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ICICI Securities Report
Go Fashion India Ltd.'s Q2 FY23 revenue print of Rs 1.66 billion (up 48% QoQ) was good. Higher end of season sale sequentially (gross margin dilutive) and sharp increase in other opex (mainly ad-spends) led to (reported) Ebitda margin print of 29.8%.
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Go Fashion's store expansion continues to be on track with expectation of further acceleration in the medium term. Working capital days have also improved significantly as expected.
We like the increased ad-spends (4.6% of sales in H1 FY23 versus typical 2%) – these are good spends and we expect (good) brands to increase it in the near-term given most have under-invested for last two years; that said, only limited ones have the required headroom given the inflationary pressure.
We believe the brand has been able to create a replicable template of diverse product portfolio along with a highly efficient operating model of exclusive brand outlets. Going forward, there is comfort on (product-level) margins and continued thrust on EBO store addition.
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