Textiles company Gokaldas Exports announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- The Company reported a consolidated revenue of Rs 818.0 crore for the quarter compared to Rs 530.1 crore in the same quarter last year
- Consolidated profit after tax of Rs 44.3 crore compared to Rs 47.2 crore in the previous year Q4FY23.
FY24 Financial Highlights:
- The Company reported a consolidated revenue of Rs 2,409 crore for FY24
- Consolidated profit after tax of Rs 131 crore compared to Rs 173 crore in the previous year FY23.
Commenting on the company’s fourth quarter, 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.”