Garware Technical Fibres (509557) Q4 01/02 earnings summary

Executive summary

• FY ended 31 Mar 2002: PBT rose to Rs 1,192.35 lacs from Rs 940.48 lacs; PAT increased to Rs 922.35 lacs from Rs 870.48 lacs.

• Domestic sales grew 4% to Rs 10,858.13 lacs, while exports fell ~10% to Rs 4,799.95 lacs amid fishing-sector and currency-related headwinds.

Financial highlights

• Net sales were Rs 15,416.80 lacs vs Rs 15,573.32 lacs; total income was Rs 15,844.22 lacs vs Rs 15,804.20 lacs.

• PBT was Rs 1,192.35 lacs vs Rs 940.48 lacs; PAT was Rs 922.35 lacs vs Rs 870.48 lacs; EPS rose to Rs 4.71 from Rs 4.44.

• PBT included a Rs 115 lacs gain on sale of investments.

• Operating cash flow increased to Rs 2,202.09 lacs from Rs 1,585.35 lacs; net cash rose Rs 189.60 lacs after a Rs 698.13 lacs decrease in the prior year.

Outlook and guidance

• Priorities are to defend domestic and global positions in ropes, twines and nettings, expand market penetration, and grow Fibre and Industrial Products through continued R&D.

• Fibre and Industrial Products was expanding, with management expecting substantial future growth; Geosynthetic applications were identified as an opportunity.