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11th August 2016, Pune

Profits leap 35% at Garware-Wall

The margins are improving significantly due to the growth of the differentiated value added products in both domestic and international markets. Garware-Wall Ropes, a leading manufacturer of technical textiles, has reported an increase of 35.1% in the company’s net income for the first quarter 2016, which ended on 30 June. Net profit grew to Rs. 19.76 Cr in the second quarter, compared to Rs. 14.62 Cr in the corresponding period of 2015.

Profit before tax also increased by 31.1% to Rs. 28.40 Cr in the first quarter 2016, compared to Rs. 21.66 Cr in the same quarter last year. EPS for the period is at Rs. 9.03, which is an increase of 35.1%, compared to the same period last year.

Sales revenue, however, declined from Rs. 239.32 Cr in the first quarter 2015 to Rs. 225.06 Cr in the first quarter this year.

Robust growth

“We have seen robust growth in domestic markets but a subdued growth in exports due to deferment in purchases by our customers. This coupled with lower commodity prices have impacted top line growth,” commented Mr Vayu Garware, CMD, Garware-Wall Ropes.

“However, profit growth continues to be as per expectation and the margins are improving significantly due to the growth of our differentiated value added products in both domestic and international markets. We expect to see an uptick in exports in the coming months thus aiding our overall growth”

Most recently the company received an upgrade from the credit rating agency ICRA to (ICRA) AA- from (ICRA) A+ basis the long-term facilities availed by the company.

Garware-Wall Ropes

Established in 1976, Garware-Wall Ropes (GWRL) is a leading player in the technical textiles field, specialising in providing customized solutions to the cordage and infrastructure industry.

The company is known for its innovation in the field of fisheries, aquaculture, shipping, sports, agriculture, coated fabrics and geosynthetics. GWRL products are manufactured in state-of-art facilities at Wai and Pune (both in Maharashtra, India) and are marketed in more than 75 countries worldwide.

www.garwareropes.com

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