Ladies and gentlemen, good day and welcome to the Q4 FY23 earnings conference call of Go Fashion (India) Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star 0 on a touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Gautam Saraogi, CEO. Thank you, and over to you, sir. Yeah, thank you. Good evening and warm welcome to everyone present on the call. Along with me, I have Mr. R. Mohan, our Chief Financial Officer, and SGA, our investor relations advisors. I hope you have all received our investor deck by now. For those who have not, you can view them on the stock exchange and the company website. FY 2023 has been a remarkable year for Go Fashion (India) Limited. Despite a slowdown in the retail and consumption space, we have grown faster than the industry and have outperformed. In Q4 FY 2023, our revenues grew by 36% to INR 158 crore driven by volume growth and consistently increasing number of EBOs. Our SSSG at 17% for Q4 FY 2023, and the year SSSG is 36%. Compared to FY 2020, our SSSG is 32%. Our same-cluster sales growth for EBOs stood at 30% for Q4 FY23 and 64% for the full FY23. These numbers reflect our commitment to delivering quality products and providing our customers with a seamless shopping experience. SSSG volumes have also grown by 5% in Q4 FY23 and 24% in FY23 YOY. Our product is core and essential to consumers, and we operate on a business model that offers limited discounts, resulting in greater profitability. 95% of our sales of FY23 are wear and full price, and our EBO average selling price has increased continuously, primarily on account of value-added products that we have introduced as part of our portfolio. Our ASP for FY23 stood at INR 727 a unit. During the last year, the company introduced new products in the western and fusion wear segment. We introduced Ponte Wide Pant, Chino Pant, Cotton Pencil Pant, Active Leggings and Crepe Pant. We will continue with our innovative and creative approach and launch more designs while providing more brand destinations for our consumers. Our focus will be on consumer-customer acquisition to drive sales to our website and online marketplaces, enabling us to grow and gain market share in the coming years. In line with the growth strategy, we have added 26 new stores in Q4 FY23 and 127 new stores in FY23. bringing us closer, these 127 stores are helping us bring our customers closer to our product. We are also exploring customers and regions across all cities. Our focus is to improve our operating efficiency and ensure efficient supply chain management through global best practices. We are upgrading our warehouse to optimize our inventory and supply management. Coming to our working capital and cash flows, we have reduced our working capital days to 149 days as on 31st March 2023, compared to 190 days as on 31st March 2022. This has been mainly due to improved inventory management and getting inventory levels down to 4 months. Over the next 12 months, our target is to further reduce the inventory days to 90-100 days. This has helped us generate operating cash flow free in days 116 of about INR 19.5 crores for the year. During the last quarter, the company took a write-off of INR 4.76 crores related to Future Lifestyle Fashions Limited. We don't have any further exposure to the above said company. Building a strong branding team has always helped develop a clear brand identity, communicate that identity to our, to your target audience and create a strong presence in the market. 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 at 20% plus CAGR and gain market share in the coming years. I would like to thank our employees, partners, customers and shareholders for the continued support and trust they have in us. We look forward to another successful year ahead. With this, I would like to hand over the call to our CFO, Mr. R. Mohan, for the update on Q4 and FY 2023 results and financials. Thank you. Thank you, Gautam, and good evening, everyone. The company has posted strong performance for the quarter and year ended 31st March 2023, backed by increased demand across product categories. Our revenues for the quarter stood at INR 157.6 crores as against INR 116.2 crores in Q4 FY22, a growth of 36% YOY. Gross profit stood at INR 100.5 crores, a growth of 40% YOY with a GP margin of 63.8% for the quarter. Our EBITDA for the quarter stood at INR 49.6 crores as compared to our INR 39.4 crores in Q4 FY22, a growth of 26% YOY. Our EBITDA margins stood at 31.5%. Profit before tax for the quarter stood at INR 19.3 crores, a growth of 27% YOY, whereas profit after tax for the quarter stood at INR 14.8 crores, a 20% YOY growth from Q4 FY22. Tax margins stood at 9.4%. Coming to the FY23 performance, revenues stood at INR 665.3 crores as against INR 401.3 crores in FY22, a growth of 66% YOY. Gross profit stood at INR 403.6 crores, a growth of 67% YOY, with a GP margins of 60.7% for the year. Our EBITDA for the year stood at rupees two one... INR 212.3 crores as compared to INR 122.2 crores in FY 2022, a growth of 74% YOY. Our EBITDA margins stood at 31.9%. Profit before tax for the year stood at INR 108.7 crores, whereas profit after tax for the year stood at INR 82.8 crores. Tax margin stood at 12.4%. Cash flow from operations pre-Ind AS for FY 2023 has turned positive and stood at INR 19.4 crores as compared to minus INR 21.46 crores for FY 2022. Cash flow from operations post-Ind AS for FY 2023 stood at INR 104 crores as compared to INR 33 crores for FY 2022. ROCE and ROE stand at 15.9% and 17.3% respectively for FY 2023. With this, we will now open the floor for questions. