• May 6, 2024
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Gokaldas Exports down 6% on sluggish demand outlook

Gokaldas Exports down 6% on sluggish demand outlook

Gokaldas Exports has said it continues to anticipate the demand to be sluggish for H1 FY24, with momentum picking up subsequently

Gokaldas Exports sees sluggish demand till September, shares fall 6%

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Shares of Gokaldas Exports slumped 5.5 percent after the company’s dull earnings and sluggish outlook dampened investor sentiment. Consolidated net profit dropped 17 percent year on year (YoY) to Rs 32.55 crore in the June quarter of the current fiscal.

Revenue slipped nearly 16 percent YoY to Rs 514.65 crore, while EBITDA also declined about 17 percent to Rs 60.20 crore.

The operating margin was stable at 11.70 percent as compared with 11.83 percent in the year-ago period.

At 10.48 am, shares of the company were trading 1.3 percent lower at Rs 501 on the BSE.

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Management outlook

“We continue to anticipate the demand to be sluggish for H1 FY24, with momentum picking up subsequently,” the company said in its investor presentation.

Global retail demand has taken a hit, leading to a significant decline in imports for major consumer markets like the US, the UK, and EU. This slowdown is mainly due to customers having excess inventory, Gokaldas Exports said.

Weak retail demand during autumn-winter 2022, inflationary pressures, high-interest rates, and a mild winter contributed to the surplus inventory and its impact on demand.

As a response, major brands are proactively selling off their excess inventory and carefully managing their purchases, the company elaborated.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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