Garware Technical Fibres Ltd

Dear Shareholders,

As we step into our golden jubilee year, it gives me great pleasure to present your Company's annual report for the financial year 2024-25. This milestone marks five decades of focused innovation, operational resilience, and enduring relationships. As a Company deeply rooted in core values, we continue to build on our strong legacy while embracing emerging opportunities.

This year has been one of significant progress, built on the foundations of our long-term strategic vision, a commitment to operational excellence, and unwavering dedication to our stakeholders. Despite challenges in the global business landscape, we strengthened our competitive position, enhanced profitability, and laid down firm markers for future growth.

Our top line registered healthy growth, and we continued on a consistent upward trajectory in our bottom line. Performance was driven by stronger state-of-the-art manufacturing capabilities that will help us scale our value-added ropes segment. AMS will strengthen our ability to serve the growing offshore wind-energy sector.

In Chile, another important aquaculture market, we achieved exceptional results and expanded our team to further localize operations and build a strong on-ground presence. We also extended our reach in other key regions and saw encouraging adoption of our non-salmon offerings in diverse international markets, broadening our customer base and product relevance.

Our geosynthetics business had an outstanding year, with both revenue and operating profit exceeding previous benchmarks by a wide margin. Our expertise in slope stabilization, landfill capping, and other infrastructure applications was demonstrated in major projects across India. A standout achievement was the deployment of an innovative smart net system, which monitors slope health and delivers early-warning signals. This pioneering solution attracted international attention, highlighting our capacity to deliver technology-driven solutions for critical infrastructure needs.

Looking ahead, the outlook for geosynthetics is promising, underpinned by institutional support and policies. Agencies such as the Ministry of Road Transport and Highways and the Bureau of Indian Standards (BIS) have issued guidelines to promote the use of geosynthetics in road construction, embankments, and erosion control. Large-scale public infrastructure projects are increasingly integrating these materials, offering strong growth potential for our business.

For the financial year ended 31st March 2025, we earned total revenue of Rs. 15,401.13 million, an increase of 16.2% over the previous year. Our consolidated operating EBITDA increased by 17.4% to Rs. 3187.7 million, while profit before tax stood at Rs. 3084.6 million, reflecting a substantial year-on-year gain. The Board of Directors has declared an equity dividend of 15%, amounting to Rs. 1.50 per share.

Our people remain our greatest asset. This year, we were once again ranked among the 'Top 25 India's Best Workplaces in Manufacturing - Large category' by Great Place to Work, India. We continue to build our global team and invest in future-ready capabilities.

On the manufacturing front, we are implementing structured initiatives to enhance operational excellence, productivity, and process discipline - ensuring long-term agility, innovation, and quality.

Our commitment to sustainability remains strong. Our solutions are designed to support global environmental goals, and we continuously work to reduce our ecological footprint. Sustainability is not an adjunct but a core principle that drives our innovation, operations, and growth.

Under our corporate social responsibility intiatives, the Garware Youth Development Center (GYDC) expanded outreach this year, playing a vital role in enabling sustainable livelihoods for underprivileged youth.

While we continue to advance on multiple fronts, we remain vigilant to emerging risks. Geopolitical uncertainties and potential supply chain disruptions pose challenges to global trade. The ongoing consolidation trend in the aquaculture industry also presents both opportunities and complexities. However, our solid financial base, diversified product mix, agile operating model, and global footprint position us well to navigate these dynamics.

As we reflect on our journey over the past 50 years, I extend my heartfelt gratitude to our employees, customers, and shareholders for their continued trust and support. Even as we celebrate this golden jubilee, we remain firmly focused on creating long-term value, contributing to sustainable development, and looking to the future with confidence.