The scrip has had a sterling run of late, having gained 94% to Rs 34.40 on 12 June 2003 from Rs 17.75 on 31 March 2003.

On Thursday, Garware Polyesters (GPL) said that for Q4 ended 31 March 2003, it earned a net profit of Rs 3.78 crore (Rs 0.81 crore) on a 45.5% increase in gross sales to Rs 194.61 crore (Rs 133.71 crore). For FY 2002-03, the company's net profit stood at Rs 16.46 crore (Rs 2.03 crore) on a 23% increase in gross sales to Rs 698.08 crore (Rs 568.50 crore).

The company's continued emphasis on value-added products and the firm prices of polyester films has held the company in good stead.

Incorporated on June 1957, GPL was primarily manufacturing moulds and dyes for the plastic manufacturers. In 1976, another group company Garware Plastics was merged with it and the name of the company was changed to Garware Plastics and Polyesters. Later on, the company acquired its present name. It is a part of the Garware group and is managed by S B Garware chairman and managing director .

The company is a leading manufacturer of polyester films in the country. Apart from polyester films, the company has diversified into video magnetic tapes, computer tapes, audio magnetic tapes, U-matic video cassettes, and value-added products like sun-control films. GPL's exports comprise mainly of polyester film and film-based products, to western Europe, the US, South Korea, Australia and New Zealand.

In 1994-95, Garware Photo and Polyester Films, which manufactures plastic products, ceased to be a subsidiary of the company. The company has formed Garware Chemicals Pvt Ltd, a new company, to implement a project for the manufacture of di-methyl terephthalate (DMT), the main raw material for the manufacture of polyester films.

As on 31 March 2003, promoters held 32.48% stake in the company, while the public and institutions held 35.05% and 7.14%, respectively.