Chennai, 4th November 2022 – Go Fashion (India) Limited, one of the leading women’s bottom- wear brand in India engaged in the development, design, sourcing, marketing and retailing a range of women’s bottom-wear products under the brand, ‘Go Colors’ announced its Unaudited Financial Results for the Quarter and Half Year ended 30th September 2022.
K E Y F I N A NC IAL H I G H L I G H T S
Particulars ( in Rs. Crore) | Q 2 FY 23 | Q 2 FY 22 * | Y- o- Y | H 1 FY 23 | H 1 FY 22 * | Y- o- Y |
Total Revenue | 165.8 | 112 . 1 | 48% | 330.9 | 143 . 1 | 131% |
Gross Profit | 98.7 | 65 . 7 | 50% | 198.9 | 83 . 1 | 139% |
Gross Profit Margin | 59.6% | 58 . 6 % |
| 60.1% | 58 . 1 % |
|
EBITDA | 49.3 | 35 . 2 | 40% | 102.4 | 29 . 3 | 250% |
EBITDA Margin | 29.8% | 31 . 4 % |
| 31.0% | 20 . 5 % |
|
Profit before Tax | 24.8 | 18 . 1 | 37% | 56.7 | - 0 . 3 | - |
PAT | 19.3 | 18 . 6 | 4% | 43.7 | - 0 . 4 | - |
PAT Margin | 11.6% | 16 . 6 % |
| 13.2% | - 0 . 3 % |
|
* Q 2 & H 1 FY 22 was impacted due to Co VID related lockdowns
K E Y B U S I N ES S U P DAT ES
Average Selling Price for the half year stood at Rs. 709
Sales Mix for H1 FY23
EBO : 72.9 %; LFS : 20.9 %; MBO & Others : 2 .7 %; Online : 3 .5 %
Same Store Sales Growth ( SSSG) for EBOs stood at 30% for Q 2 FY 23 as compared to Q2 FY22 ( Yo Y) and 31% pre Co VID levels (Q2 FY20)
No. of EBOs added during H1 FY23 are 66 stores
Total EBOs as on 30 th September 2022 stood at 569 stores
• Full Price Sales was 96% for H1 FY23
Significant Improvement in Working Capital Requirements
Working Capital Days as on 30th September improved to 137 days as compared to 190 days as on 31st March 2022 and 200 days as on 30th September 2021
Cash Flow from Operations for H1 FY23 stood at Rs. 36 crores as compared to – Rs. 8 crores in H1 FY22
Ro CE stood at 20.0 %; Ro E stood at 18.1 % for H1 FY23 (On Annualized Basis)
Cash & Cash Equivalents stood at Rs. 131.4 Crs. as on 30th September 2022
Brand Awareness Campaigns during H1 FY23
As today's consumer takes a step forward to improve & better her life as well as that of who she impacts, we are in it together by making it # GoodToGo for the next step, the next journey!
Adventure Film - From Moving homes to Exploring - Good To Go – Click Here
Fitness Film - From Home to Gym - Good To Go – Click Here
Office Film - From Office to Meet Ups - Good To Go – Click Here
Commenting on the Result, Mr. Gautam Saraogi, CEO, Go Fashion ( India) Limited said,
“Despite a challenging environment, the Company has performed well in Q2 & H 1 FY 23. Our Revenues for Q2 FY23 grew by 48% Yo Y to Rs. 166 crores, highest ever quarterly revenues at Go Fashion. EBITDA and PAT grew by 40% and 4 % respectively to Rs. 49 crores and Rs. 19 crores, respectively. For H1 FY 23, Revenues grew by 131% to Rs. 331 crores. EBITDA grew by 250% to Rs. 102 crores and PAT stood at Rs. 44 crores. 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. During H1 FY23, we launched three new ad films on a PAN India platform. Each of our films showcases the individual triumphs & journeys of women.
In Q2 FY23, the Company has added 36 new stores and in H1 FY23, the Company has added 66 new stores. This is 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 store foot-print 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 launch more designs while providing more brand destinations for our consumers which will help us grow and gain market share in the coming years.”
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