Garware Technical Fibres envisaging doubling of revenues over next five yearsGARFIBRES - 3180 Change: 19.25 (0.61 %)
News: In a media interaction, the management of Garware Technical Fibres stated that it was witnessing improvement in aquaculture and sports segment demand and the company is confident of reporting EBITDA margin of around 21% in FY24. It aims to double revenues over next 5 years.
Views: FY23 was a mixed year for the company owing to high input and freight cost and revenue growth was also negatively impacted due to new tax imposed by Norway in the aquaculture segment. For FY23 , the company reported revenue growth of 10% and the management indicated that the revenue growth would be higher in FY24 owing to strong aquaculture demand from Chile and Scotland , while demand in Norway too has started to show positive traction as the tax issue in Norway has now been resolved. Demand for sports segment too has been strong currently after it was impacted negatively in FY23 due to de-stocking by customers. Further , with cooling of input prices , the company is expected to maintain margins of around 21%. The company is looking for acquisition in Europe as it wants to be close to its customers. From a longer term perspective, the company is planning to double its revenues organically and any inorganic opportunity would add to the total revenues.