Garware-Wall Ropes Ltd (GWRL) has reported revenue above our estimates. GWRL has posted healthy top-line growth of 20.02 per cent y-o-y to Rs.239.3 crore in Q1FY16 against Rs.199.4 crore in Q1FY15.
During Q1FY16, operating profit margins increased by 33.77per cent y-o-y to Rs.25.9 crore against Rs.19.4 crore in Q1FY15 and corresponding margin increased by 112 bps y-o-y to 10.84 per cent on account of growth in value added products coupled with continued focus on operational excellence have aided margin expansion.
Interest cost for Q1FY16 declined by 21per cent to Rs.1.8 crore against Rs.2.3 crore in Q1FY15. The company posted 50 per cent jump in net profit of Rs.14.6 crore in Q1FY16 against Rs.9.7 crore in Q1FY15. The management eyes Rs.1,000 crore revenue by FY17, mainly driven by growing demand in the geo-synthetics, aquaculture and agriculture segment.
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