Gokaldas Exports’ (GEXP) Q1FY24 consolidated EBITDA at INR 602mn, down 17% YoY, was slightly below our expectations. Revenue at ~Rs5bn was down 16% / 2% YoY / QoQ owing to continued demand softness and inventory liquidation in the company’s end-market (US). Management maintains its guidance of demand revival in the US H2FY24 onwards as, by then, retailers will place fresh orders for spring / summer of CY24.