go fashion: Go Fashion (India) Q2 Reports: Firm reports PAT at Rs 19.3 crore
Total revenue in the quarter under review stood at Rs 165.8 crore compared to Rs 112.1 crore recorded in the corresponding quarter of the previous fiscal year, the company said. Cash flow from operations for the six-month period ending September 30, 2022 was Rs 36 crore compared to Rs 8 crore recorded in the same period last year.
In a statement, the company clarified that the performance of the second quarter and the half-year of the prior year were affected due to the lockdown imposed by the COVID-19.
Commenting on the financial performance, CEO of Go Fashion (India) Ltd, Gautam Saraogi said, “Despite a challenging environment, the company performed well in the second quarter and first half of the 2022-23 financial year. Our revenue for the second quarter grew 48% annually. year on year at Rs 166 crore the highest quarterly revenue ever at Go Fashion.”
“EBITDA (earnings before interest, tax, depreciation and amortization) increased by 250% to Rs 102 crore and PAT stood at Rs 44 crore (for the six months ending September 30, 2022). This is driven by high volume growth and improving the product portfolio by continually adding new products across all lower wear categories,” he said.
“We continue to invest in brand development initiatives that will help us gain visibility and focus and grow our online sales channels to benefit from changing customer trends in our market.” he said.
Saraogi noted that the company is moving forward with its expansion plans by opening 120 to 130 new stores every year.
“We are also considering omnichannel engagements for a seamless customer experience, leveraging a technology-driven growth strategy to reach consumers in all cities,” he said.
During the quarter ending September 30, 2022, the company opened 36 new stores and in the first six months of the fiscal year, it added 66 stores. “This is in line with the growth strategy to open more doors closer to the consumer,” he said.