Garware Technical Fibres Ltd

About [ edit ]

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 [ edit ]
  • Market Cap 7,130 Cr.
  • Current Price 3,458
  • High / Low 3,645 / 1,632
  • Stock P/E 45.0
  • Book Value 393
  • Dividend Yield 0.20 %
  • ROCE 24.5 %
  • ROE 20.4 %
  • Face Value 10.0

Pros

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

Cons

  • Stock is trading at 8.79 times its book value
  • The company has delivered a poor sales growth of 4.64% over past five years.

Peer comparison

Sector: Textiles Industry: Textiles - Products

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
244 262 222 290 232 232 236 253 152 268 278 335
193 209 185 239 189 191 198 197 134 211 220 264
Operating Profit 52 53 37 51 43 41 38 55 18 57 58 71
OPM % 21% 20% 17% 18% 19% 18% 16% 22% 12% 21% 21% 21%
Other Income 2 4 7 8 7 10 8 8 12 8 9 6
Interest 3 3 3 4 3 3 3 3 2 3 3 2
Depreciation 4 4 4 5 5 5 5 5 5 5 5 5
Profit before tax 46 49 36 51 42 44 38 55 23 58 59 69
Tax % 32% 32% 32% 28% 30% -6% 24% 35% 22% 23% 27% 23%
Net Profit 31 33 25 37 30 46 29 36 18 44 43 53
EPS in Rs 14.34 15.05 11.31 16.74 13.54 21.13 13.23 16.31 8.08 21.18 20.61 25.81

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
561 599 685 782 825 846 885 1,018 953 1,035
500 541 622 703 722 710 724 826 776 830
Operating Profit 61 58 62 79 103 136 160 192 178 204
OPM % 11% 10% 9% 10% 13% 16% 18% 19% 19% 20%
Other Income 3 6 4 4 6 8 18 21 32 35
Interest 17 14 13 10 9 7 10 14 12 10
Depreciation 16 16 14 12 13 14 15 17 19 21
Profit before tax 32 33 39 61 87 123 153 182 179 208
Tax % 25% 26% 32% 29% 29% 32% 31% 31% 21% 24%
Net Profit 24 25 27 43 62 84 105 126 141 158
EPS in Rs 10.13 10.43 11.75 19.71 28.29 38.55 48.06 57.44 64.22 76.83
Dividend Payout % 25% 24% 22% 15% 12% 13% 9% 9% 26% 3%
Compounded Sales Growth
10 Years:%
5 Years:5%
3 Years:5%
TTM:9%
Compounded Profit Growth
10 Years:%
5 Years:21%
3 Years:16%
TTM:14%
Stock Price CAGR
10 Years:51%
5 Years:50%
3 Years:43%
1 Year:107%
Return on Equity
10 Years:%
5 Years:20%
3 Years:20%
Last Year:20%

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
24 24 22 22 22 22 22 22 22 21
Reserves 227 243 254 289 344 424 515 628 717 790
Borrowings 140 110 71 40 45 86 138 108 133 102
182 185 253 349 412 309 310 319 319 406
Total Liabilities 573 563 599 699 822 842 985 1,078 1,191 1,319
167 154 153 166 199 203 221 227 244 247
CWIP 3 0 7 7 0 0 0 0 0 0
Investments 9 9 9 9 9 111 244 330 376 467
394 399 430 517 613 528 519 521 570 605
Total Assets 573 563 599 699 822 842 985 1,078 1,191 1,319

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
52 34 79 74 143 120 28 133 110 230
-29 2 -20 -25 -37 -147 -53 -78 -47 -120
-1 -38 -70 -48 -36 27 29 -56 -37 -135
Net Cash Flow 22 -3 -11 2 70 1 4 -1 25 -25

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
ROCE % 12% 14% 20% 25% 28% 26% 26% 23% 24%
Debtor Days 97 85 76 85 94 85 90 87 90 85
Inventory Turnover 2.48 2.86 3.00 2.64 2.45 2.13 2.20 1.76 1.55

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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