Bangalore, India – Q3 FY25 Investor Update
Gokaldas Exports Limited has delivered a strong financial performance in Q3 FY25, crossing the ₹1000 crore total income milestone for the first time. The company reported healthy revenue growth, improved EBITDA margins, and robust business volumes, indicating a stable trajectory.
Key Financial Highlights (Q3 FY25)
Key Metrics
Q3 FY25
Q3 FY24
YoY Growth
Q2 FY25
QoQ Growth
Total Income
₹1001 Cr
₹560 Cr
79%
₹942 Cr
6%
Revenue from Operations
₹988 Cr
₹552 Cr
79%
₹929 Cr
6%
EBITDA
₹117 Cr
₹71 Cr
66%
₹82 Cr
42%
EBITDA Margin
11.7%
12.6%
-91 bps
8.7%
294 bps
Profit Before Tax (PBT)
₹67 Cr
₹44 Cr
55%
₹36 Cr
89%
Profit After Tax (PAT)
₹50 Cr
₹30 Cr
65%
₹28 Cr
79%
Management Commentary:
The company experienced strong execution and volume ramp-up, particularly from MP Unit-I, contributing to a 19% YoY growth (excluding acquisitions).
US retail clothing sales grew by 3% in CY2024, supporting positive demand.
Apparel imports by the US & EU rebounded in H2 CY2024 as retailers optimized inventory.
9M FY25 Performance Summary
Key Metrics
9M FY25
9M FY24
YoY Growth
Total Income
₹2882 Cr
₹1591 Cr
81%
Adjusted EBITDA
₹304 Cr
₹194 Cr
57%
PBT
₹161 Cr
₹116 Cr
20%
PAT
₹106 Cr
₹87 Cr
22%
Acquired Entities Performance
Gokaldas Exports' acquisitions, Atraco and Matrix, contributed significantly to revenue but continue to have an impact on margins.
Metric
GEX (Standalone)
Acquired Entities
Total (Consolidated)
Total Income (Q3 FY25)
₹664 Cr
₹337 Cr
₹1001 Cr
EBITDA (Q3 FY25)
₹79 Cr
₹38 Cr
₹117 Cr
EBITDA Margin
11.9%
11.2%
11.7%
Management expects acquired entities to benefit from operating leverage in the coming quarters.
Strategic Developments & Expansion Plans
Capacity Expansion:
A second manufacturing unit in MP is under construction and expected to be completed by Q2 FY26.
Continued investments in machinery to support business growth, with a ₹150 Cr capex planned for FY25.
Vertical Integration:
Strategic investment in BTPL, a fabric processing unit, strengthens raw material sourcing and cost efficiency.
Financial Position & Debt Reduction:
Net debt reduced to ₹97 Cr, aided by the ₹600 Cr equity capital raised via QIP in April 2024.
Current ratio improved to 2.2x from 1.7x as of March 2024, indicating strong liquidity.
Global Apparel Market Trends
US retail sales remained resilient, ending 2024 with a 3% growth.
India’s apparel exports grew 12% YoY in 9M FY25.
China losing market share in US & EU, creating opportunities for India.
Shipping freight rates stabilizing after the Red Sea crisis.
Outlook for FY25 & Beyond
Order book remains strong, ensuring near-term stability.
Favorable global sourcing trends, as brands shift away from China, Vietnam, and Bangladesh.
Continued supplier consolidation, benefiting well-capitalized players like Gokaldas Exports.
Management expects sustained growth momentum, driven by higher capacity, improved cost efficiencies, and strong demand from global brands.