Bangalore: Gokaldas Exports Ltd, which was acquired by the world’s largest private equity (PE) firm last year, posted a 5% year-on-year drop in its total revenue to Rs 285 crore for the March-ended quarter.
The Bangalore-based firm, the country’s largest exporter, saw its fiscal fourth-quarter net loss widen to Rs 51.39 crore from Rs 21.21 crore a year ago.
Gautam Chakravarti, CEO, Gokaldas Exports.
Full-year revenue fell 10% to Rs 1,030 crore. Over the preceding third quarter, though, revenue increased 32%.
Private equity firm Blackstone Group Lp, which owns a 68% stake in Gokaldas, acquired management control in the firm in early 2011. The founding Hinduja family has a 20% stake.
“Going forward our efforts for strong topline growth will continue and we believe that we can drive more productivity, leading to better profitability,” chief executive Gautam Chakravarti said in a statement on Monday.
In an analyst call, Chakravarti said Gokaldas will focus on getting new customers and cost-effective manufacturing through a consolidation of its factories and newer technologies. “The company has now turned the corner and is now poised for profitable growth,” he said.
Gokaldas said it has reduced costs by 13% to Rs 1,081 crore, including a 19% cut in raw material costs.
Net borrowings dropped to Rs 190 crore as of March end from Rs 264 crore a year ago, the company said.
Gokaldas acquired nine new clients during the financial year, of which four are in the US and the rest in Europe, it said.