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question is from the line of Devanshu Bansal from Emkay Global. Please go ahead. Yes. Hi, sir. Thanks for the opportunity and congratulations on a very strong performance in Q4. In the PPT, this time around, we have presented a target to take EBO mix to 80% over the next few years, versus our earlier target of about 90% for combined EBO and online channels. What is the reason for this change? No, see, we had initially said that we want to do EBO and online together to 90%. Of that 90%, we always estimated that EBO would be 83%-84%. Our first target is to at least reach the 80% number. Currently, our EBO mix is 74%. First target over the next two years or two and a half years is to reach the 80% number. The overall target is the same, that we want to make 90% of EBO and online together. Our first milestone would be to at least get to 80% of EBOs, which is currently at 74%. Got it, sir. Your initial remarks also pointed to some slowdown in the consumption trend. I just wanted to check if you could throw some light on the SSG trajectory going into FY 2024 and also wanted to check whether that SSG profile would be similar across quarters, or you expect H1 to be slightly muted and then we'll see a growth turnaround in H2. See, currently, Devanshu, there is a slowdown which was happening in Q3 and Q4. We have seen that the slowdown has slightly started improving and the sales are coming back to normal speed. As far as Q1 of FY 2024 is concerned, it's a little too early to comment what would be the SSSG in H1. Our target still remains the same of wanting to achieve about 10% SSSG for the full year. It's very difficult to quantify what would be the SSSG for Q1 because it's too early to give the numbers. There is a definite improvement in Q1 over Q4. The market and the slowdown is definitely improving. Got it, sir. That's really encouraging. We have also talked about 20 to 30 days of working capital reduction in FY 2024. Just wanted to understand the major drivers for this improvement. See, we have been really optimizing our inventory. If you, Devanshu, if you see, if you take from September to March, our absolute inventory value has not increased significantly. That is why, because of optimization and purchase, we have seen operating cash flow generation to the tune of INR 19.5 crores for the full year. The inventory is continuously getting optimized, so we are looking to take this 120 days of inventory to at least 100, to about 3.5 months to 100 days of inventory over the next 2 to 3 quarters. That reduction in inventory is going to result in the reduction in working capital. Got it, sir. Yeah. Can you mention the cotton stock, which is the raw material present on the balance sheet as of FY 2023 end? Sorry, can you come again, Himanshu? Can you call out the value of raw material inventory which is there at FY 23 end on the balance sheet? Yeah, I tell you. See, We are having our total inventory is about INR 250 crores. Okay. fabric inventory would be about INR 70 crores-INR 75 crores. Got it. I have more questions. I will join-. I'll tell you the exact number. No, no. INR 44 crores. It's INR 44 crores. I stand corrected, it is INR 44 crores. INR 44 crores. INR 230 crores is the total inventory and, INR 44 crore is the RM inventory. Raw material. Does this number compare to about INR 60 crore of RM inventory last year? INR 40 crore is comparable to INR 60 crore, which was there last year, I think. In March 2022, we had INR 58.15 crore of inventory. In March. 58.1. Okay. Got it. I have more questions. I'll come back in the queue. Thank you very much. Thank you. Our next question is from the line of Varun Singh from ICICI Securities. Please go ahead. Yeah. Thanks for the opportunity. Sir, congratulations for good set of numbers. My first question is, can you share a like-for-like growth on a normalized base quarter, the way we were sharing for since last three, four quarters? If on a normalized basis, on a same-store level, we've done 17% at a value level and 5% on a volume level. On like I had mentioned and guided, we are looking at about 10% same-store sales growth going forward on a, on a normalized basis at a value level and 4%-5% at a volume level. 