Speaking on the results, Mr. Vayu Garware CMD Garware Wall Ropes said, "Q2 is our domestic centric quarter. In this period, domestic fisheries contribute to a large proportion of the overall sales. As has been informed in previous months, we have been seeing a short term disruption in our domestic business on account of GST implementation, more particularly in the Fisheries sector. The distribution channel had not geared up for GST on time and the increased tax rate on Fishnets had put significant inflationary pressure on the end consumers. However, the recent reduction in GST rates on Fishnets and some Agriculture products is good news and is expected to impact demand positively and get secondary sales back on track. Nevertheless, we have been able to continue the healthy trend of improving our Ebidta margins which increased to 20.5%, thereby allowing us to increase overall profit before tax by 19.3% for the half year. Our international markets continue to do well with a strong order book for our differentiated product portfolio and we expect to resume our normal profit growth from Q3".

Performance for 6 months ended Sep 17

For the 6 months ended Sep 17, net sales grew by 1% to Rs 448.35 crore. OPM was up by 200 bps to 17.9% resulting in a 14% increase in OP to Rs 80.40 crore. Other income was up by 70% to Rs 11.61 crore. Interest costs and depreciation was up by 47% and 6% respectively to Rs 4.66 crore and Rs 7.45 crore. After providing total tax of Rs 25.76 crore, PAT for Sep 17 quarter stood at Rs 54.14 crore up by 17% YoY.