A method of making a ballistic resistant composite material having improved resistance to high energy rifle bullets and the like. The method comprises providing at least one fibrous layer comprising a network of high tenacity aramid fibers. The fibrous layer is coated with a thermoplastic polyurethane resin. The coated fibrous layer is molded at a pressure of at least about 1,500 psi (10.3 MPa). Preferably, a plurality of fibrous layers are employed, each of which is formed from unidirectionally oriented aramid fibers in a thermoplastic polyurethane resin matrix. Adjacent fibrous layers are preferably oriented at 90° with respect to each other.