Bengaluru-based apparel exporter Gokaldas Exports on Monday reported a consolidated revenue of Rs 818 Crore for the quarter ended March 2024, compared to Rs 530.1 crore in the same quarter last year, recording a 54% jump in topline.
The company also reported a consolidated profit after tax of Rs 44.3 crore compared to Rs 47.2 crore in the same quarter a year ago, showing a 6% dip.
Company’s vice chairman & MD Sivaramakrishnan Ganapathi, 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.”
After acquisition of the two companies through a combination of debt and equity, the company had a net debt of Rs. 336 crorer, as at the end of March 2024. Subsequently, the company raised equity capital of Rs. 600 crore through Qualified Institutional Placement (QIP) in April 2024, which has helped the Company to turn net cash positive.
