Garware Technical Fibres Ltd

₹ 3,280 -0.95%

25 Apr - close price

garwareropes.com BSE: 509557 NSE : GARFIBRES

About

Established in 1976, 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. 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

Pioneer in Technical Textiles in India^[1] Established in 1976, the company has a presence across 75+ countries, producing 80MT of technical fabrics per day with over 20,000 SKUs

Website BSE NSE

Market Cap ₹ 6,685 Cr.
Current Price ₹ 3,280
High / Low ₹ 3,847 / 2,854
Stock P/E 36.2
Book Value ₹ 552
Dividend Yield 0.11 %
ROCE 19.4 %
ROE 15.6 %
Face Value ₹ 10.0

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Pros

Cons

The company has delivered a poor sales growth of 7.13% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Textiles Industry: Textiles - Products

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	282	305	239	273	302	362	293	352	250	359	320	321	268
	224	241	197	226	251	285	256	292	209	283	261	258	223
Operating Profit	58	64	42	47	51	77	37	59	40	76	59	63	45
OPM %	21%	21%	17%	17%	17%	21%	13%	17%	16%	21%	18%	20%	17%
	9	6	6	10	5	5	5	8	8	8	9	10	11
Interest	3	2	2	3	4	1	3	3	3	3	4	4	3
Depreciation	5	5	5	5	5	5	5	5	6	6	6	6	7
Profit before tax	59	62	40	49	47	75	34	58	40	75	58	62	47
Tax %	26%	24%	23%	23%	25%	23%	23%	21%	24%	24%	23%	24%	23%
	43	48	31	38	35	57	26	46	30	57	44	48	36
EPS in Rs	20.74	23.13	15.10	18.22	16.92	27.72	12.62	22.31	14.76	27.96	21.81	23.32	17.56
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	561	599	685	782	825	846	885	1,018	945	1,017	1,174	1,248	1,268
	503	541	622	703	722	710	724	826	767	819	957	1,035	1,025
Operating Profit	58	58	62	79	103	136	161	192	178	199	217	213	243
OPM %	10%	10%	9%	10%	13%	16%	18%	19%	19%	20%	18%	17%	19%
	3	6	4	4	6	8	18	21	69	35	25	28	38
Interest	13	14	13	10	9	7	10	14	11	10	10	12	15
Depreciation	16	16	14	12	13	14	15	17	19	21	21	22	25
Profit before tax	32	33	39	60	87	123	153	182	216	203	210	207	242
Tax %	25%	26%	32%	29%	29%	32%	31%	31%	18%	24%	23%	23%
	24	25	27	43	62	84	105	126	178	155	161	159	185
EPS in Rs	10.13	10.41	11.71	19.67	28.28	38.52	48.04	57.40	81.35	75.00	77.96	78.06	90.65
Dividend Payout %	25%	24%	22%	15%	12%	13%	9%	9%	21%	3%	9%	4%

Compounded Sales Growth
10 Years:	8%
5 Years:	7%
3 Years:	10%
TTM:	1%

Compounded Profit Growth
10 Years:	20%
5 Years:	9%
3 Years:	-4%
TTM:	16%

Stock Price CAGR
10 Years:	46%
5 Years:	25%
3 Years:	9%
1 Year:	12%

Return on Equity
10 Years:	19%
5 Years:	19%
3 Years:	17%
Last Year:	16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	24	24	22	22	22	22	22	22	22	21	21	20	20
Reserves	227	243	253	288	343	424	514	628	751	821	976	1,006	1,104
	140	110	71	40	45	86	138	108	100	97	80	134	116
	182	185	252	349	411	309	310	319	330	385	354	333	330
Total Liabilities	573	562	599	699	821	841	984	1,077	1,204	1,323	1,430	1,492	1,571
	167	154	153	166	199	203	221	227	244	247	240	245	252
CWIP	3	0	7	7	0	0	0	0	0	0	0	0	0
Investments	9	9	9	9	9	111	245	331	423	514	568	666	712
	394	399	429	517	613	526	518	519	537	562	622	582	607
Total Assets	573	562	599	699	821	841	984	1,077	1,204	1,323	1,430	1,492	1,571

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	52	34	79	74	143	120	28	133	144	205	60	185
	-29	0	-20	-25	-37	-147	-53	-78	-58	-121	7	-103
	-1	-38	-70	-48	-36	27	29	-56	-69	-107	-33	-85
Net Cash Flow	22	-4	-11	2	70	1	4	-1	18	-22	34	-2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	97	85	76	85	94	85	90	87	83	77	81	64
Inventory Days	179	168	146	138	145	176	206	186	251	218	198	171
Days Payable	78	79	74	67	186	247	257	215	268	298	212	170
Cash Conversion Cycle	199	174	148	156	53	14	40	58	66	-3	67	65
Working Capital Days	120	114	88	74	60	49	81	76	78	55	80	66
ROCE %	12%	12%	14%	20%	25%	28%	26%	26%	28%	23%	22%	19%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	52.62%	52.62%	52.62%	52.62%	52.62%	52.61%	52.70%	52.70%	52.70%	52.70%	52.70%	52.70%
	8.94%	8.63%	7.88%	7.42%	7.39%	8.33%	8.46%	8.57%	8.62%	8.58%	8.77%	9.34%
	3.25%	3.73%	4.35%	5.48%	5.93%	6.62%	6.98%	7.59%	8.76%	9.62%	10.19%	10.02%
	35.19%	35.02%	35.15%	34.48%	34.07%	32.44%	31.85%	31.12%	29.90%	29.09%	28.33%	27.95%
No. of Shareholders	31,932	39,047	41,797	42,928	45,019	44,518	44,346	42,859	42,625	41,185	38,111	92,445

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	50.68%	50.69%	50.70%	50.71%	52.62%	52.62%	52.70%	52.70%
	2.83%	3.75%	4.93%	6.90%	8.35%	7.42%	8.57%	9.34%
	1.34%	4.18%	3.69%	3.84%	3.53%	5.48%	7.59%	10.02%
	40.82%	37.06%	36.35%	34.23%	35.50%	34.48%	31.12%	27.95%
	4.33%	4.33%	4.33%	4.33%	0.00%	0.00%	0.00%	0.00%
No. of Shareholders	15,221	16,641	16,535	16,782	30,485	42,928	42,859	92,445

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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