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GWRL posts 35% increase in profits

Aug 29, 2016
GWRL posts 35% increase in profits

Garware-Wall Ropes Ltd (GWRL), a leading manufacturer of technical textiles for the Indian and global markets has achieved a sales revenue of Rs 225.06 crore in Q1FY17 as compared to Rs 239.32 crore in Q1FY16. Profit before tax grew by 31.1 per cent to Rs 28.40 crore in Q1FY17 as compared to Rs 21.66 crore in the same quarter last year. GWRL’s net profit has grown by 35.1 per cent to Rs 19.76 crore in the quarter as against Rs 14.62 crore in the corresponding period of FY16. FY16. 

Speaking on the results, Vayu Garware, CMD, GWRL, 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 top line 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.”