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For the quarter ended June'14, Garware Wall Ropes reported a 34% increase in net sales to Rs 199.39 crore. OPM was lower by 250 bps to 9.7% albeit on a higher base of 12.2% for June'13 quarter, restricting the OP growth to 7% to Rs 19.39 crore. Other income was up by 140% to Rs 0.72 crore, Interest costs was down by 56% to Rs 2.29 crore. Depreciation was down by 11% to Rs 3.50 crore resulting PBT of Rs 14.32 crore, up by 53% YoY. After providing total tax of Rs 4.57 crore, up by 45% YoY, PAT for June'14 quarter stood at Rs 9.75 crore, up by 57% YoY.
Vayu Garware, CMD, Garware Wall Ropes Ltd, said, “Our quarterly performance has demonstrated that the company is on a sustained growth path. Our emphasis on application focused innovation has led to strong demand for our products internationally.”
“The promotion of protected agriculture and infrastructure, by the government of India, will be positive for the future” he added further.
Performance for the year ended March 2014
Net sales for FY 2014 stood at Rs 687.65 crore, up by 14% YoY. OPM stood at 10%, restricting the OP to Rs 68.71 crore, up by 9% YoY. Other income was down by 35% to Rs 0.88 crore. Interest costs was up by 11% to Rs 16.12 crore resulting PBDT growth of 8% to Rs 53.47 crore. Depreciation was down by 12% to Rs 14.39 crore resulting a 17% growth in PBT to Rs 39.08 crore. After paying total tax of Rs 12.41 crore, up by 42% YoY, PAT for the year ended Mar 2014 stood at Rs 26.67 crore, up by 8% YoY.
The stock hovers around Rs 150
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