Hold Gokaldas Exports; target of Rs 415: 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. 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

However, we believe GEL is a long term play in the apparel export space. We maintain HOLD recommendation on the stock. We value GEL at Rs 415 i.e. 16x FY24E EPS.

For all recommendations report, click here

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Gokaldas Exports - 260722 - ici