Gokaldas Exports Announced Q4 Results: Revenue Soared 54%

On May 27, 2024, Gokaldas Exports Limited released its earnings for the quarter (Q4 FY2024) and year (FY2024) ended March 31, 2024. Gokaldas reported a consolidated revenue of ₹818.0 crore for the quarter compared to ₹530.1 crore in Q4 FY2023. It posted a consolidated profit after tax of ₹44.3 crore against ₹47.2 crore in the previous year, Q4 FY23.

The company’s net debt as of March 31, 2024, following the acquisition of the two businesses through a combination of debt and equity, was ₹336 crore. In April 2024, the company raised ₹600 crore in equity capital through Qualified Institutional Placement (QIP), which enabled it to achieve net cash-positive status.

“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 costs, increased statutory minimum wages and one-time startup costs 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,” said Mr Sivaramakrishnan Ganapathi, Vice Chairman and Managing Director of Gokaldas Exports.

He further added, “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 complement 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.”

About Gokaldas Exports Limited

Incorporated in 1979, Gokaldas Exports has developed into a one-stop shop for some of the most well-known clothing companies in the world. Gokaldas Exports is one of India’s biggest clothing makers and exporters, with an annual revenue of USD 290 million in FY24 and exports to more than 50 countries.

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