Go Colors' Go Fashion sees profits rise 3.76% in FY23 Q2, highest ever quarterly revenue
Go Fashion reported a 3.76% increase in its profits after tax for the second quarter of the 2023 financial year with a total of Rs 19.3 crore. The parent company of womenswear brand Go Colors had registered profits after tax totalling Rs 18.6 crore in the second quarter of the 2022 fiscal.
Go Fashion’s revenue totalled Rs 165.8 crore during the quarter, which ended in September, the Press Trust of India reported. This figure was up from revenue of Rs 112.1 crore in the second quarter of the 2022 financial year.
Cash flow from operations totalled Rs 36 crore in the second quarter of the 2023 financial year, a significant increase from Rs 8 crore registered in the same time period a year ago. However, the business did clarify that the second quarter of the 2022 financial year was affected by the Covid-19 pandemic and related lockdowns, where by the second quarter of the current fiscal experienced no pandemic-led retail restrictions.
“Despite a challenging environment, the company has performed well in Q2 and [the] first half of FY2022-23,” said Go Fashion (India) Limited’s CEO Gautam Saraogi, the Press Trust of India reported. “Our revenues for the second quarter grew by 48% year-on-year to Rs 166 crore, [the] highest ever quarterly revenues at Go Fashion.”
The business plans to continue to expand with an omni-channel model. With the aim of opening between 120 and 130 brick-and-mortar stores a year, the business will also focus on growing its online sales channels.
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