Garware Wall Ropes Ltd's (GWRL) Q4FY18 net revenue growth of 11.8% YoY was on expected lines, however, the company surprised positively on the profit front with a strong operating profit & PAT growth of 26.7% & 51.6% YoY respectively. Led by higher gross margins and a sharp decline in the employee cost, the EBITDA margins expanded by 227bps YoY to 19.4%, which was encouraging.