Garware Technical Fibres Ltd

₹ 3,056 -0.45%
18 Aug - close price
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].

  • Market Cap 6,300 Cr.
  • Current Price 3,056
  • High / Low 4,033 / 2,611
  • Stock P/E 39.1
  • Book Value 471
  • Dividend Yield 0.23 %
  • ROCE 23.1 %
  • ROE 18.5 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • The company has delivered a poor sales growth of 7.05% 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

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
232 232 236 253 152 268 278 335 243 282 308 356 304
189 191 198 197 134 211 220 264 200 231 253 283 264
Operating Profit 43 41 38 55 18 57 58 71 43 51 56 73 41
OPM % 19% 18% 16% 22% 12% 21% 21% 21% 18% 18% 18% 21% 13%
7 10 8 8 12 8 9 6 6 10 5 5 5
Interest 3 3 3 3 2 3 3 2 2 3 4 1 3
Depreciation 5 5 5 5 5 5 5 5 5 5 5 5 5
Profit before tax 42 44 38 55 23 58 59 69 41 53 51 71 37
Tax % 30% -6% 24% 35% 22% 23% 27% 23% 23% 23% 25% 24% 24%
Net Profit 30 46 29 36 18 44 43 53 32 41 38 54 28
EPS in Rs 13.54 21.13 13.23 16.31 8.08 21.18 20.61 25.81 15.49 19.83 18.46 26.14 13.67

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
561 599 685 782 825 846 885 1,018 953 1,035 1,189 1,251
500 541 622 703 722 710 724 826 775 830 966 1,030
Operating Profit 61 58 62 79 103 136 161 192 178 204 223 221
OPM % 11% 10% 9% 10% 13% 16% 18% 19% 19% 20% 19% 18%
3 6 4 4 6 8 18 21 32 35 26 24
Interest 17 14 13 10 9 7 10 14 12 10 11 11
Depreciation 16 16 14 12 13 14 15 17 19 21 21 22
Profit before tax 32 33 39 61 87 123 153 182 179 208 216 212
Tax % 25% 26% 32% 29% 29% 32% 31% 31% 21% 24% 24%
Net Profit 24 25 27 43 62 84 105 126 141 158 165 161
EPS in Rs 10.13 10.43 11.75 19.71 28.29 38.55 48.06 57.44 64.22 76.83 79.92 78.10
Dividend Payout % 25% 24% 22% 15% 12% 13% 9% 9% 26% 3% 9%
Compounded Sales Growth
10 Years: 8%
5 Years: 7%
3 Years: 5%
TTM: 11%
Compounded Profit Growth
10 Years: 21%
5 Years: 14%
3 Years: 11%
TTM: -7%
Stock Price CAGR
10 Years: 51%
5 Years: 28%
3 Years: 43%
1 Year: -7%
Return on Equity
10 Years: 18%
5 Years: 20%
3 Years: 19%
Last Year: 19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
24 24 22 22 22 22 22 22 22 21 21
Reserves 227 243 254 289 344 424 515 628 717 790 950
140 110 71 40 45 86 138 108 133 102 80
182 185 253 349 412 309 310 319 319 406 365
Total Liabilities 573 563 599 699 822 842 985 1,078 1,191 1,319 1,415
167 154 153 166 199 203 221 227 244 247 240
CWIP 3 0 7 7 0 0 -0 -0 -0 -0 -0
Investments 9 9 9 9 9 111 244 330 376 467 521
394 399 430 517 613 528 519 521 570 605 654
Total Assets 573 563 599 699 822 842 985 1,078 1,191 1,319 1,415

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
52 34 79 74 143 120 28 133 110 230 64
-29 2 -20 -25 -37 -147 -53 -78 -47 -120 8
-1 -38 -70 -48 -36 27 29 -56 -37 -135 -38
Net Cash Flow 22 -3 -11 2 70 1 4 -1 25 -25 34

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 97 85 76 85 94 85 90 87 90 85 79
Inventory Days 179 168 146 138 145 176 206 186 250 235 234
Days Payable 78 79 74 67 186 247 257 215 241 308 220
Cash Conversion Cycle 199 174 148 156 53 14 40 58 99 12 93
Working Capital Days 120 114 88 74 60 49 81 76 92 60 140
ROCE % 12% 14% 20% 25% 28% 26% 26% 23% 24% 23%

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
50.70 50.71 50.71 50.71 53.02 53.02 52.62 52.62 52.62 52.62 52.62 52.62
5.90 6.61 6.90 7.13 7.23 7.83 8.35 8.94 8.63 7.88 7.42 7.39
4.34 3.82 3.84 3.95 4.16 3.93 3.53 3.25 3.73 4.35 5.48 5.93
34.73 34.53 34.23 33.89 35.58 35.22 35.50 35.19 35.02 35.15 34.48 34.07
4.33 4.33 4.33 4.33 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Documents

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