Other Apparels & Accessories company Go Fashion (India) announced H1FY25 results Financial Highlights: Revenue from Operations: Rs 429 crore, compared to Rs 379 crore during H1FY24 change 13% YoY. Gross Profit: Rs 268 crore, compared to Rs 231 crore during H1FY24 change 16% YoY. EBITDA: Rs 136 crore, change 12% YoY. Profit After Tax (PAT): Rs 49 crore, change 6% YoY. EBITDA Margin: 31.7% PAT Margin: 11.5% Gautam Saraogi, CEO, Go Fashion (India) said: “We have successfully sustained our growth momentum despite the ongoing challenges in the apparel retail sector. For H1FY25, our revenue grew by 13% to Rs 429 crore and our EBITDA stood at Rs 136 crore, a growth of 12%. Despite a softer demand environment, we have maintained our EBITDA Margins at 32%. This is due to an improved product mix and our high focus on maintaining operational and cost efficiency. Our full-price sales accounted for 95%, with an average selling price of Rs 742. In a challenging demand environment, this underscores strong customer loyalty and acceptance of our product and its pricing. Our brand's ability to not rely on discounting sets us apart in the industry. In H1FY25, we added a net of 41 new stores, bringing our total store count to 755. Inventory days stood at 97 days, compared to 104 days in March 2024. We anticipate stronger demand in the upcoming festive season, supported by early positive trends in footfall. For FY25, we expect inventory days to stabilize between 90-95 days. We continue to prioritize cash efficiency and have achieved a Pre-Ind AS operating cash flow of Rs 55 crore. Moving forward, our target is to convert more than 50% of our EBITDA into operating cash flows by strategically focusing on maintaining inventory days. This will further strengthen our financial position. Our strategy of positioning ourselves as the go-to brand for all categories of women's bottom wear, coupled with our focus on quality and competitive pricing, is expected to drive sustainable growth in the years to come.” Result PDF
Apparels & Accessories company Go Fashion (India) announced Q1FY25 results: Financial Highlights: Revenue from Operations: Rs 220 crore, up by 16% YoY Gross Profit: Rs 136 crore, up by 17% YoY EBITDA: Rs 72 crore, up by 12% YoY Profit After Tax (PAT): Rs 29 crore, up by 9% YoY Business Highlights: Average Selling Price for Q1FY25 stood at Rs 777 Sales Mix for Q1FY25 EBO : 69.4%; LFS : 25.6%; Online : 3.2%; MBO & Others : 1.9% Same Store Sales Growth (SSSG) for EBOs remained flat at +0.2% for Q1FY25 Same Cluster Sales Growth (SCSG) for EBOs stood at 8.3% for Q1FY25 as compared to Q1FY24 Full Price Sales was 97% for Q1FY25 No. of EBOs added during Q1FY25 are 20 Stores on a Net Basis Total EBOs as on 30th June 2024 stood at 734 stores Working Capital Days as on 30th June 2024 stands at 113 days as compared to 124 days as on 31st March 2024. Inventory Days stand at 87 days and have reduced by 17 days compared to March 2024. Cash Flow from Operations (OCF) OCF (Post IND-AS 116) for Q1FY25 stood at Rs 62 crore as compared to Rs 49 crore for Q1FY24 OCF (Pre IND-AS 116) for Q1FY25 stood at Rs 32 crore as compared to Rs 25 crore for Q1FY24 RoCE stood at 24.2%; RoE stood at 19.0% for Q1FY25 Cash & Cash Equivalents stood at Rs 220 crore as on 30th June 2024 Commenting on the Result, Gautam Saraogi, CEO, Go Fashion (India) Limited said, “Despite industry-level challenges, we began the year on a strong footing, achieving a 16% Y-o-Y growth in Revenues, reaching Rs 220 crore. Our EBITDA increased by 12% Y-o-Y, standing at Rs 72 crore. Our PAT for Q1FY25 stood at Rs 29 crore which grew by 9%. Retail footfalls in India declined due to the elections and an intense heat wave. Despite these short-term challenges, we have maintained a full price sales ratio of 97%. This demonstrates the resilience of our products even in tough market conditions. Our capability to serve a highly diverse customer base and act as a one-stop solution for bottom wear gives us a competitive edge. We continue to manage our inventory effectively, leading to a further reduction in our warehouse inventory levels. As a result, our inventory days have reduced by 17 days from 104 days in March’24 to 87 days in June’24. We strongly believe in sustainable growth backed by cash flows. Against this backdrop, we achieved a strong Pre IND-AS 116 Operating Cash Flow of Rs 32 crore in June 24. Going forward, we aim to convert 60% of our EBITDA to Operating Cash Flows. In Q1FY25, we successfully added 20 net new stores to our portfolio, increasing our total store count to 734. We are optimistic about our continued store expansion efforts and aim to open between 120 and 150 new stores during FY25. Our tie up with the Apparel Group in the Middle East is on track and the first store should open in this financial year. The strategic expansion plan will see Apparel Group leverage its extensive retail expertise to introduce Go Colors’ diverse range of products to a new audience, looking to fulfill the growing demand for versatile and fashionable bottom wear across the GCC. We have started to witness positive SSSG during the month of June and we are hopeful that this momentum should continue into the months going forward. We look forward to continuing our innovative and creative approach and launch more designs while providing more brand destinations for our consumers which will help us grow and gain market share in the coming years. Result PDF
Apparels & Accessories company Go Fashion (India) announced FY24 results: Financial Highlights: Revenue from Operations: Rs 763 crore up by 15% YoY Gross Profit: Rs 471 crore up by 17% YoY EBITDA: Rs 242 crore up by 14% YoY PAT: Rs 83 crore, no change YoY Cash Flow from Operations (OCF): OCF (Post IND-AS 116) for FY24 stood at Rs 219 crore as compared to Rs 104 crore for FY23 OCF (Pre IND-AS 116) for FY24 showcased a strong turnaround and stood at Rs 111 crore as compared to Rs 20 crore for FY23 RoCE stood at 19.1%; RoE stood at 16.2% for FY24 Cash & Cash Equivalents stood at Rs 198.4 crore as on 31st March 2024 Commenting on the Result, Gautam Saraogi, CEO, Go Fashion (India) said, “During FY24, our Company achieved a growth of 15% Y-o-Y in Revenues to Rs 763 crore. EBITDA stood at Rs 242 Crore witnessing a growth of 14% Y-o-Y. Our PAT for FY24 stood at Rs 83 crore 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, favoring 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. We have reduced our inventory days by 22 days during FY24 compared to FY23. This is on account of prudent inventory management and rationalization at the warehouse level. We continue to remain focused on enhancing efficiency on the working capital front. During FY24, we have achieved a Pre IND-AS 116 Operating Cash flow of Rs 111 crore, a significant turnaround compared to FY23. This translates into a conversion rate of 82% OCF to EBITDA for FY24. 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 omnichannel strategies that leverage technology to seamlessly connect physical and online shopping experiences in turn expanding our reach to consumers in various cities.” Result PDF