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Net sales for quarter ended Mar'17 stood at Rs 867.74 crore, up by 5% YoY basis. OPM stood at 15.9%, up by 80 bps thus resulting in OP growth of 21% to Rs 34.30 crore. Other income was lower by 58% at Rs 0.51 crore. Interest costs was lower by 4% to Rs 1.89 crore resulting PBDT growth of 19% to Rs 32.92 crore. Depreciation was up by 5% to Rs 3.58 crore resulting a 21% growth in PBT to Rs 29.34 crore. After paying total tax of Rs 9.70 crore, up by 39% YoY, PAT for the quarter ended Mar'17 stood at Rs 19.64 crore, up by 14% YoY.
Commenting on the performance, Mr. Vayu Garware, CMD, Garware-Wall Ropes Ltd. stated, "Quarterly revenues are up by 15% over last year fourth quarter driven by good growths in our international markets. In spite of an increase in commodity prices, profit growth has been driven by increased sales of our differentiated products coupled with productivity improvements. We expect our focus on innovation, expansion and operational excellence to continue aiding our growth in the coming year."
Performance for 12 months ended Mar'17
For the 12 months ended Mar'17, net sales were up by 5% to Rs 867.74 crore. OPM was higher by 280 bps to 15.5% resulting in a 28% increase to Rs 134.65 crore. Other income stood at Rs 7.74 crore as compared to Rs 3.46 crore for 12 months ended Mar'16. Interest costs were lower by 26% to Rs 6.42. Depreciation was up by 8% to Rs 14.13 crore. PBT was higher by 40% to Rs 121.84 crore. After providing total tax of Rs 38.56 crore, PAT for 12 months ended Mar'17 stood at Rs 83.28 crore up by 35% YoY.
Board of directors have recommended a dividend of Rs 5 per equity share of Rs 10 each for FY'17.
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