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Net sales for quarter ended June'16 stood at Rs 225.07 crore, down by 6% YoY basis. OPM stood at 13.7%, up by 290 bps thus resulting in OP growth of 19% to Rs 30.87 crore. Other income was up by 243% at Rs 2.47 crore. Interest costs was lower by 19% to Rs 1.46 crore resulting PBDT growth of 28% to Rs 31.88 crore. Depreciation was up by 9% to Rs 3.47 crore resulting a 31% growth in PBT to Rs 28.41 crore. After paying total tax of Rs 8.64 crore, up by 23% YoY, PAT for the quarter ended June'16 stood at Rs 19.77 crore, up by 35% YoY.
Speaking on the results, Mr. Vayu Garware, CMD Garware Wall Ropes said, "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 topline growth. 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."
The company received an upgrade from the credit rating agency ICRA to AA- from A+ basis the long term facilities availed by the company.
Performance for 12 months ended Mar'16
Net sales for the 12 months ended Mar'16 stood at Rs 827.60 crore, up by 6% YoY. OPM stood at 12.7%, up by 230 bps thus resulting in OP growth of 29% to Rs 105.41 crore. Other income was up by 102% at Rs 3.46 crore. Interest costs was down by 15% to Rs 8.73 crore resulting PBDT growth of 37% to Rs 100.14 crore. Depreciation was up by 6% to Rs 13.10 crore resulting a 44% growth in PBT to Rs 87.04 crore. After paying total tax of Rs 25.17 crore, up by 44% YoY, PAT for the 12 months ended Mar'16 stood at Rs 61.87 crore, up by 44% YoY.
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