Bengaluru-headquartered apparel exporter Gokaldas Exports posted an 18.77% rise in consolidated profit at Rs 28.16 crore for the quarter ended September 30, mainly led by exports. The company had posted a net profit of Rs 23.71 crore for the same quarter a year ago.
During the September quarter, the firm’s total income rose 85% to Rs 941.8 crore from Rs 509.0 crore recorded during the same year-ago period.
The firm’s EBITDA rose 48% to Rs 82.4 crore from Rs 55.8 crore in the previous year-ago quarter, while the EBITDA margin was at 8.7%.
“We reported healthy growth in total income both in the quarter and half year indicating a sustained growth momentum. The majority of the growth during the quarter was contributed by Gokaldas Exports excluding Atraco and Matrix, as it is a seasonally lean period for both the acquired entities,” Gokaldas Exports vice chairman Siva Ganapathi said.
“On consolidated profitability front, muted volumes in the acquired entities, coupled with air freight cost in Gokaldas Exports and employee cost build up in anticipation of future volumes growth impacted the profitability in the quarter. We expect better volume pick up in both the acquired entities in upcoming quarters with sustained stable performance of the company going forward,” he added.
As of September 30, the company has utilised about 93% of the Rs 600 crore funds raised through a qualified institutional placement earlier in April. The firm had utilised the proceeds for loan repayment and fund inorganic growth opportunities, the vice chairman said.
The firm has also provided a corporate guarantee of up to Rs 200 crore on behalf of BRFL Textiles Private Limited to the banks for availing working capital/term loan facility.
