The company also achieved growth in net sales, which increased by 5.8% to Rs. 214.1 crore in the second quarter of 2015, compared to Rs. 202.3 crore in same period last year.

Profit before tax grew by 34.6% to Rs. 21.4 crore in the second quarter of 2015, compared to Rs. 15.9 crore in the same quarter last year. EPS for the second quarter reached Rs. 7.02, representing a growth of 53.4% over the last year’s figure.

Strategy and focus

“Our 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,” commented Vayu Garware, CMD, Garware-Wall Ropes.

“This reflects the continued efficacy of our strategy and focus. However, due to the reduction in polymer prices amongst other factors, the value growth in the second quarter has been muted.”  

Half-year results

In the first half of 2015 the net sales improved by 13.1%, reaching Rs. 453.2 crore, compared to Rs. 400.8 crore in the first half of last year.

Profit before tax grew by 42.5% to Rs. 43.1 crore, compared to Rs. 30.2 crore the previous year. Net profit after tax has grown by 45.5% to Rs 30 crore, compared to Rs. 20.6 crore in the corresponding period last year. EPS for the first six months amounted to Rs. 13.7, showing an increase of 57.7% over the same period last year.

Other highlights

Garware-Wall Ropes was honoured with the prestigious Top Exporter award for its performance in the fish netting export category for the fiscal years 13-14 and 14-15 by the Plastics Export Promotion Council (PLEXCONCIL).

The company was also awarded the Best Aquaculture Cage Net Manufacturer Award at Aqua International (AI) Awards 2015.

Garware-Wall Ropes

Garware-Wall Ropes is an ISO 9001:2008 certified company. Established in 1976, the company is a leading player in technical textiles, specializing in providing customized solutions to the cordage and infrastructure industry worldwide.

An international player, the company is known for its innovation in the field of fisheries, aquaculture, shipping, sports, agriculture, coated fabrics and geosynthetics. GWRL products are manufactured in state-of-art facilities at Wai and Pune (both in Maharashtra, India) and are marketed in more than 75 countries.

www.garwareropes.com