Gokaldas Exports Limited has reported its financial results for the quarter ended 31st March 2024, showcasing substantial growth in revenue but a slight dip in profit. The company achieved consolidated revenue of Rs. 818.0 crore, marking a significant increase from Rs. 530.1 crore in the same quarter of the previous year. However, its consolidated profit after tax decreased slightly to Rs. 44.3 crore from Rs. 47.2 crore in Q4 FY ’23.
Commenting on the company’s fourth quarter, Mr. Sivaramakrishnan Ganapathi, Vice Chairman and Managing Director of Gokaldas Exports said, “Our performance on a like-to-like basis, i.e. financial results excluding the recently acquired entities, reflects a strong performance. We overcame pricing pressure, one-time acquisition cost, increased statutory minimum wages and one-time startup cost at our new unit to deliver a strong EBITDA. The acquisition of the two companies and capacity addition aligns with our aim to integrate, diversify, and grow, while focusing on improving margins.
We firmly believe that the strategic intent behind the recent acquisitions will provide a solid foundation for margin growth. Both Atraco and Matrix have distinct advantages that complements well to the existing business. We are confident in productivity improvements resulting from geographic diversification, access to new customers, integrating existing customers, leveraging duty arbitrage, and strategic positioning.”
As of 31st March 2024, the company had a net debt of Rs. 336 crore following the acquisitions. However, in April 2024, Gokaldas Exports raised Rs. 600 crore through a Qualified Institutional Placement (QIP), turning the company net cash positive.
Founded in 1979, Gokaldas Exports has grown to become one of India’s largest apparel manufacturers and exporters, with an annual turnover of US $ 290 million in FY ’24. The company serves some of the world’s most recognized apparel brands and exports to over 50 countries.