4%-5% volume. Understood. Correct. Yes. Sir, second question also, I mean, the overall volume growth for the current quarter would be how much? See- Year-on-year. you're talking about year 2 or you're talking about Q4, Varun? Q4. Q4, sir. See, Q4 actually our volume growth, overall volume growth is only 1%. The reason why it is, there is a very big disparity between our value and volume for the overall is because in Q4 our dispatches to LFS has been very muted, and the volume dispatches have been very less for LFS. That's why the overall company volume level looks very low. Having said that, we have a 36% value level which is driven by some discounts which have been reversed by Reliance in Q4. We have got that upside of about 6 to 7 crores in revenue because of that. Sir, I'm sorry, I did not get the last part. What is the 36% thing with Reliance in? 36%. No, no. 36% is the value growth of the overall company level. Yes. Correct. Correct. The disparity of volume and value is, are two reasons. One reason is because the dispatches to large format stores were fairly less in Q4 and were much lower than normal. At the value level is looking much higher because INR 6-7 crores of discounts were reversed. We got a credit note from Reliance in Q4, which were debited on us for over first 3 quarters were reversed in the last quarter. That upside we have got. Understood. Understood. That's very clear. That is why. Uh. That is why you have the sharp increase in gross margin, to 63% is because of the upside we have got in Q4. Understood. Sir, I mean, what exactly are these credit notes? Why would we get credit from Reliance? No, see, usually this happens every year. This used to happen even pre-COVID. In Q1, Q2, Q3, there would be marketing debits and certain bill level discounts what Reliance would run. As per our arrangement, we have a cap. When it crosses the cap, the extra amount what was charged on us is reversed in queue. It's in the normal course of business which happened, which used to happen every year in prior to COVID. Sir, in that context, current quarter gross margin should ideally not be sustainable. Yeah, 63% is a higher number because of these reversals. The 10-day gross margin, what we are currently seeing is 60%-61%. Understood. Sir, my second question is what is the reasoning for substantial decline in revenue from multi-brand outlet, MBO? No, there is no real decrease. See, MBO has always been a very small channel for us, Varun. Okay. We are selectively doing the channel as per wherever we have pricing control and wherever there is hygiene of inventory. MBO is always going to be a very small channel. On a like-to-like basis, maybe last year there would be an uptick in an MBO sales, maybe that particular quarter. Otherwise we do MBO sales of about INR 70 lakhs-80 lakhs of revenue every month. Understood. Understood, sir. Thank you very much, sir. That is from my side. Wish you all the best. Thank you. Thank you. Thank you, Varun. Thank you. Before we take the next question, a reminder to all participants that you may press Star and One to ask a question. Our next question is from the line of Prerna Jindal from Elara Capital. Please go ahead. Congratulations on a good set of numbers. Thank you. Sir, just wanted to understand the same-store sales, same-cluster sales growth which you have started reporting. How should we read this? Some mechanism that you've you know, some approach that you have used in this, creation of new metrics. If you could guide, explain this, it will be great. See, usually any cluster, Prerna, which has two or more stores, that qualifies for a cluster. Usually it can be in a radius. Any cluster can be defined between a radius of, say, 500 m to 1 km to the extent of even two to 2.5 km. It's very subjective to that particular location. Sometimes, 500 m also is as good as one cluster, and sometimes two km or three km also is one cluster. It depends on the area and locality of that store. For a cluster to qualify as a cluster, there at least should be two or more stores. If I take today we have 630 stores, right? Out of 630 stores, 200 stores don't fall into clusters. The balance 400-430 stores fall into clusters. We have approximately, if I'm not wrong, about 150-160 clusters overall, if I take in the entire business. From a guidance perspective, you see, because we have just started tracking this data and we have started reporting it's early days. What we have noticed is whatever is our SSST, usually double of that is the same-cluster sales growth. Okay. Why would that be? That's because, SSST would always be lower than, same-cluster sales growth, because we are adding more number of stores in the same cluster. For example. Okay. For example, if you had two stores in a cluster and third store gets added, in that cluster that one new store in sales will get added, and it will be on a base of two store versus three store. Is it the right way to understand? No, no. See, same-cluster sales growth is simple. When I'm adding a new store, suppose, for example, there is 1 locality A, which had 3 stores last year in Q4, and I've added 2 stores in the same cluster this year in Q4. The cluster, that cluster sales of 5 stores would be divided by that same cluster with 3 stores and then calculating the growth. Okay. That's why the cluster will always show a higher growth than that store individually. Okay. Understood. My next question is on ratio between core as versus fashion. What would that be today versus earlier? See, Prerna, our