Garware Technical Fibres (509557) Q4 04/05 earnings summary

Executive summary

• FY05 net sales rose 21% to Rs 22,613.02 lakh; PBT increased to Rs 1,302.23 lakh from Rs 1,136.56 lakh, despite sharp raw-material inflation.

• Domestic sales grew 21% and exports rose 20% to Rs 8,309.69 lakh, supported by value-added products and customer-specific manufacturing.

Financial highlights

• Gross sales reached Rs 22,851.07 lakh versus Rs 18,902.91 lakh; net sales were Rs 22,613.02 lakh versus Rs 18,644.31 lakh.

• PBT was Rs 1,302.23 lakh versus Rs 1,136.56 lakh; PAT was Rs 1,326.09 lakh versus Rs 976.56 lakh, including a deferred-tax credit of Rs 103.86 lakh.

• EPS rose to Rs 6.74 from Rs 4.99; proposed dividend was 25%, or Rs 2.50 per share, with total outgo including dividend tax of Rs 569.11 lakh.

Outlook and guidance

• New products, capacity additions and acquired technologies were intended to strengthen positions in fishing, sports, industrial products and shipping.

• New markets opened in Europe and America; for FY06, expected to largely pass through raw-material cost increases despite exchange-rate volatility.