Globe Textiles (India) Limited reported a 53.7 per cent increase in net profit to ₹291.42 lakhs for the third quarter ended December 31, 2024, up from ₹189.55 lakhs in the same period last year. The Ahmedabad-based textile company’s revenue grew 46.2 per cent to ₹15,159.21 lakhs compared to ₹10,367.19 lakhs in Q3 FY24.
The shares of Globe Textiles (India) Limited were trading at ₹3.28 down by ₹0.13 or 3.81 per cent on the NSE today at 11.30 am.
For the nine-month period ending December 31, 2024, the company recorded a 20.8 per cent revenue growth to ₹42,397.79 lakhs, while net profit rose 56.6 per cent to ₹943.55 lakhs.
The company recently completed a rights issue of ₹4,504 lakhs, which was oversubscribed. The funds will be used for business expansion, R&D, and working capital requirements.
According to Chairman and Managing Director Bhavik Parikh, the acquisition of Globe Denwash contributed to the company’s performance. The company plans to expand its Growing Nevo division’s capacity for fashion-based tops and focus on technology transfer to enhance market value.
Globe Textiles, established in 1995, operates in sourcing, manufacturing, and trading of textile and apparel products, with a portfolio including man-made and natural fiber yarns, fabrics, accessories, home textiles, and readymade garments.