Go Fashion India’s FY 2023-24 Revenue At Rs 763 Crores, Up by 15%

Business

Go Fashion India’s FY 2023-24 Revenue At Rs 763 Crores, Up by 15%

Go Fashion (India) Limited, leading women’s bottom wear brand from 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 audited financial results for the fourth quarter and financial year ended 31st March 2024.

Commenting on the result, Gautam Saraogi, CEO, Go Fashion (India) Limited said: “During FY24, the company achieved a growth of 15% Y-o-Y in revenues to Rs 763 crores. EBITDA stood at Rs 242 crore witnessing a growth of 14% Y-o-Y. Our PAT for FY24 stood at Rs 83 crores which was flat on a YoY basis. The retail industry has witnessed a temporary decline in demand due to higher inflation and changing spending patterns. With prices on the rise, consumers are becoming more cautious with their purchases, favouring essential goods over discretionary spending. This has led to several retailers experiencing reduced foot falls impacting performance. Although the near-term outlook for the industry seems challenging, the underlying fundamentals remain strong for the long term.”

He further added “We have reduced our inventory days by 22 days during FY24 compared to FY23. This is on account of prudent inventory management and rationalisation at the warehouse level. We continue to remain focused on enhancing efficiency on the working capital front. We’ve added a net total of 84 stores to our portfolio bringing our total store count to 714 stores. While these net additions are slightly lower than anticipated, it reflects our strategic decision to close stores that didn’t rebound post the COVID-19 pandemic and were a drag. Looking ahead, we aspire to add 120 to 150 net new stores in FY25. To further elevate the customer experience, we are also exploring omni-channel strategies that leverage technology to seamlessly connect physical and online shopping experiences in turn expanding our reach to consumers in various cities.”