Shares of Go Fashions (India) Ltd. fell as much as 10% on Thursday, April 30, in response to the company reporting results for the March quarter, which were weak on a year-on-year basis.Revenue for the quarter declined by 4% from the year-ago period to ₹196.1 crore, while the company’s Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter declined by 20.5% from the same quarter last year to ₹49.6 crore.
EBITDA margin narrowed to 25.3% from 30.48% in the year-ago period, while net profit saw a drop of 60% year-on-year to ₹7.9 crore from ₹19.9 crore earlier.
Back in February, Go Fashions had carried out a share buyback through the tender offer route, repurchasing 14.1 lakh equity shares worth ₹65 crore between February 13 to February 20. The buyback price was ₹460 per share, which is well below its issue price of ₹690.Shares of Go Fashions are trading 10.2% lower after the earnings announcement at ₹273.43. The stock is down 40% so far this year.
