Business & Policy | News & Insights

Financial Results for Q4, FY24

Published: May 29, 2024
Author: TEXTILE VALUE CHAIN

Gokaldas Exports Limited today declared its financial results for the quarter ended March 31, 2024. The Company reported a consolidated revenue of ₹ 818.0 Crore for the quarter compared to ₹ 530.1 Crore in the same quarter last year and a consolidated profit after tax of ₹ 44.3 Crore compared to ₹ 47.2 Crore in the previous year Q4 FY23.

Key Highlights:

Reported Consolidated Financial Performance:

Financial Performance Excluding Acquired Companies (Like-For-Like Comparison)

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.”

After acquisition of the two companies through a combination of debt and equity, the Company had a net debt of Rs. 336 Cr., as of March 31, 2024. Subsequently, the Company raised equity capital of Rs. 600 crores through Qualified Institutional Placement (QIP) in April 2024, which has helped the Company to turn net cash positive.

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