Go Fashion (India) Ltd, the company that owns the popular womenswear brand “Go Colors,” reported that its profit after tax for the second quarter ending September 30, 2022, was Rs 19.3 crore, up 3.76 percent. The company reported an after-tax profit of Rs 18.6 crore for the same quarter the year before.
According to the company, the total revenue for the reviewed quarter was Rs 165.8 crore against Rs 112.1 crore for the corresponding quarter last year. Compared to the previous year’s period, the cash flow from operations for the six months ended September 30, 2022, was Rs 36 crore compared to 8 crores.
The company clarified that the COVID-19 enforced lockdown impacted the second quarter and half-yearly performance in the previous financial year.
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 FY 2022-23. 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 highlighted that the company was expanding by opening 120–130 new stores yearly.
“We are also looking at omnichannel engagements for a seamless consumer experience, building on a technology-driven growth strategy to reach consumers across all cities,” he said.
The company added 66 stores in the first six months of the fiscal year after opening 36 new stores during the quarter that ended on September 30, 2022. “This is in line with the growth strategy to open more doors closer to the consumer.” he said.