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ICICI Direct Report
Gareware Technical Fibre Ltd. has a unique business model as it derives ~ 60% of revenues from products developed for food related sectors that are relatively immune to demand fluctuations compared to textile fashion and clothing categories.
High share of value added products (75% of revenues) enhances customer stickiness and enables Gareware Tech to pass on majority of the input cost increase to consumers and maintain its margin profile trajectory.
Expansion of aquaculture cages business by foraying into non-salmon fish farming cages coupled with strong growth in sports and geosynthetics segment would aid in maintaining pace of revenue growth.
Increased traction in new high margin innovative products (40% of value added products) to drive 240 basis points margin expansion to 21.1% in FY22-FY24E.
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