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Garware Technical Fibres Ltd.

BSE: 509557 | NSE: GARFIBRES |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE276A01018 | SECTOR: Textiles - General

BSE Live

Jan 18, 16:00
3270.00 -33.30 (-1.01%)
Volume
AVERAGE VOLUME
5-Day
1,575
10-Day
1,599
30-Day
1,149
992
  • Prev. Close

    3303.30

  • Open Price

    3322.05

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Jan 18, 15:45
3280.95 -19.55 (-0.59%)
Volume
AVERAGE VOLUME
5-Day
11,561
10-Day
18,589
30-Day
13,271
20,316
  • Prev. Close

    3300.50

  • Open Price

    3346.75

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2003

Chairman's Speech

Dear Shareholders, I am honoured to present the Annual Report of Garware-Wall Ropes Limited (GWRL) for the financial year 2011-12. At the outset, I must express my thanks to all of you and the Board of Directors, for the faith and confidence shown in me, by appointing me as the Managing Director of your Company and electing me as Chairman of the Board. I am pleased to report that your Company recorded revenue of Rs. 580.82 crores, which marked an increase of 15.9% over the previous year. Compared to the previous year, export sales rose by 38.2% and accounted for 42.3% of the total revenue. Noteworthy growth was achieved in the extremely competitive North European and North American markets. The local fishing season was sluggish and fish catches went through a cyclical low. Hence, demand from this sector, which is our core business area, was affected. Likewise, sluggish growth in the domestic infrastructure sector impaired growth of the geotextiles business. We also adopted a cautious approach while pursuing new orders, considering the cash-flow situation of potential clients. The overall rise in turnover was not matched by corresponding rise in profitability. This was due to inflationary factors and time-lag in passing on increased costs to the market. In particular, we had to bear higher wage, interest, power and fuel costs, as did many companies operating in a similar environment. Under these circumstances, your Company could maintain the previous year''s profitability level. We earned profit after tax amounting to Rs. 24.01 crores. With a view to maintain a steady dividend, and keeping in view the financials, your Board of Directors has recommended a dividend of 25%. Providing innovative, application focused solutions to enhance value of customers globally is your Company''s mission, and in FY 2011-12, we took significant strides on this front. For example, for the fishing industry, we introduced several innovative products that will help customers net higher returns, by saving fuel and increasing catch. For the aquaculture sector, we developed pioneering solutions for customers in India and abroad. Our solutions have helped our customers in Canada and North America meet environmental requirements and reduce their operating costs. In the sphere of geotextiles, we introduced solutions for ensuring long life of roads and expressways. Working closely with defence research organisations, we developed many solutions for specific requirements of the nation''s armed forces. Leveraging our expertise in various kinds of technical textiles, we also made a well thought-out entry into two new business segments: agritech and coated fabrics. We expect good growth in these segments, which will increase our resilience to cyclical depressions in other markets. Overall, we expect product innovations made in 2011-12 to bear good dividends in the years to come. Looking ahead, I must state that, like most manufacturing companies, we face challenging times against the backdrop of a worsening international economic environment, declining growth rate in the domestic economy, and inflation. Europe is the largest global market for your Company, and hence the situation in the European economy is being watched closely to mitigate risks. We will use all our expertise and abilities to handle these challenges. Our focus would be on reducing operating costs without compromising on quality; improving productivity; and using our flexibility to respond to dynamic market conditions. This would be coupled with efforts to work closely with customers, to seek new avenues within our established lines of business. I would like to take this opportunity to acknowledge the support we received during the year from all stakeholders. With continued support and advice from the Board and our experienced team of professionals and support from all of you, I am confident that your Company can reach new heights of performance and excellence. With warm regards, V. R. Garware Chairman & Managing Director