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Gokaldas Exports reports 48% rise in profits in 2022-23

Bengaluru-headquartered apparel exporter Gokaldas Exports has recorded a 47.7% rise in net profit to Rs 173 crore for the fiscal year ended March 31. The company saw an increase in revenue by 24.8% to Rs 2247.2 crore, compared to Rs 1801 crore in the last fiscal year.

The company’s EBITDA also experienced a substantial growth, rising by 36.8% to Rs 295.8 crore. The profit before tax increased by 74.6% to Rs ₹204.4 crore, and the profit after tax grew by 47.7% to Rs 173 crore, the company said in a statement.

Gokaldas vice chairman and MD Siva Ganapathi said: “Our performance is a testament to our dedicated team and unwavering commitment to excellence which have propelled us to new heights, delivering outstanding results in a challenging market environment globally.”

He also acknowledged the role of government policies in the company’s success, saying, “The government’s emphasis on boosting exports through budget allocation and trade agreements will play a crucial role in driving the industry forward.”

The company plans to maintain its focus on optimal resource utilization and operational excellence. The company’s Board of Directors have recommended a final dividend of Re.1 per equity share for the financial year ended March 31, 2023.

Gokaldas Exports, established in 1979, is a key player in the apparel industry with an annual turnover of $275 million. The company exports to over 50 countries and operates more than 20 production units. Gokaldas Exports employs about 26,000 people.

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