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ICICI Direct Report
Gokaldas Exports Ltd. reported a good set of Q4 FY21 numbers with sharp sequential revenue growth of 40% YoY to Rs 369.9 crore (up 3.3% YoY).
The previous quarter was significantly impacted as international retailers were saddled with excess spring-summer 2020 inventory.
With a gradual recovery in U.S. retail sales (~65% of revenue), the inventory situation seems to have normalised post being impacted by Covid-19 led lockdown.
On account of higher raw material prices, gross margins for the quarter fell 380 basis points YoY to 43.8%.
However, significant cost saving initiatives (employee expenses down 12% YoY) led Ebitda margin to expand marginally by 23 basis points YoY to 7.5%.
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