Gokaldas Exports stock surges 4% post positive Q2FY23 numbers

28 Oct 2022 , 09:16 AM

Gokaldas Exports Limited has announced financial results for its second quarter ending September 30, 2022. For the quarter, the Company reported revenue of Rs576.3 crore on consolidated basis, up by 29% compared to revenue of Rs446.0 crore in the corresponding quarter of the last year.

Commenting on the company’s performance, Siva Ganapathi, Managing Director, said, we are pleased with our revenue and profit growth in Q2, despite it being seasonally weak quarter and encountering challenging global macro-economic environment.

Key Highlights:

• Profit before tax (excluding an exceptional income of Rs6.05 crore from sale of building on leasehold land) was Rs49.0 crore compared to Rs28.6 crore in Q2 FY22 and Rs50.8 crore in the previous quarter, Q1 FY23. Starting the current financial year, the company has taken ESOP charge of Rs6 crore in each quarter, excluding which the profit before tax was Rs55.0 crore.
• Reported net profit (excluding an exceptional income of Rs6.05 crore) of Rs39.8 crore in the current quarter compared to Rs28.6 crore in Q2 FY22 and generated an EBITDA of Rs71.9 crore compared to Rs53.9 crore in Q2 FY22 and Rs74.3 crore in Q1FY23.
• The EBITDA margin of the current quarter was 12.5%, up by 0.4% over the previous year and the previous quarter.
• Incurred CapEx of Rs51 crore during the first half of the year. Net cash surplus (i.e., cash and cash equivalents less gross debt) was Rs369 crore as of September 30, 2022 vs. Rs119 crore as of March 31, 2022.

The company will continue to focus on optimal resource utilization and drive operational excellence in the coming quarters.

On Friday early morning trade, Gokaldas Exports Ltd is currently trading at Rs376.35 per share up by Rs15.15 or 4.19% from its previous closing of Rs361.20 per share on the BSE.

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