The shares of this textile company gained up to 8 percent after the company’s net profit and revenue increased by 32 percent and 10 percent QoQ respectively in the third quarter, it also announced the acquisition of Matrix Design & Industries Private Limited.
With a market capitalization of Rs 5,735.21 crore, the shares of Gokaldas Exports Ltd were trading at Rs 945.60 per share, increasing around 4.28 percent as compared to the previous closing price of Rs 906.80 apiece.
Looking into the company’s Performance, Gokaldas Exports Ltd’s revenue increased by 10 percent on a quarter-on-quarter basis from Rs.509 crores in Q2FY24 to Rs. 559.7 crores in Q3 FY24. Further, revenue increased by 6 percent year on year from Rs. 528 crore in Q3FY23 to Rs. 559.7 crore in Q3FY24.
Additionally, The company has signed an agreement with Matrix Clothing Private Limited (“MCPL”) to acquire 100% of its equity share capital for Rs 489 crores, out of which Rs 247.5 crores will be paid through preferential allotment of Gokaldas Exports shares via a share swap.
When it comes to revenue from the geographic segment, the company’s revenue in India increased by 27%, from Rs 278.1 crore in FY2021–22 to Rs 355.11 crore in FY2022–23, while revenue from outside of India increased by 23 percent from Rs 1,510.98 crore in FY2021-22 to Rs 1,865.96 crore in FY2022-23.
As of March 2023, the company has spent Rs 38 crores in existing facilities to modernize and upgrade machinery for efficiency and assure optimal capacity utilization, with high customer delivery metrics, establishing itself as a vital element of the global value chain.
Gokaldas Exports Limited designs manufactures, and sells a wide range of clothes for men, women, and children, serving the demands of various prominent worldwide fashion brands and stores.
Written by:- Abhishek Singh
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