Hold Gokaldas Exports; target of Rs 425: ICICI Direct

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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. GEL 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), GEL has scripted a successful turnaround of its business operations.

Outlook

Demand headwinds in key markets in H2FY23 could subdue revenue growth. However, we believe GEL is a long term play in the apparel export space. Hence, we maintain our HOLD recommendation on the stock. We value GEL at Rs 425 i.e. 16x FY24E EPS (earlier target price: Rs 415).

For all recommendations report, click here

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Gokaldas Exports - 01-11-2022 - icici