India's garment exporters report mixed results in Q3 FY24

Gokaldas Exports
Leading Indian manufacturer and exporter of apparel Gokaldas Exports witnessed growth in revenue from ₹5,184.7 million in Q3 FY23 to ₹5,449 million (approximately $65.3 million) in Q3 FY24. Total income also rose from ₹5,293.3 million to ₹5,573.9 million. There was a slight drop in net profit, down from ₹422.5 million to ₹390.7 million, and EPS decreased from ₹6.97 to ₹6.44. Operational margin (OPM) increased marginally from 14.14 per cent to 14.30 per cent, while the net profit margin (NPM) saw a small decline from 8.15 per cent to 7.17 per cent.

Alok Industries Ltd
Major Indian garment manufacturing and export company Alok Industries reported a downturn in its quarterly financials, with revenue dropping significantly from ₹16,543.2 million in December 2022 (Q3 FY23) to ₹12,172 million (approximately $145.9 million) in the same month a year later. The total income saw a similar decline to ₹12,175.4 million, down from ₹16,571.6 million. However, the company managed to narrow its losses, with net profit improving marginally to a loss of ₹2,155 million from a loss of ₹2,414.3 million the previous year. This was reflected in the EPS, which improved slightly from minus ₹0.49 to minus ₹0.43. Operational efficiency saw a positive shift, with the OPM moving from minus 2.15 per cent to 0.18 per cent, though the NPM worsened from minus 14.59 per cent to minus 17.70 per cent.

Page Industries
Page Industries, a company engaged in the manufacture, distribution, and marketing of the Jockey brand in India, Sri Lanka, Maldives, Bangladesh, Nepal, Bhutan, UAE, Qatar, and Oman, observed a rise in revenue in Q3 FY24, moving up from ₹12,232.6 million to ₹12,287.7 million (approximately $147.3 million). Total income followed suit, increasing to ₹12,343.1 million from ₹12,249 million. The company’s net profit grew substantially from ₹1,237.3 million to ₹1,523.5 million, and EPS saw a remarkable jump from ₹110.93 to ₹136.59. The operational margin improved from 15.89 per cent to 19.14 per cent, with a significant increase in the net profit margin from 10.11 per cent to 12.40 per cent.

Loyal Textile Mills Ltd
Leading Indian textile and garment exporter Loyal Textile Mills experienced a decline in revenue from ₹2,853.1 million to ₹2,041.7 million (approximately $24.4 million) in Q3 FY24. Total income decreased to ₹2,236 million from ₹2,927.9 million, while expenditures also fell from ₹3,058.7 million to ₹2,263.7 million. Net profit showed improvement as losses reduced from ₹187.7 million to ₹70.6 million. EPS improved from a loss of ₹389.9 to a loss of ₹146.6. The company's operational margin turned positive at 4.88 per cent, a substantial improvement from the previous year's minus 2.36 per cent, and the NPM also improved from minus 6.58 per cent to minus 3.46 per cent.

KPR Mill Ltd
KPR Mill, a vertically integrated apparel company, saw its revenue decline from ₹11,483.9 million to ₹9,043.6 million (approximately $108.4 million) in Q3 FY24. Despite the drop in revenue, total income decreased less dramatically to ₹9,177.2 million from ₹11,600.1 million. Net profit increased to ₹1,128.8 million from ₹1,019.7 million, and EPS grew from ₹2.98 to ₹3.30. The company improved its OPM from 13.78 per cent to 18.38 per cent and saw a considerable rise in its NPM from 8.88 per cent to 12.48 per cent.

Fibre2Fashion News Desk (DP)