Gokaldas Exports faced a substantial setback in early Tuesday trading, with shares plummeting by nearly 8.56% to reach ₹784 apiece.
This significant decline was a direct response to the company’s disappointing performance in the September quarter (Q2 FY24). However, the stock managed a slight rebound from its intraday low and is currently trading at ₹815.70 apiece as of 12:55 pm.
In Q2 FY24, Gokaldas Exports reported a substantial 40% year-on-year (YoY) and a 27.27% quarter-on-quarter (QoQ) decrease in its consolidated net profit, which fell to ₹24 crore.
The company’s consolidated revenue from operations also took a hit, dropping to ₹509 crore in Q2FY24 compared to ₹576.3 crore during the same quarter last year, marking a significant decrease of 11.7%.
Siva Ganapathi, Vice Chairman, and Managing Director of Gokaldas Exports, commented on the company’s second-quarter performance, attributing the decline to reduced demand from major brands, many of which were dealing with excess inventory.
