Garware Technical Fibres (509557) Q4 03/04 earnings summary

Executive summary

• FY04 turnover rose 6% to Rs. 18,902.91 lakh; PBT reached Rs. 1,136.56 lakh from Rs. 1,081.50 lakh, while PAT increased to Rs. 976.56 lakh from Rs. 836.50 lakh.

• Domestic turnover grew 5% and global-market turnover 10%; value-added product sales helped offset higher raw-material costs and weak fishing-industry conditions.

Financial highlights

• Gross sales were Rs. 18,902.91 lakh vs Rs. 17,759.11 lakh; net sales were Rs. 18,644.31 lakh vs Rs. 17,155.33 lakh.

• PBT was Rs. 1,136.56 lakh vs Rs. 1,081.50 lakh; PAT was Rs. 976.56 lakh vs Rs. 836.50 lakh.

• EPS rose to Rs. 4.99 from Rs. 4.27; proposed dividend was 22%, or Rs. 2.20 per share.

Outlook and guidance

• New products were developed for fishing, industrial products and shipping; new markets opened in Europe and America to broaden the customer base in coming years.

• Plans include continued development of value-added products; the R&D laboratory is focused on new products and production-process improvements.