Garware Technical Fibres Ltd

About

Garware-Wall Ropes (GWRL) is one of India's leading players in the technical textiles sector, providing specialized solutions to the cordage and infrastructure industry worldwide. Established in 1976, the company today is a multi-divisional, multi-geographical technical textile company. The company manufactures and provides world class solutions in high performance polymer ropes, fishing nets, sports nets, safety nets, aquaculture cages, coated fabrics, agricultural netting and geosynthetics.

Key Points

Over 60% revenue from value added products [1]
Starting out as a supplier of cordage products to domestic fishing and shipping industries (60% revenue in 1997), the company has diversified into sports, aquaculture and other sectors. Value added products now account for over 70% of total revenues. These have also lead to improvement in EBITDA margins [2].

See full details
  • Market Cap 6,943 Cr.
  • Current Price 3,367
  • High / Low 3,645 / 1,812
  • Stock P/E 41.4
  • Book Value 408
  • Dividend Yield 0.07 %
  • ROCE 23.0 %
  • ROE 18.7 %
  • Face Value 10.0

Pros

  • Company is almost debt free.

Cons

  • Stock is trading at 8.25 times its book value
  • The company has delivered a poor sales growth of 4.28% over past five years.

Peer comparison

Sector: Textiles Industry: Textiles - Products

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
262 222 290 232 232 236 244 151 279 282 305 239
209 185 239 189 191 198 189 133 221 224 241 197
Operating Profit 53 37 51 43 41 38 55 18 58 58 64 42
OPM % 20% 17% 18% 19% 18% 16% 23% 12% 21% 21% 21% 17%
Other Income 4 7 8 7 10 8 45 11 8 9 6 6
Interest 3 3 4 3 3 3 3 2 3 3 2 2
Depreciation 4 4 5 5 5 5 5 5 5 5 5 5
Profit before tax 49 36 51 42 44 38 92 23 59 59 62 40
Tax % 32% 32% 28% 30% -6% 24% 21% 21% 22% 26% 24% 23%
Net Profit 33 25 37 30 46 29 73 18 46 43 48 31
EPS in Rs 15.05 11.29 16.73 13.53 21.13 13.23 33.45 8.23 21.74 20.74 23.13 15.10

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
426 477 561 599 685 782 825 846 885 1,018 945 1,017 1,105
379 424 503 541 622 703 722 710 724 826 767 819 883
Operating Profit 47 53 58 58 62 79 103 136 161 192 178 199 223
OPM % 11% 11% 10% 10% 9% 10% 13% 16% 18% 19% 19% 20% 20%
Other Income 3 2 3 6 4 4 6 8 18 21 69 35 29
Interest 11 9 13 14 13 10 9 7 10 14 11 10 11
Depreciation 13 15 16 16 14 12 13 14 15 17 19 21 21
Profit before tax 26 31 32 33 39 60 87 123 153 182 216 203 220
Tax % 25% 22% 25% 26% 32% 29% 29% 32% 31% 31% 18% 24%
Net Profit 19 24 24 25 27 43 62 84 105 126 178 155 168
EPS in Rs 8.17 10.30 10.13 10.41 11.71 19.67 28.28 38.52 48.04 57.40 81.35 75.00 80.71
Dividend Payout % 31% 24% 25% 24% 22% 15% 12% 13% 9% 9% 21% 3%
Compounded Sales Growth
10 Years:8%
5 Years:4%
3 Years:5%
TTM:28%
Compounded Profit Growth
10 Years:20%
5 Years:19%
3 Years:14%
TTM:1%
Stock Price CAGR
10 Years:51%
5 Years:45%
3 Years:44%
1 Year:69%
Return on Equity
10 Years:18%
5 Years:21%
3 Years:21%
Last Year:19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
24 24 24 24 22 22 22 22 22 22 22 21
Reserves 194 211 227 243 253 288 343 424 514 628 751 821
Borrowings 87 116 140 110 71 40 45 86 138 108 100 97
175 178 182 185 252 349 411 309 310 319 330 385
Total Liabilities 478 529 573 562 599 699 821 841 984 1,077 1,204 1,323
143 150 167 154 153 166 199 203 221 227 244 247
CWIP 1 5 3 0 7 7 0 0 0 0 0 0
Investments 17 9 9 9 9 9 9 111 245 331 423 514
317 365 394 399 429 517 613 526 518 519 537 562
Total Assets 478 529 573 562 599 699 821 841 984 1,077 1,204 1,323

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
61 -0 52 34 79 74 143 120 28 133 144 207
-23 -27 -29 0 -20 -25 -37 -147 -53 -78 -58 -121
-36 24 -1 -38 -70 -48 -36 27 29 -56 -69 -107
Net Cash Flow 2 -4 22 -4 -11 2 70 1 4 -1 18 -20

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 108 103 97 85 76 85 94 85 90 87 83 77
Inventory Days 167 229 179 168 146 138 145 176 206 186 251 218
Days Payable 105 80 78 79 74 67 186 247 257 215 268 298
Cash Conversion Cycle 170 251 199 174 148 156 53 14 40 58 66 -3
Working Capital Days 132 149 130 124 96 78 62 49 81 76 78 55
ROCE % 12% 12% 12% 12% 14% 20% 25% 28% 26% 26% 28% 23%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
50.70 50.70 50.70 50.70 50.70 50.71 50.71 50.71 53.02 53.02 52.62 52.62
4.29 4.83 4.93 5.06 5.90 6.61 6.90 7.13 7.23 7.83 8.35 8.94
4.16 3.64 3.69 3.96 4.34 3.82 3.84 3.95 4.16 3.93 3.53 3.25
36.53 36.50 36.35 35.95 34.73 34.53 34.23 33.89 35.58 35.22 35.50 35.19
4.33 4.33 4.33 4.33 4.33 4.33 4.33 4.33 0.00 0.00 0.00 0.00

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