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PNN
Ahmedabad (Gujarat) [India], February 24: Globe Textiles, a leading player in the textile sector, has announced its financial results for the third quarter and nine months ending December 31, 2024. The company reported impressive growth in revenue and net profit, reflecting on its business strategy and operations are working well. For the quarter ended December 31, 2024, revenue surged by 46.2% to Rs 15,159.21 lakhs, compared to Rs 10,367.19 lakhs in the corresponding period of the previous year. Net profit increased by 53.7% to Rs 291.42 lakhs from Rs 189.55 lakhs in the same period last year. For the nine months ended December 31, 2024, revenue saw a 20.8% rise to Rs 42,397.79 lakhs from Rs 35,095.74 lakhs in the previous year. Net profit witnessed a significant 56.6% increase to Rs 943.55 lakhs, highlighting the company's sustained growth momentum. Globe Textiles' Rs4,504 lakh Rights Issue received an overwhelming response, highlighting strong investor confidence in the company's growth and financial strength. The oversubscription reflects trust in its management, strategic vision, and operational expertise. Funds raised will support business expansion R&D, and working capital, driving growth through innovative and sustainable solutions in domestic and international markets. Commenting on the company's performance, Mr. Bhavik Parikh, Chairman and Managing Director of Globe Textiles, stated: "Our consistent steady performance each quarter reflects our strategy, efficient operations and continuous drive for growth. The acquisition of Globe Denwash, coupled with our focus on innovation, market expansion, and sustainability, has strengthened our position as a dynamic force in the textile industry. We remain committed to delivering long-term value for our stakeholders and seizing new opportunities that enhancing the profits and ensure sustainable success." Globe Textiles' steady performance is attributed to strategic initiatives, increasing demand, improved operational efficiency, and targeted market expansion. The rise in profitability is further supported by significant volume growth, effective cost optimization, and a well-defined product mix. The company's Growing Nevo division is set to expand its capacity for fashion-based tops, aligning with evolving market trends. Additionally, Globe Textiles is focusing on technology transfer and collaborations to enhance value for both existing and new markets. By leveraging these strategies, the company continues to adapt to changing industry dynamics while ensuring long-term sustainable growth. Globe Textiles is well-established in the textile industry and has a history of adapting to changes. With its focus on high-quality products, expanding into new markets and sustainability makes it a reliable option for investors seeking growth potential.] Key Highlights: * Q3 revenue surged by 46.2% YoY to Rs15,159.21 lakhs, while nine-month revenue rose 20.8% YoY to Rs42,397.79 lakhs. * The Rs4,504 lakh Rights Issue was oversubscribed, highlighting strong investor confidence in the company's growth and stability. * The acquisition of Globe Denwash played a key role in enhancing revenue and profitability. * The company is investing in products, technology, and market expansion, with a focus on sustainability. * Plans to expand capacity for fashion-based tops and leverage technology transfer for enhanced market value. About Globe Textiles (India) Ltd: http://globetextiles.net/ Since 1995, Globe Textiles (India) Ltd. has emerged as a pioneer in the sourcing, manufacturing, and trading of a diverse array of textile and apparel products, seamlessly integrating every stage of production, from fibre to fashion. The company's operational expertise originates from deploying qualified human and material resources to deliver innovative and tailor-made products and services. Globe's product portfolio consists of man-made and natural fibre yarns, fabrics, accessories, home textiles and furnishing and readymade garments. Anchored by a steadfast commitment to quality, sustainability, and customer satisfaction, Globe Textiles continues to strengthen its presence across domestic and international markets. This dedication not only enhances the company's global competitiveness but also solidifies its standing as a reliable and forward-thinking partner in the textile and apparel industry. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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