Gokaldas Exports clocks 398% jump in net profit

Bengaluru-based garment exporter Gokaldas Exports Ltd has reported a 398% increase in its consolidated profit after tax at Rs 30.11 crores for the third quarter of FY22, ended on December 31, 2021, over Rs 6.05 Crores recorded for the corresponding period in FY21.

The company also recorded revenue growth of 95% for the quarter ended December 31, 2021, at Rs 524.06 crores over Rs 268.07 crores recorded for the same period of FY21.

In Q3FY22, Gokaldas Exports generated an EBITDA of Rs 62.77 crores, compared to Rs 24.09 crores in Q3FY21 and Rs 53.93 crores in Q2FY22. EBITDA margin improved by 3% over the corresponding quarter of the last financial year.

Gokaldas Exports had, earlier in this quarter infused equity capital of Rs 300 crores, through a QIP in October 2021. This was used to reduce borrowings. The company has reduced its net debt to Rs (71.3) crores as compared to Rs 166.2 crores as of 31% March 2021. Gokaldas Exports continued its focus on service delivery excellence while augmenting its capacity and optimising resources for better productivity. During the last nine months, the company has incurred a capital expenditure of Rs 42 Crores towards capacity expansion and modernisation of its business infrastructure.