Gokaldas Exports Ltd, a leading apparel house reported a 17 percent decline in net profit to Rs 33 crore ($4.1 million) for the quarter ended June 30, as against Rs 39 crore in the year-ago period.
The company’s revenue for the quarter was down by 15 percent to Rs 522 crore, as against Rs 613 crore reported in the corresponding period of the previous fiscal year.
Commenting on the results, Siva Ganapathi, vice chairman managing director of Gokaldas Exports in a statement said, “Our performance endorse the belief in our ability to sustain continued operating performance gains in a sluggish macro-economic environment. While we continue to take measures focusing on customer relationships and service excellence, we are optimistic about revival of the business in H2 and are bullish on the long-term prospects of the company.”
“The company will continue to focus on strengthening customer relationships, optimal resource utilisation and drive operational excellence in the coming quarters,” he added.
Gokaldas Exports was founded in 1985 and runs over 23 garment production factories. It is the largest manufacturer and exporter of apparels in India with an annual turnover of over $200 million.
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