Go Fashion (India) on Wednesday reported a 21 per cent Year-on-Year (YoY) rise in its profit at Rs 104.2 crore compared to Rs 86.1 crore in the same quarter last year.
Its revenue from operations grew by 24 per cent YoY to Rs 176.7 crore. In the previous year it had posted a revenue of Rs 142 crore in the same quarter.
The Earnings before interest, taxes, and amortisation (EBITA) of the company grew by 14 per cent YoY to Rs 59.2 crore.
The Company has performed well despite a slowdown seen post festive season in Q3 FY23, said Gautam Saraogi, CEO, Go Fashion (India) said.
“Our Revenues for Q3 FY23 grew by 24 per cent YoY to Rs. 177 crores, highest ever quarterly revenues at Go Fashion. EBITDA and PAT grew by 14 per cent and 3 per cent respectively to Rs. 59 crores and Rs. 24 crores, respectively. This has been on the back of volume growth and consistently increasing the number of EBOs,” he said.
“We continue to invest in brand-building initiatives by creating a strong branding team which will help us to gain visibility and to focus and grow our online channel sales to benefit from the evolving customer trends in our market. The approach of our brand campaigns is to reach out to audiences who have affinity to the brand and also to the audience who are currently in the consideration funnel of purchase,” he added.
In Q3 FY23, the Company added 35 new stores and in 9M FY23, the Company added 101 new stores, the statement said.
“This is in line with the growth strategy to open more doors closer to the consumer. We are also looking at omnichannel engagements for a seamless consumer experience, building on technology-driven growth strategy to reach consumers across all cities,” Saraogi said.
The company looks forward to continuing its innovative and creative approach and launching more designs while providing more brand destinations for its consumers which will help it grow and gain market share in the coming years, Saraogi added.
Go Fashion (India) is a women’ s bottom-wear b rand in India, with a market share of approximately 8 per cent in the branded women’ s bottom-wear market.
Go Fashion (India) one of the leading women’s bottomwear 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’.