Go Fashion (India) (GOCOLORS) Q4 22/23 earnings summary

Executive summary

• FY23 delivered record revenue of ₹665.28 crore, up 65.78% YoY; sales volume rose 47.96%, and PAT increased 132.57%.

• Growth outpaced the Indian bottomwear category, supported by 127 net store additions, higher same-store sales and limited discounting.

• EBITDA increased 78.37% to ₹212.29 crore, with positive operating cash flow of ₹103.74 crore.

• Expansion remained focused on women’s bottomwear through an asset-light sourcing model and company-owned, company-operated stores.

Financial highlights

• Revenue from operations ₹665.28 crore vs ₹401.31 crore in FY22; EBITDA ₹212.29 crore vs ₹119.02 crore.

• PAT ₹82.80 crore vs ₹35.60 crore; PBT ₹108.69 crore vs ₹47.88 crore in FY22.

• Sales volume 120.69 lakh pieces, up 47.96% YoY from 81.57 lakh pieces.

• Operating cash flow ₹103.74 crore vs ₹33.02 crore in FY22; cash and cash equivalents ₹33.65 crore at March 31, 2023.

• EPS ₹15.33 vs ₹6.74 in FY22; other income declined to ₹11.91 crore from ₹20.79 crore.

Outlook and guidance

• Targeting 120–130 EBO additions annually; more than 80% of revenue is expected from EBOs in coming years.

• Priorities include Tier II/III expansion, deeper South and West penetration, and selective growth in North and East India and LFS.

• Growth plans are expected to be funded without external financing in the near term; focus remains on sustained profitability and stronger return ratios.

• FY24 outlook anticipates continued growth through store rollout and product launches, while protecting pricing discipline and working-capital efficiency.