ICICI Direct's research report on Gokaldas Exports
Gokaldas Exports (GEL) is one of India’s leading apparel exporters with an annual capacity of 36 million+ pieces. Gokaldas focuses on manufacturing complex garmenting products that insulate it from other price based competition. Impressive clientele of leading international brands with ‘GAP’ and ‘H&M’ being major contributor to revenues. US contributes ~80% of sales • Under the leadership of the new MD (post exit of Blackstone in FY18), Gokaldas has scripted a successful turnaround of its business operations.
Outlook
We like GEL as a structural long term story to play the apparel export space. We maintain BUY recommendation on the stock. We value GEL at Rs 570 i.e. 19x FY24E EPS.
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