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Analyst Meet / AGM
27-Sep-11
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AGM
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Garware Wall Rope
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Export market for mechanized fishing nets continue to grow at around 25%
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The company held its AGM on 24th Sep'11 and was addressed by R.B.Garware CMD
Key highlights
- Despite the global slowdown and talks of recession, Garware Wall rope continues to do well in export market. Garware Wall rope exports its mechanized fishing nets and has market share of about 10% in international markets. According to the management, exports continued to grow at around 25% in the first 5 months of FY'12 and the company has an export order book of about 3 months which is well in line with the normal course of business.
- Domestically, the company has a market share of about 80% in mechanized fishing nets business and continues to do well despite rise in competition and high raw material costs. For Q2 FY'12 quarter, it had some issues like excessive rains and bad weather to deal with at domestic market.
- The real problem is in the geo synthetic or the turnkey solution business, which is striving for a healthy order book position. The segment depends heavily on the government side orders, which unfortunately are not coming at the pace at which it should have come up.
- Company expects the government orders and spending on infrastructure activities to resume post Sep'11 onwards, and if that happens, Garware Wall Rope will report a very healthy growth in sales
- Margins are under pressure due to high raw material costs and rupee is also not helping the company. Nevertheless, it has taken various internal measures to ensure the margins to maintain around the current level. But the uncertainly in raw material prices is an issue and according to the management, the clarity will come in next couple of months time.
- As regards to its JV for Waste Water Management business, the management has indicated that the same is progressing at slower pace as it is taking time to sign the MOU and then the equity participation.
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