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Established in 1976, Garware-Wall Ropes (GWRL) is India's leading player in technical textiles, providing specialized solutions in the cordage and infrastructure industry.
Quarter consolidated results
For the quarter ended June 2019, consolidated sales fell 5% to Rs 232.33 crore. OPM fell 260 basis points to 18.56% which took OP down 17% to Rs 43.11 crore.
Other income jumped 253% to Rs 6.60 crore and interest cost fell 15% to Rs 2.81 core. As depreciation grew 13% to Rs 4.64 crore, PBT fell 8% to Rs 42.25 crore.
Tax fell 15% to Rs 12.62 crore after which PAT went down 6% to Rs 29.63 crore.
FY 2019 consolidated results
In FY 2019, consolidated sales grew 15% to Rs 1017.82 crore. OPM improved 80 basis points to 18.9% which saw OP grow 20% to Rs 191.98 crore.
PBT grew 19% to Rs 182.09 crore. net profit went up 19% to Rs 125.68 crore.
Management comments
Vayu Garware, CMD, said, "The year has begun with a steady performance in our Synthetic cordage segment .Our V2 technology based products are seeing good customer acceptance and excellent order flow. However, we faced headwinds in our Fibre and Industrial Products & Projects segment wherein the general elections led to a slowdown in release of tenders by both government and private sector. Post-election, some of these key projects have now been tendered and awarded. We will be working hard to make up for the delay in Q3 and Q4."
Other details
Garware Environmental Services Pvt. Ltd (Subsidiary Company) is yet to commence its commercial operation.
Valuation
The stock trades at Rs 1095.
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