Textile manufacturer Gokaldas Exports’ net profit for the fourth quarter of FY23 dropped 22.5 per cent to ₹47.2 crore against ₹60.9 crore in the same quarter last year. However, the net profit for the whole FY23 was up by 47 per cent to ₹173 crore compared to ₹117.1 crore in FY22.
The textile exporter’s net revenue dropped 9.8 per cent to ₹530 crore in the reporting period compared to ₹588 crore in Q4 FY22.
The company’s net revenue for the year was up by 24.8 per cent to ₹2247.2 crore against ₹1,801 crore in FY22.
In FY22, a deferred tax credit of ₹11.8 crore for the full year was accounted for in Q4 FY22, adjusting the PAT for Q4 FY22 to ₹49.2 crore, per the company.
Also read: Sun Pharma Q4 net profit surges to ₹1,984 crore
“Our performance is a result of dedicated team effort in a challenging market environment globally. Going forward, we will continue to focus on optimal resource utilisation and drive operational excellence in the coming quarters. In addition, the government’s emphasis on boosting exports through budget allocation and trade agreements will play a crucial role in driving the industry forward,” said Siva Ganapathi, Vice Chairman and Managing Director, Gokaldas Exports.
The Board of Directors has recommended a final dividend of ₹1 per equity share (i.e., 20 per cent of the face value of ₹5 per equity share) for the financial year ended March 31, 2023, subject to the approval of the shareholders at the ensuing annual general meeting of the company.
On Friday, Gokaldas Exports’ share lost ₹2.25 or 0.57 per cent against it previous close on BSE.