more or less all our products are core, but the very old core products which are leggings and churidar, they are above 45% of our sales, 45%-50% of the sales. The balance is all our other value-added products in core. Like your pants, trousers, harem, patialas, palazzos, they contribute to the balance of 55%-60% of the sales. Okay. This gross margin improvement, will it be because of raw material improvement or lesser discounted, sales mix? No. Prerna, the reason for this improvement in gross margin, which I just mentioned, is because we have got reversal of many discounts and marketing debits which had happened on us in the first 3 quarters. Yeah. We have got a rebate of that in the, in the fourth quarter. When we get such rebates, those are added on to the revenue, and that's why we have a higher gross margin in Q4. There is no component of lower raw material prices that is not. We haven't even seen that yet. The advantage of the lower cotton prices have still not really kicked in yet. Okay. We'll probably have more clarity by next quarter. Okay. That was what I wanted to understand. Thank you and all the best. This improvement on gross margin is largely because of the reversal of the discounts and marketing in the fourth quarter. Understood. Cotton impact is yet to be visible. Thank you. Yet to be visible. We are still monitoring. We'll probably get better info by the end of this quarter. Okay. Makes sense. Thank you. Thank you, Prerna. Thank you. A reminder to all participants, you may press star and one to ask a question. Our next question comes from the line of Vikas Jain from Equirus. Please go ahead. Thank you so much, sir, for the opportunity. Congratulations for a great set of numbers. My first question is with respect to the demand scenario. While our numbers definitely does not show any kind of weakness or the sluggishness that most of the people talked about in the entire apparel category. What do you think, is it more of driven by the market share gains, or is it like the demand in the category that we operate is something that has not seen any or an equivalent slowdown or people are like... What, according to you, would be is something that is driving the demand in our, in our category? Vikas, definitely our category of bottom wear is less impacted compared to the other categories in apparel sector in retail. The bottom wear category is a very virgin category. There is not too much of competition. There is a very big movement from unorganized to organized. If you take the overall retail scenario, the bottom wear category is still far is less impacted, I would say, from that context. I think the reasons for us to have done well during this time is largely because of that. This slowdown, what we are seeing in apparel retail, what we are seeing at the front end is that it's improving and we have seen an uptick in sales from Q1. We are quite hopeful that by the time we touch Q2 or Q3, the market will come back to normal. Sure. Sure. Understood. Understood. The last point, part that you mentioned that you have seen an improvement in the apparel. Is that something that has been driven by the vacation time and the shopping that generally kicks in from the April and the May month? Is that the reason? I mean, look, see the way we judge is that usually, Q4 is our weakest quarter, right? When we get into Q1 next year, there has to be an uptick of sales. This time the uptick of sales has been quite positive in Q1. Looking at that, those uptick, we are able to gauge and say that the market has improved. Understood. Understood. The second question is with respect to the new product launches, that you have done. Right. Is it like all of our stores and the LFS stores that we are there, all of them do have these products in their portfolio? Or it is like a very recent launch, and they are yet to reach all of the stores? No. See, so because whenever we launch new products, we launch it in very select stores in the EBO channel, and we launch it in very small quantities because these are new products. As and when the sales of such products increase, we increase the number of those, and automatically so eventually the products also get introduced in LFS. To begin with, it will not be introduced in LFS. It will be introduced to only select stores in very small quantities in EBO. Understood. Understood. So, sir, in a lifecycle of a product or a type of a product that we launch, within what period of time does that reaches the entire store count that we have? See, usually for any good product we launch, it takes usually about a year or year and a half to settle down. Then probably if it probably does well, after a year and a half, it slowly starts going into more and more stores. Right. Right. Correct. Sir, third question with respect to our working capital. Yeah. Definitely we have done some good work with respect to bringing down our inventory levels. From 149 days, what would be our target in the next year that we are assuming to come to? Our target would be having, by the end of next year, we are looking to have about 90-95 days of inventory, 40, about 40 days