Q1FY24 Quarterly Result Announced for Go Fashion (India) Ltd.
Other apparel & accessories company Go Fashion (India) announced Q1FY24 results: Total revenue of Rs 190.1 crore in Q1FY24 compared to Rs 165.2 crore in Q1FY23, up 15% YoY Gross profit of Rs 116.6 crore in Q1FY24 compared to Rs 100.2 crore in Q1FY23, up 16% YoY Gross profit margin of 61.3% in Q1FY24 compared to 60.6% in Q1FY23 EBITDA of Rs 64.2 crore in Q1FY24 compared to Rs 53.1 crore in Q1FY23, up 21% YoY EBITDA margin of 33.8% in Q1FY24 compared to 32.1% in Q1FY23 Profit before tax of Rs 34.8 crore in Q1FY24 compared to Rs 31.9 crore in Q1FY23, up 9% YoY PAT of Rs 26.3 crore in Q1FY24 compared to Rs 24.4 crore, up 8% YoY PAT margin of 13.8% in Q1FY24 compared to 14.8% in Q1FY23 Average selling price for FY23 stood at Rs 771 RoCE stood at 19.1%; RoE stood at 19.8% for Q1FY24 (On annualized basis) Cash & cash equivalents stood at Rs 147.7 crore as of 30th June 2023 Commenting on the Result, Gautam Saraogi, CEO, Go Fashion (India), said, “Over the past few months, the retail industry in India has experienced a noticeable slowdown, and the prevailing operating conditions have posed significant challenges for businesses in this sector. Despite the deceleration in the industry, our Company has managed to outperform the market, showcasing commendable resilience and growth. During Q1FY24, our Company achieved a growth of 15% YoY in Revenues, to Rs 190 crore. Moreover, our Profit After Tax also grew by 8% to Rs 26 crore. This has been on the back of volume growth and consistently increasing the number of EBOs. In Q1FY24, the Company has net added 25 new stores. This expansion aligns with our aim to bring our products and services closer to the consumer, enhancing accessibility and convenience. To further enhance the customer experience, we are also exploring omnichannel engagements, leveraging technology to create a seamless shopping journey that transcends physical and online boundaries, reaching consumers across various cities. As part of our commitment to operational efficiency, we have been working on optimizing our working capital. We have successfully reduced inventory days by 19 during the last quarter. This approach has not only streamlined our operations but has also led to the generation of positive operating cash flows. A critical factor contributing to our success has been the establishment of a robust branding team. This team has played a pivotal role in crafting a clear and compelling brand identity, effectively communicating our unique proposition to our target audience, and creating a strong and lasting presence in the market. 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 at 20%+ CAGR and gain market share in the coming years.” Result PDF31-07-2023