India Star holds around 30% in Garware Offshore

Sandeep Akolkar, President–Finance, Garware Offshore, said the company, on a consolidated basis this quarter, has done around Rs 26.36 crore and Rs 6.4 crore in topline and bottomline respectively. He said India Star has got around 8-9% in the open offer. “So, their current stake is around 30% as of now.”

Excerpts from CNBC-TV18’s exclusive interview with Sandeep Akolkar:

Q: Walk us through your numbers and how they look forth in terms of revenues and net profits this quarter?

A: On a consolidated basis, we have done around Rs 26.36 crore topline and a bottomline of around Rs 6.4 crore this quarter. Compared to the previous quarter it is roughly around 36% on topline.

Q: How would that work in terms of bottomline if you can compare your profit with the previous quarter and year ago quarter?

A: This quarter, it is around Rs 6.4 crore. In the previous quarter, it was around Rs 5.3 crore.

Q: Can you walk us through your full year earnings? What has been sales and profit growth on a full year basis?

A: For the full year, we have done Rs 139 crore on topline, including other income it is around Rs 140 crore, while bottomline stands at around Rs 49.6 crore. In comparison, last year we did Rs 52 crore in topline and around Rs 16 crore in bottomline.

Q: What is the plan now for India Star? Did they pick up anything in the open offer? How much is their stake right now?

A: As per information available to us, India Star has got around 8-9% in the open offer. So, their current stake is around 30% as of now. They are financial investors only.