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For the quarter ended Dec'14, Garware Wall Ropes reported a 9% increase in net sales to Rs 185.17 crore. OPM was up by 70 bps to 9.8% thus, resulting OP of Rs 18.10 crore, up by 17% YoY. Other income was down by 48% to Rs 0.12 crore, Interest costs was down by 52% to Rs 1.76 crore. Depreciation was down by 5% to Rs 3.10 crore resulting PBT of Rs 13.36 crore, up by 53% YoY. After providing total tax of Rs 3.18 crore, up by 89% YoY, PAT for Dec'14 quarter stood at Rs 10.18 crore, up by 45% YoY.
Mr Vayu Garware, CMD, Garware Wall Ropes Ltd.
"The growth in value added innovative products coupled with our continued focus on operational excellence have aided another quarter of profitability. The continued momentum of our aquaculture and agriculture businesses augers well for growth in the near future".
Highlights for the nine months ended Dec'14
Net sales for the nine months ended Dec'14 stood at Rs 587.33 crore, up by 18%, With OPM at 10%, OP stood at Rs 58.72 crore, up by 14%. Other income was up by 55% to Rs 1.29 crore. Interest costs and depreciation stood at Rs 6.99 crore and Rs 9.41 crore, down by 50% and 14% respectively. Thus resulting PBT of Rs 43.61 crore up by 59%. After providing total tax of Rs 12.81 crore, up by 58%, PAT for the nine months ended Dec'14 stood at Rs 30.80 crore, up by 60%.
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 197
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