Go Fashion (India) Ltd which owns the popular women’s wear brand ‘Go Colors’ has recorded a 3.76 per cent rise on its profit after tax for the second quarter ending September 30, 2022 at Rs 19.3 crore, the company said on Saturday. The company had registered profit after tax at Rs 18.6 crore during corresponding quarter previous year.
Total revenue during the quarter under review stood at Rs 165.8 crore as against Rs 112.1 crore registered corresponding quarter last fiscal, the company said. The cash flow from operations for the half year period ending September 30, 2022 stood at Rs 36 crore as compared to Rs 8 crore recorded in same period last year.
In a statement, the company clarified that the second quarter and half yearly performance in last financial year was impacted due to COVID-19 enforced lockdown.
Commenting on the financial performance, Go Fashion (India) Ltd CEO Gautam Saraogi said, “despite a challenging environment, the company has performed well in Q2 and first half of FY2022-23. Our revenues for the second quarter grew by 48 per cent year on year to Rs 166 crore highest ever quarterly revenues at Go Fashion.”
“EBITDA (Earnings before interest, taxes, depreciation and amortisation) grew by 250 per cent to Rs 102 crore and PAT stood at Rs 44 crore (for the half year ending September 30, 2022). This has been on the back of high volume growth and improved product portfolio by continually adding new products across all bottom wear categories”, he said.
“We continue to invest in brand-building initiatives which will help us to gain visibility and also to focus and grow our online sales channels to benefit from evolving customer trends in our market.” he said.
Saraogi noted that the company was moving ahead with its expansion plans by opening 120-130 new stores ever year.
“We are also looking at omni-channel engagements for a seamless consumer experience, building on a technology driven growth strategy to reach consumer across all cities.”, he said.
The company during the quarter ending September 30, 2022 opened 36 new stores and in the first six months of the financial year it added 66 stores. “This is in line with the growth strategy to open more doors closer to the consumer..” he said.