Garware-Wall Ropes Limited(GWRL), is one of India's leading
players in technical textiles with a widespread global presence. Deploying its
expertise in engineering of polymer sand its in-depth knowledge of customer
needs, GWL provides application-focused solutions for various sectors including
deep-sea fishing, aquaculture, shipping, agriculture, sports, infrastructure, defence
and transportation. Company has three large integrated manufacturing facilities
in Pune, Wai and Silvassa, where a wide variety of products are produced,
including ropes, nets and aquaculture cages for capturing and breeding fish;
nets for sports such as tennis and soccer; insect and shade nets for high-value
agriculture; coated fabrics for covers, tarps, tents, etc; and geo synthetic
solutions for water management, waste management and erosion control applications.
Company has secured customers across all continents in
over75 countries. End-users include fishermen, shipping companies, oil
drillers, agriculturists , packers,
transporters, construction companies ,municipalities, government organisations,
clubs, universities and manufacturing plants.
Financials:
in Cr.)
|
2015
|
2014
|
2013
|
2012
|
2011
|
Revenue
|
784.25
|
687.65
|
603.73
|
580.49
|
503.67
|
Other Income
|
1.71
|
0.88
|
1.36
|
1.12
|
0
|
Total Income
|
785.96
|
688.53
|
605.09
|
581.6
|
503.67
|
Expenditure
|
-702.81
|
-618.94
|
-540.89
|
-520.35
|
-448.7
|
Interest
|
-10.25
|
-16.12
|
-14.48
|
-13.18
|
-8.92
|
PBDT
|
72.9
|
53.47
|
49.72
|
48.07
|
46.05
|
Depreciation
|
-12.39
|
-14.39
|
-16.32
|
-16.02
|
-14.84
|
PBT
|
60.51
|
39.08
|
33.4
|
32.05
|
31.21
|
Tax
|
-17.46
|
-12.42
|
-8.73
|
-8.05
|
-6.78
|
Net Profit
|
43.06
|
26.66
|
24.67
|
24.01
|
24.43
|
Equity
|
21.88
|
21.97
|
23.71
|
23.71
|
23.71
|
EPS
|
19.68
|
11.4
|
10.41
|
10.13
|
10.31
|
CEPS
|
25.34
|
18.69
|
17.29
|
16.88
|
16.57
|
OPM %
|
10.6
|
10.12
|
10.63
|
10.55
|
10.91
|
NPM %
|
5.49
|
3.88
|
4.09
|
4.14
|
4.85
|
Company has come up
with excellent results in FY14-15 with EPS of Rs 19.68 and declared dividend of
Rs3.00. falling raw material cost due to drop in crude prices the margins have
also already gone up by 1.6 basis and it may further improve. Going forward I expect
GWRL to achieve growth of 15% in 2015-16 and expected to achieve revenue of approx. 900 crores with NPM
of 5.5-6% the Net profit of Rs50-52 crores
can be easily achieved resulting in EPS Of Rs 23-25 at PE multiple of 15 the stock could touch Rs
350 in 1 year.
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