Globe Textiles’ Q3 2023: 4x Growth Fuelled by Resilience!
NEW DELHI, Feb 8 (The CONNECT) – Despite facing adversities from natural calamities and regulatory shifts, Globe Textiles (India) Limited, has recorded revenue from operations of INR 9,282.96 lakhs for the quarter ended December 31, 2023.
For the nine months ended December 31, 2023, the company reported revenue of INR 32,761.63 lakhs, underlining its stability in the market.
The company recorded a profit before tax of INR 198.83 lakhs in the quarter, which is a good sign of growth compared to previous periods and a profit after tax of INR 163.83 lakhs for the quarter and INR 444.71 lakhs for the nine months ending on December 31, 2023, indicating its resilience in maintaining profitability. The company’s profit before tax has increased almost fourfold from 47.61 lakhs in the previous comparative quarter.
Due to heavy rainfall and wind, there was severe damage to property, plant and equipment, and stock of its one unit. However, the Company promptly submitted the insurance claim. The assessment of the total loss is ongoing, emphasizing the company’s proactive approach to mitigating risks.
With the Indian Parliament’s approval of the Code on Social Security, 2020, Globe Textiles acknowledges the potential impact on contributions towards Provident Fund and Gratuity. The company remains vigilant and will assess and account for the actual impact accordingly.
