Gokaldas net down 45% on rising rupee

Gokaldas Exports, the country's largest apparel exporter,  has seen a 45% dip in net profit to Rs 11 crore in the second quarter of this fiscal. The turnover was down 11% at Rs 254 crore. The company's operating profit was down 21% at 26 crore as the rising rupee took a toll.

The Bangalore-based company, which has been in the news after private equity major Blackstone acquired majority stake in the company, supplies apparel to companies like Nike, Adidas, GAP, Tommy Hilfiger and Abercrombie and Fitch.

The company's net profit margin dipped almost 42% to 4.5%.

According to company officials, as the rupee became stronger, they have also seen a drop in the number of orders they have been getting from the US as deals were re-negotiated.