Garware Wall Ropes climbs up after decent Q4 results

Garware Wall Ropes gained 3.34% to Rs 786 at 9:55 IST on BSE after consolidated net profit rose 13.6% to Rs 19.64 crore on 15% rise in net sales to Rs 214.06 crore in Q4 March 2017 over Q4 March 2016.

The result was announced after market hours yesterday, 24 May 2017.

Meanwhile, the S&P BSE Sensex was up 139.79 points, or 0.46%, to 30,441.43. The S&P BSE Small-Cap index was up 91.58 points, or 0.63%, to 14,648.15.

On the BSE, 220 shares were traded in the counter so far, compared with average daily volume of 4,353 shares in the past one quarter. The stock had hit a high of Rs 786.80 and a low of Rs 775 so far during the day. The stock had hit a record high of Rs 849.95 on 2 May 2017. The stock had hit a 52-week low of Rs 330.80 on 24 May 2016.

The stock had outperformed the market over the past 30 days till 24 May 2017, rising 2.97% compared with 2.18% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 15.22% as against Sensex's 4.88% rise.

The small-cap company has an equity capital of Rs 21.88 crore. Face value per share is Rs 10.

Garware Wall Ropes' earning per share rose 13.6% to Rs 8.97 per share in Q4 March 2017 over Q4 March 2016.

Garware Wall Ropes said that the board of directors of the company recommended a dividend of Rs 3.50 per share for the year ended 31 March 2017 (FY 2017). In addition, the board recommended a one-time special dividend of Rs 1.50 per share to commemorate completion of 40 years of the company.

Commenting on the performance, Vayu Garware, CMD of the company said that rise in revenues in Q4 was driven by good growths in international markets. Inspite of an increase in commodity prices, profit growth has been driven by increased sales of differentiated products coupled with productivity improvements. The focus on innovation, expansion and operational excellence will continue aiding growth in the coming year, he added.

Garware-Wall Ropes is a leading player in technical textiles, specializing in providing customized solutions to the cordage and infrastructure industry worldwide. The company is known for its innovation in the field of fisheries, aquaculture, shipping, sports, agriculture, coated fabrics and geo-synthetics.

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