India’s leading apparel exporter Gokaldas Exports has witnessed good growth in Q2 of FY ’22 as its net profit increased by 60.08 percent to Rs. 45.80 cr compared to Rs 28.61 cr in the same period of last fiscal.
The company’s sales in the recent concluded quarter of current fiscal rose 29 percent to Rs. 576.31 cr as against Rs. 446 cr during the previous quarter ending September 2021.
“We are pleased with our revenue and profit growth in Q2 despite it being a seasonally weak quarter and encountering a challenging global macro-economic environment,” says Siva Ganapathi, MD of the company.
The apparel exporter has also announced key changes to its board composition which include naming Siva Ganapathi, MD as Executive Vice Chairman, as the company pursues ambitious growth plans under a professional-led management.
The company’s board has also inducted market strategy specialist Rama Bijapurkar, George Varughese, who is CEO at New York-based A&M Securities, and investor Shiv Dalvie as Independent Directors.
Poorna Sreenivasan, overseeing operations as President, is also inducted on the board.
The changes will see Mathew Cyriac, a promoter; succeed Richard B Saldanha as Non-Executive Chairman on the latter’s retirement in November. Gautham Madhavan, the other promoter, is also stepping down from the board.
It is being said that the restructuring is aimed at helping the company to be steered by a board-driven management.
