29 July 2022, Mumbai:
In Q1FY23, Gokaldas Exports revenue grew 4 percent Q-o-Q and 153 percent Y-o-Y to Rs 610.6 crore.
The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) margins declined by 130 bps Q-o-Q to an 11.8 percent increase in minimum wages effective this quarter and increased labour cost by Rs 4.3 crore.
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Though this had an impact of 0.7 percent on the margin, it was offset by business volume and productivity, the company said. It has reported a profit after tax (PAT) of Rs 39.4 crore in Q1FY23, against a loss of Rs 2.6 crore in Q3FY22. It had posted a PAT of Rs 60.9 crore in the March quarter (Q4FY22).
Gokaldas Exports says, the company sees headwinds in the near term and strong tailwinds supporting the ongoing growth of the business.
Large brands are wary of slower consumer offtake in the seasons ahead, till inflationary trends persist.
They are also battling higher levels of inventory from last year. It is expected that this may impact imports in the short run, it added.
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