Renowned exporter of fabrics and garments catering to both global and domestic markets for the past decade, Globe Textiles India reported robust performance during Q4 and the full year of FY 2023-24. The company’s performance was driven by a strong demand, operational efficiencies, and strategic market expansion.

In Q4 FY24, Globe Textiles India exhibited strong operational and financial performance. The company acquired a 70 per cent stake in Globe Denwash featuring an environmentally friendly facility with a Zero Liquid Discharge system and partial solar power generation in April 2024. This acquisition led to a 30 per cent increase in consolidated revenue. Additionally, product mix optimisation and a transition to a customer-centric business model have begun to yield tangible results.

The company further enhanced its production capabilities by adding a garment processing capacity of 20,000 units per day and 600,000 units per month.

During Q4 FY24, Globe Textiles India delivered a strong performance despite challenges in global geopolitics and the macroeconomic environment. This volume growth contributed to a healthy revenue increase in Q4. For the full year, revenue stood at Rs 43,100.39 lakhs, a 107.25 per cent rise from Rs 40,183.18 lakhs in Q4 FY23.

The increased volume and operational efficiency of Globe Textiles led its EBITDA increasing by 145.61 per cent Y-o-Y to Rs 823.97 lakhs for the year. The company’s margins in the the textile and yarn segments also improved due to lower input costs and enhanced efficiencies in the garments division. Its full-year profit after tax rose to Rs 575.11 lakhs.

Overall, Globe Textiles India reported strong financial results for FY 2023-24, driven by strategic acquisitions, operational efficiencies, and market expansion, positioning the company well for continued growth.