Gokaldas Exports Q3 net profit drops 25 percent to Rs 30 crore

Gokaldas Exports Limited, India’s leading manufacturer and exporter of apparel reported a 25 percent decline in net profit to Rs 30 crore ($3.7 million) for the third quarter ended December 2023, as against Rs 40 crore in the year-ago period.

The company’s revenue for the quarter rose by 6 percent to Rs 560 crore, as against Rs 528 crore reported in the corresponding period of the previous fiscal year.

Commenting on the results, Sivaramakrishnan Ganapathi, vice chairman managing director of Gokaldas Exports in a statement said, “Our performance reflects a good recovery, both on a year-on-year and sequential basis, as we have overcome most of the business headwinds prevalent in the previous quarters. We intend to build on the revival and continue the growth momentum.”

“We will stay focused on improving operating parameters and remain confident in the medium to long- term prospects of the company,” he added.

Gokaldas Exports was founded in 1985 and runs over 23 garment production factories. It is the largest manufacturer and exporter of apparels in India with an annual turnover of over $200 million.