Pune-based Garware Wall Ropes is strengthening its aquaculture and agriculture business segments, and expects these two segments to contribute nearly 50 per cent of its total revenues in the next three years.

The two segments currently account for approximately 20 per cent of the company’s top line that stood at Rs 600 crore in FY'13. Another 20 per cent comes from marine fishing, for which GWR provides a range of products like nets and ropes.

“We are changing to a technical textile company from one which has a cordage orientation,” Vayu Garware, Chairman and Managing Director, said. The key to the change were the aquaculture and agriculture verticals that have a lot of scope for value-addition, he added.

Commenting on the share buy-back that ended yesterday (April 9), Garware said that the reason for the offer was that the share was trading at half its book value.

Garware Wall Ropes' exports stand between 45-55 per cent of its revenue. While the domestic business is also growing, going forward exports are expected to grow to 60-65 per cent of the turnover.

The company, Garware said, is growing at around 15 per cent annually, and has a target of reaching Rs 1,000-crore turnover by FY'16.

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