Garware Wall Ropes Q3 net rises by 22% at Rs 17.86 crore

Technical textiles manufacturer Garware Wall Ropes (GWRL) today reported a 22.3 per cent net profit after tax (PAT) to Rs 17.86 crore in the quarter ending December 31, 2016, compared to the same period last year.
GWRL's PAT stood at Rs 14.60 crore in the corresponding period of FY16, the company said in a release issued here.
Net sales of the company grew by 4.8 per cent to Rs 194.28 crore in Q3FY17, compared to Rs 185.46 crore in Q3FY16.
"The third quarter performance was good in light of a downturn in domestic demand due to demonetisation. However, the team was able to counteract this through a good growth in exports sales and improved mix of our value added products in the overall product basket. With signs of domestic demand picking up and coupled with a strong export order pipeline, we should see the company continuing its past growth trend," Garware Wall Ropes CMD Vayu Garware said.