Garware Technical Fibres (Earlier: Garware Wallropes)

Garware Wall Ropes has been doing well. Margins and Cash Flows have shown very good improvements In FY16. If we see concurrently the absence of topline growth, that might point to a direct correlation with crude for the 2-3% improvement in margins in FY16 (historically at 10-11%). Not sure if we should read more and attribute more to change in higher-margin product mix than to crude pricing - those investing/tracking Garware should be able to throw more light.