India’s leading apparel export house, Gokaldas Exports Ltd reported a 23 percent decline in net profit to Rs 47 crore ($5.8 million) for the fourth quarter ended March 2023, as against Rs 61 crore in the year-ago period.
The company’s total income for the quarter was down 10 percent to Rs 530 crore, as against Rs 587 crore reported in the same quarter of the previous fiscal year.
For the financial year 2023, the company’s total income increased to Rs 2,247 crore from previous fiscal’s Rs 1,801 crore while the net profit grew to Rs 172 crore from Rs 117 crore in FY 2022.
Commenting on the results, Siva Ganpathy, vice chairman managing director of Gokaldas Exports in a statement said, “Our performance is a testament to our dedicated team and unwavering commitment to excellence which has propelled us to new heights, delivering outstanding results in a challenging market environment globally.”
“The government’s emphasis on boosting exports through budget allocations and trade agreements will play a crucial role in driving the industry forward. The company will continue to focus on optimal resource utilization and drive operational excellence in the coming quarters,” 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.
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