of receivables. We are looking at about 118-120 days of working capital. All right. Understood. Understood. sir, with respect to stores that. It will take about 3-4 quarters. We are looking to get to this number by end of next year, by end of FY 2024. Most, part of it will be coming through the inventory reduction only, right? As you said, receivables- No, inventory only because the 30 days what we are targeting is going to be inventory. See, LFS receivables to come down will be a function of your EBO sales growing as a percentage. That will happen very slowly. It will not happen immediately. See, it might come down by three, four days or five days, but the real improvement in working capital days will happen on the basis of inventory. Thank you. Mr. Vikas, may we request you to return to the question queue for follow-up questions, as there are several participants waiting for their turn. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to one or two per participant. Should you have a follow-up question, we would request you to rejoin the queue. Our next question is from the line of Rajiv from DAM Capital. Please go ahead. Yeah. Thanks for the opportunity. My question is on the CapEx number, the INR 20 crores for second half, for close to 60 stores which you have added. Seems a little high as compared to the, I mean, the usual unit economics, right? Can you explain that? We'll have to check on this and come back, Rajiv. I'm not having that number handy on the CapEx. We'll have to just check in on that front and come back to you with a clarification. Sure. Secondly, if we adjust this 60, 70 or INR 6, 7 crores numbers in terms of the credit note from the top line, then your gross margin is still higher than, let's say, Q3. Usually Q4 is a discount quarter, right? The gross margin should ideally drop. Historically, this has been the case for you guys, but ideally, structurally, it should drop, right, in Q4 versus Q3. What explains this? See, usually you're right. Q4 usually the gross margins would be lower. Here it's reported higher than the normal. Obviously the larger impact of the gross margin is because of the Reliance reversal of the discount. There is some upside we are seeing. It might be because of the decrease in RM prices. We are still studying that analysis, Rajiv, we are not sure yet. Probably by the end of this quarter, we'll be able to come back with some concrete analysis on the gross margin improvement because of the decrease in RM prices. No, no. I have adjusted the new, the denominator for that, let's say, the INR 7 crore impact. If I calculate the 60 number falls to 62% in terms of gross margin. There is still a 300 basis point plus improvement. We are suspecting that it is because of the improvement in the RM prices because of the reduction in RM prices. We are not sure yet because we are still doing the analysis. We are suspecting that it is because of the drop in RM. This other expense line item, there's hardly any operating leverage we see there in the sense that is still 19% if I remove the. The other expense number is higher because of the write-off we did for Future Lifestyle. We have done a write-off of about INR 4.76 crores in the last quarter. The other expenses has slightly gone up because of that. Thank you. Rajiv, may we request that you return to the question queue for follow-up questions. Thank you. Our next question is from the line of Mr. Gopal Nawandar from SBI Life Insurance. Please go ahead. Yeah. Hi. Thanks for the opportunity. Sir, can you just help us with the pre-Ind AS margins for financial year 23? Sure, sir. Just one second. Thank you. Sir, in the pre-Ind AS margins, we have our EBITDA margins is about 19.4%, pre-Ind AS EBITDA for FY 2023. Post-Ind AS EBITDA is 31.9%. This is actually a lower versus pre-COVID, which we used to do around 21.5. Correct. It's about 200 basis points lower than pre-COVID. One of the reasons is because of the write-off of Future Lifestyle that we've taken. Okay. Okay. This INR 6 to 7 crore credit note, how should I understand the impact on the PNL? Should it flow directly to the EBITDA and PAT or? No, sir. It's a revenue line item. It's a revenue line item. It's been added onto the revenue. Because of Ind AS 115 accounting standard, we can't show that as a expense upside. We have to add it on the revenue. Okay. I just need to adjust it in the revenue to understand. Yes. right number. To understand the... Yes. Correct. Absolutely. Okay. The top line item here. This adjustment happens every year on the fourth quarter? It's the quantum varies. Okay. Usually, upsides, usually come only in the quarter four because they redo a reconciliation. This time the amount has been a little larger. Usually the amount is usually INR 2-3 crores and not more. Okay. Actually, if I adjust this, the performance obviously looks weaker than what it is being reported. Sir, maybe for the quarter. Yeah. This INR 6-7 crores ideally would have, if we would not debit it, this would have got added to the revenue of Q3 or Q2. On a YOY basis, it does not impact. In particular for Q4, INR 6-7 crores is INR 6-7 crores