The Hindu Business Line : Gokaldas H1 net up 22 pc at Rs 30 cr

GOKALDAS Exports Ltd has reported first-half profit after tax (PAT) of Rs 30.12 crore, recording 22 per cent growth over the corresponding previous period.

The garment manufacturer and export major posted total revenue of Rs 427.44 crore, clocking growth of 15.09 per cent over the previous figure.

"This being the first year of listing, the figures for the corresponding quarter of the previous year are not available," the company said in a release.

"The company is witnessing tremendous growth in business since the removal of quota restrictions. Our export revenues during the second quarter stood at Rs 238 crore compared with Rs 174 crore in the first quarter," said Mr Rajendra J. Hinduja, Executive Director (Finance).

"Business outlook continues to be positive with a healthy order book position and expected growth of 15-20 per cent in sales for the full year compared to the previous year."

North America and Europe continue to be the dominant markets for the company.

It added several new customers during the quarter and also expanded the product portfolio.

After the dismantling of the quotas, Gokaldas Exports has catered to the markets for bottoms and knitwear, which were among the most sensitive and constrained categories during the quota period.

The company has partly deployed the proceeds of its Rs 132-crore IPO of April this year into new units, modernisation, and capacity expansion of existing units.

It commissioned its factory at Doddaballapur near Bangalore during the first quarter. Construction has begun at the Madras SEZ unit.

Gokaldas's exports last year touched Rs 708.34 crore out of total revenue of Rs 724.05 crore. As an EoU, it gets 100 per cent tax exemption till 2008-09.

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