Go Fashion (India) reported 3.74% decline in net profit to Rs 23.40 crore in Q3 FY24 as compared with Rs 24.31 crore posted in Q3 FY23.
Revenue from operations stood at Rs 202.13 crore in Q3 FY24, registering a growth of 15.16% year on year (YoY).
Profit before tax shed 1.31% to Rs 32.29 crore in Q3 FY24 as against Rs 32.71 crore recorded in Q3 FY23.
EBITDA stood at Rs 67.5 crore, registering the growth of 13% as compared with Rs 59.7 crore posted in corresponding quarter last year. EBITDA margin reduced to 33.4% in Q3 FY24 as against 34% in Q3 FY23.
Same store sales growth (SSSG) for exclusive brand outlet (EBOs) remained flat year on year for third quarter of FY24.
Total EBOs stood at 704 stores and cash & cash Equivalents stood at Rs 197 crore as on 31 December 2023.
Gautam Saraogi, CEO, Go Fashion (India), said, Over the recent months, the retail sector has experienced a slowdown attributed to subdued consumer demand. Nevertheless, despite these external challenges, the company has been able to sustain its upward growth path.
During 9M FY24, our company achieved a growth of 15% YoY in revenues to Rs 581 crore. We have also witnessed a steady improvement in our gross margins which stood at 61.2%. Our PAT for 9M FY24 stood at Rs 70 crore, a growth of 3% YoY.
The company has achieved a strong positive cash flow from operations of Rs. 104 Crore of Pre IND-AS 116, a significant turnaround from the cashflows recorded during the same time last year. We strongly remain committed to operational efficiency and continue to see several improvements on the working capital front. We successfully have reduced our inventory by 29 days in December 2023 compared to March 2023 which is also indicative of the cashflows the company generated.
We aim to add 120 stores this year and aim to add over 150 stores in FY25. In our pursuit of enhancing the customer experience, we are actively investigating omnichannel strategies. These strategies harness technology to create a seamless connection between physical and online shopping experiences, thereby extending our outreach to consumers in different cities.
Go Fashion (India) is involved in the retailing of women's bottom wear products under its brand, Go Colors. The products are sold in the domestic market through its extensive pan India retail channel comprising 704 EBOs and around 2,024 large format stores.
Shares of Go Fashion (India) rallied 2.74% to Rs 1,073.70 on the BSE.
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