One of India’s leading apparel exporters, Gokaldas Exports, has recorded a 47.7 per cent rise in net profit to Rs. 173 crore for the financial year 2022-23.
The Bengaluru-headquartered company saw an increase in revenue by 24.8 per cent to Rs. 2247.2 crore, compared to Rs. 1801 crore in the last fiscal year.
In a statement, the company said that its EBITDA also experienced substantial growth, rising by 36.8 per cent to Rs. 295.8 crore.
Though in Q4 FY ’23, the company’s total income and Profit after tax was down by 9.8 per cent and 22.5 per cent respectively.
The Board of Directors recently approved to incorporate a new wholly-owned subsidiary company in Dubai, UAE. Consequently, ‘Nava Apparels L.L.C-FZ’ was incorporated on 1st May 2023.
Siva Ganapathi, Vice Chairman and MD of the company said, “Our performance is a testament to our dedicated team and unwavering commitment to excellence which have propelled us to new heights, delivering outstanding results in a challenging market environment globally.”
He further added that the Government’s emphasis on boosting exports through budget allocation and trade agreements will play a crucial role in driving the industry forward.
The company plans to maintain its focus on optimal resource utilization and operational excellence.
With an annual turnover of US $ 275 million and a headcount of 26,000 people, the company exports to over 50 countries and operates more than 20 production units
