The company plans to augment its production capacity and also explore opportunities in the new line of business.
"The company believes the new business prospects should be carried out under a new wholly-owned subsidiary company to manage the operations in an efficient manner and to be in a better position to service international customers," Gokaldas Exports said in a statement issued on the stock exchanges.Further, the company has formed a wholly-owned subsidiary, Sri Susamyuta Knits, on 14 January 2022.
The board of Gokaldas Exports will consider October-December quarter results on 21 January 2022.
On a consolidated basis, net profit of Gokaldas Exports rose 229.99% to Rs 28.61 crore on 29.81% rise in net sales to Rs 443.77 crore in Q2 September 2021 over Q2 September 2020.
Gokaldas Exports is India's largest manufacturer and exporter of apparels.
Shares of Gokaldas Exports surged 9.67% to Rs 394 on Friday, 14 January 2022.
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