Gokaldas Exports Q2 Revenues Fall, Expects Recovery In H2
Gokaldas Exports has released its financial results for the quarter ending on September 30. The company reported consolidated revenue of Rs 509 crore for the quarter, a decline from Rs 576.3 crore in the same quarter last year. Additionally, the consolidated profit before tax for this quarter was Rs 29.3 crore, down from Rs 49 crore in the corresponding period last year.
The company’s income and profit before tax also experienced a decline in the second quarter when compared to the first quarter of the fiscal year 2023-24. The EBITDA margin dropped from 13% to 11%, and the profit before tax decreased from Rs 43.2 crore to Rs 29.3 crore.
Siva Ganapathi, Vice Chairman & MD of the company, commented on the second-quarter performance, attributing it to reduced demand from major brands due to excess inventory. He noted that they increased their labour force in Q2 in anticipation of the third quarter, resulting in higher costs.
Looking ahead, the company expects improved momentum in the second half of the fiscal year, as it is witnessing growing traction in customer orders. The company remains committed to enhancing operating parameters and has expressed confidence in its medium to long-term prospects.
