The net sales of Garware Wall Ropes Ltd. (GWRL) in the second quarter ended September 30, 2014, grew by 15 per cent to Rs. 202.33 crores as compared to Rs. 176.05 crores in the second quarter of 2013-14. Profit before tax grew by 71 per cent to Rs. 15.92 crores (Rs. 9.31 crores), while net profit grew by 80 per cent to Rs. 10.86 crores (Rs. 6.04 crores).
Net sales expanded by 23.4 per cent to Rs. 400.80 crores in the first half of 2014-15 compared to Rs. 324.71 crores in the period the previous year. Profit before tax moved up by 61.9 per cent to Rs. 30.23 crores (Rs. 18.68 crores), while net profit in the first half of the year grew by 68.3 per cent to Rs. 20.61 crores (Rs. 12.24 crores).
Mr. Vayu Garware, CMD, Garware Wall Ropes Ltd., said: “With the uptick of positive sentiments in the market, we are pleased to report yet another positive quarter. We are expecting the positive trend to continue in the second half of the financial year with significant gain in business from the agriculture, aquaculture and defence verticals”.
Exports grew by 27 per cent in the first half of the year as compared to the previous year. This growth has been led by the strong performance of new products for aquaculture and shipping segments.
STAR cages, introduced in the later half of 2013-14, have seen stellar success in the global aquaculture market. A polyolefin-based product, STAR cages result in easier cleaning and avoidance of anti-fouling coating, thus adding value to aquaculture farmers by way of cost reduction.
X2 ropes, an innovative product which has reduced weight and enhanced strength has been successfully introduced in the global shipping market. The specially designed X2 trawl winch rope is giving immense downtime benefit to the fishing fraternity.
These two innovative products developed by the company R&D Centre have created a robust platform for future growth.