India’s apparel exporters are full of orders and recent data shows that they are on right track. Now quarterly results of the leading apparel exporters are also showing the same exuberance and high spirits.
Bengaluru-based leading apparel exporter Gokaldas Exports Ltd. has reported a 398 per cent increase in its consolidated profit after tax at Rs. 30.11 crore for the third quarter of FY22, ended on 31 December 2021, over Rs. 6.05 crore recorded for the corresponding period in FY21.
In a statement, the company informed that it also recorded revenue growth of 95 per cent for the quarter ended 31 December 2021, at Rs. 524.06 crore over Rs. 268.07 crore recorded for the same period of FY21.
Not only that, in Q3FY22, the company generated Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of Rs. 62.77 crore, compared to Rs. 24.09 crore in Q3FY21 and Rs. 53.93 crore in Q2FY22. The EBITDA margin has improved by 3 per cent over the corresponding quarter of the last financial year.
Earlier, in this quarter, the company infused equity capital of Rs. 300 crore, through a QIP in October 2021. This was used to reduce borrowings. The company has reduced its net debt to Rs. 71.3 crore as compared to Rs. 166.2 crore as on 31 March 2021.
The company continued its focus on service delivery excellence while augmenting its capacity and optimising resources for better productivity. During the last nine months, it has incurred a capital expenditure of Rs. 42 crore towards capacity expansion and modernisation of its business infrastructure.
Notably, Gokaldas is working with many prestigious global brands and expanding also. The company plans to augment its production capacity and also explore opportunities in the new line of business. The company formed a wholly-owned subsidiary, Sri Susamyuta Knits a few days back.
