Garware Technical Fibres (509557) Q4 02/03 earnings summary

Executive summary

• FY03 turnover rose 13% to Rs. 17,759.11 lakh despite difficult domestic and international conditions; exports grew 31% to Rs. 6,298.26 lakh.

• PBT was Rs. 1,081.50 lakh and PAT Rs. 836.50 lakh; prior-year PBT benefited from dividend income and profit on sale of shares.

• Operating profit increased to Rs. 846.70 lakh from Rs. 764.93 lakh, while domestic sales rose 6%.

Financial highlights

• Gross sales were Rs. 17,759.11 lakh versus Rs. 15,658.08 lakh; net sales were Rs. 17,155.33 lakh versus Rs. 15,416.80 lakh.

• PBT declined to Rs. 1,081.50 lakh from Rs. 1,192.35 lakh; PAT was Rs. 836.50 lakh versus Rs. 922.35 lakh.

• EPS was Rs. 4.27 versus Rs. 4.71; proposed dividend remained Rs. 2.20 per share, or 22%.

• Export turnover rose to Rs. 6,298.26 lakh from Rs. 4,799.95 lakh; FOB exports reached Rs. 5,927.48 lakh versus Rs. 4,475.83 lakh.

Outlook and guidance

• R&D and product development to support the traditional ropes, twines and nettings businesses and deepen domestic and global market penetration.

• Growth focus includes Fibre and Industrial Products, expected to expand substantially, alongside continued diversification into industrial products.

• Forward-looking performance may differ due to factors affecting future results and outlook.