Technology

For 3QFY2017 Garware Wall Ropes (GWRL) posted results which outperformed
our estimates on the bottom-line front, while the top-line was in-line with our
estimates. On the operating front, the company reported margin improvement,
primarily on account of lower other expenditures. Further, on the bottom-line front,
the company reported strong growth on account of a favorable operating
performance. Going ahead, we expect GWRL to report a healthy
top-line in anticipation of strong domestic as well as export sales. On the
domestic front, we expect demand to pick up with an expected growth in the
agriculture and fisheries segments in the country. Further, we expect the company
to continue reporting strong numbers on the back of higher demand for
aquaculture and sports products globally coupled with with the company tapping
new geographies. Hence, we recommend a Buy rating on the stock with a target
price of Rs710.

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