted in a 30 per cent increase in consolidated revenue.

Shift towards a customer-centric business model and product mix optimization are yielding positive results for Globe Textiles. The company strategically expanded its production capabilities by adding a garment processing capacity of 20,000 units per day and 600,000 units per month, further solidifying its position in the market.

Despite global geopolitical and macroeconomic challenges, Globe Textiles India achieved impressive volume growth in Q4 FY24, leading to a healthy revenue increase. The company's full-year revenue reached Rs 43,100.39 lakhs, reflecting a significant 107.25 per cent rise compared to Rs 40,183.18 lakhs in Q4 FY23.

The increased volume and operational efficiency translated into a substantial rise in EBITDA which saw 145.61 per cent year-on-year (YoY) growth to Rs 823.97 lakhs for the year. The company's profit margins in both the textile and yarn segments improved due to lower input costs and enhanced efficiencies in the garments division. This positive trend is reflected in the full-year profit after tax, which surged to Rs 575.11 lakhs.

Globe Textiles India's robust financial performance in FY 2023-24, fueled by strategic acquisitions, operational excellence, and market expansion, positions the company for continued growth and success in the textile industry.