Garware-Wall Ropes’ net sales up 15%

Garware-Wall Ropes Ltd (GWRL), a leading manufacturer of technical textiles for the Indian and global markets, which announced its financial results for the fourth quarter and financial year ended March 31st, 2017, saw its net sales grow by 15 per cent to Rs 214.06 crore in Q4FY17 as compared to Rs186.16 crore in Q4FY16. The profit before tax grew by 21 per cent to Rs 29.34 crore in Q4FY17 as compared to Rs 24.25 crore in the same quarter last year. The net profit after tax has grown by 13.6 per cent to Rs 19.64 crore in the current quarter as against Rs 17.28 crore in the corresponding period of FY16.

The net sales improved by 4.9 per cent to Rs 865.28 crore in FY17 as against Rs 824.82 crore in FY16. The profit before tax grew by 40 per cent to Rs 121.84 crore as compared to Rs 87.04 crore in FY16. The net profit after tax has grown by 34.6 per cent to Rs 83.27 crore as against Rs 61.88 crore in the corresponding period last year.

Commenting on the performance, Vayu Garware, Chairman and Managing Director, GWRL, stated, “Quarterly revenues are up by 15 per cent 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.”