Go Fashion India Ltd which owns the popular women’s wear brand ‘Go Colors’ has recorded a 3.76 percent rise in its profit after tax for the second quarter ending September 30, 2022, at Rs 19.3 crore, the company said.
The company had registered a profit after tax at Rs 18.6 crore during the 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 the same period last year.
In a statement, the company clarified that the second quarter and half-yearly performance in the last financial year was impacted due to the COVID-19-enforced lockdown.
Gautam Saraogi, CEO, Go Fashion (India) Ltd, 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 percent year on year to Rs 166 crore highest ever quarterly revenues at Go Fashion. EBITDA (Earnings before interest, taxes, depreciation, and amortization) grew by 250 percent 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.”
“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 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,” 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.