Globe Textiles achieves 102.20 per cent increase in net profit
The company reported 35.12 per cent growth in consolidated revenue for the quarter ending September 2024.
Globe Textiles (India) continues to attract strong investor confidence, propelled by outstanding performance, strategic sustainable investments, and a compelling vision for future growth.
The company reported 35.12 per cent growth in consolidated revenue for the quarter ending September 2024. Furthermore, the company achieved a remarkable 102.20 per cent increase in net profit, reflecting significant improvements in operational efficiency and strategic execution towards sustainable future growth. Despite prevailing industry challenges, the company demonstrated resilience through steady revenue expansion, improved cost management, and heightened transparency for investors, reinforcing its strong foothold in the competitive textile market.
“These milestones are testament to our commitment to quality, innovation, and customer centric approach. Moving forward, we aim to build on this momentum through continuous focus on sustainability, digital innovation, and strategic product and market expansions to ensure robust and consistent growth.” Our focus remains on driving consistent, long-term growth and creating value for all stakeholders,” said Bhavik Parikh, Chairman and Managing Director of Globe Textiles.
For the quarter ended September 2024, Globe Textiles reported consolidated revenue from operations of Rs 15,019.77 lakhs, marking a substantial increase from Rs 11,115.74 lakhs in the same quarter of FY23-24. The consolidated net profit for Q2 FY24-25 stood at Rs 380.76 lakhs, compared to Rs 188.31 lakhs in Q2 FY23-24. In comparison, for the quarter ended June 30, 2024, Globe Textiles posted a net profit of Rs 271.38 lakhs reflecting a robust 85.5 per cent growth. The back-to-back impressive quarterly profit growth of 102.20 per cent in September 2024 and 85.5 per cent in June 2024 highlights the company’s effective and concentrated efforts in boosting revenues and efficiently managing overheads.
The above performance also highlights the positive impact of Globe Textiles’ strategic acquisition of a 70 per cent stake in Globe Denwash, a company renowned for its expertise in sustainable denim washing and finishing. Globe Denwash employs advanced sustainable processing techniques that significantly reduce energy consumption and incorporate a Zero Liquid Discharge system to maximise water recycling this acquisition has significantly bolstered Globe Textiles’ presence in key international markets, including the UK, US, Europe, and other regions that prioritise partnerships with sustainability-driven organisations.
The Indian garment market, including companies like Globe Textiles, saw a surge in demand from key international markets due to the political crisis in a neighbouring Asian region. Globe Textiles quickly seized this opportunity to strengthen its position as a leading global exporter through consistent brand-building and marketing initiatives.
