Go Fashion (India) Limited, one of the leading women’s bottom-wear brands in India engaged in the development, design, sourcing, marketing, and retailing of a range of women’s bottom-wear products under the brand, ‘Go Colors’ announced its Unaudited Financial Results for the Quarter ended June 30, 2022.
The company has reported a net profit of Rs 24.43 crore in the first quarter ended June 30 of the current fiscal 2022-23 against the loss of Rs 18.99 crore in the same period of the previous fiscal 2021-22.
Total revenue from operations increased more than five-fold to Rs 165.19 crore in Q1 FY 23 as compared to Rs 30.99 crore in the same quarter last year.
Its total expenses stood at Rs 136.93 crore in the Apr-Jun quarter as against Rs 58.66 crore in the corresponding quarter of the previous fiscal.
Commenting on the results, Gautam Saraogi, CEO, of Go Fashion (India) Limited said, “We have started FY23 with a very strong performance in the first quarter. Our Revenues stood at Rs 165 crore, the highest ever quarterly revenue at Go Fashion. EBITDA and PAT stood at Rs 53 crore and Rs 24 crore, respectively. Our volumes have also grown exponentially. This has been on the back of improved product portfolio by continually adding new products across all bottom wear categories.”
“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. During the last quarter, we launched three new films on a PAN India platform for 6 weeks. Each of our films showcases the individual triumphs and journeys of women,” he further added.
The company has taken a new warehousing facility in Bhiwandi, Maharashtra of 12,177 sq. feet. This will help to cater faster and better to the western regions of the country.
In Q1 FY23, the company added 30 new stores and in line with the growth strategy to open more doors closer to the consumer, the company is pushing ahead with expansion and plans to expand its store footprint across geographies by adding around 120-130 new stores every year. 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.
“We look forward to continuing our innovative and creative approach and launching more designs while providing more brand destinations for our consumers which will help us grow and gain market share in the coming years,” he stated.