higher than the actual revenue. Okay. Okay. The second question is on this write-off which you have taken. Why we were so late in terms of making these write-off and provisions? Sir, see, we, the company which was under bankruptcy was Future Retail. We never worked with Future Retail. We worked with Future Lifestyle. Now, Future Lifestyle was not under insolvency or bankruptcy, but we were not receiving payments for a few quarters. We did little bit of research and many retailers who were supplying to Future Lifestyle had taken the respective write off. In terms of, keeping that in mind, then we had to take the necessary call. How things stand today, Future Lifestyle is still not declared insolvent. It's still not in IBC. Okay. now there are no outstanding, right? Nothing. With Future Lifestyle, see, with Future Retail, there was nothing to begin with. With Future Lifestyle, there is no exposure at all. It's 0 right now. Now there is no exposure to Future Group? Absolutely nothing. Okay. Okay. Sure. Gautam, I think, one clarification which has been long pending- Yeah. on the pledges side. Yeah. If you can give some confidence in terms of timeline. Yeah. Gopal, we have discussed internally in the family. We have made a timeline internally of how we want to close the pledge. We would be closing the pledge completely before next thirty-first March. Okay. Sure. It will be completely finished and closed. Sure. Sure. Thanks a lot. Yeah. Thank you. Our next question is from the line of Ankit Kedia from PhillipCapital. Please go ahead. Sir, wanted to understand the 1% volume growth for the quarter in more detail. Can you share with us what is the declining volumes for Reliance for the quarter? Yeah. Yeah. I'll explain to you. Now, whatever numbers I'm going to be saying are overall numbers. Okay? Sure. Our overall numbers for EBO, we had an overall volume growth of 23%. We had a degrowth of -35% in LFS, a growth of 30% in online and -3% in MBO and others. When I adjust this, I have a 1% volume growth. Last year I had done 23.5 lakh in volume. This year I have done 2,379,393 pieces in volume. Sir, what is the reason for this Reliance dispatches being low? Is it from our side or their side demand being low? No, it was not regarding demand. I think, there were some purchase order issues. Some purchase orders were to be released from Reliance's end. There were some operational issues because of which the dispatches are low. It has nothing to do with the demand. In the month of April and May, they have come back to normalcy? Yeah. It has started coming back to normal. Sir, Reliance also started Central, which was with Future Lifestyle before. Have we seen some extra business because of that with the Reliance group, or we are not part of Central now? No, we are part of all the Central now. Slowly that is scaling up. Sure. sir, you have guided for a 10% SSSG growth, out of which you're building in around 5%, you know, mix. I'm assuming this year price increases will be low given the way commodity prices are moving. Correct. For this 5% mix change, what will be the mix change towards fashion or non-core of leggings and patiala, what you call, you know, that to decline or what will be the lower percentage of that if that mix has to come close? Yeah. Maybe I'll give you a better example. We've had an SSSG of 17% in Q4, right. In the 17%, 5% is driven by volume. About 6% is driven by new product launches, that is ASP. The balance, 6% was because of the price hikes what we had taken earlier. If you see the delta difference between the ASP, so ASP and volume together comes to 11%, and if I add the price hike, it becomes 17%. The delta of 11% and 5% is the difference between volume and value, which I'm guiding for the future. Understood. This is very helpful, Gautam. Thank you so much. What we have seen, Ankit, now when we are touching Q1, the price hikes what we have taken, the benefit is almost over. Right. Now whatever SSG we are going to be reporting in Q1 is going to be based on volume and ASP driven by new products, not by price hike. That is all. The price hike, benefit is almost tapered off. From a, you know, new product launches perspective, can you share these new products? What was the number and going forward, what is the pipeline? Because that is critical for the SSSG growth now. See, this year we have launched about five to six products. Next year also we are going to be targeting to add another five to seven products. See, we have many products in the pipeline. We might even add about seven to eight. Usually what we have seen in the, on a yearly trend, five to sit products is what we add. Thank you. Mr. Ankit Kedia, may we request that you return to the question queue for follow-up questions, as there are several participants waiting for their turn. Ladies and gentlemen, may we request you to please limit your questions to one or two per participant. Should you have a follow-up question, we would request you to rejoin the queue. Thank you. Our next question is from the line of Mehul Desai from JM Financial. Please go ahead. Yeah. Hi, sir. One question was, one obviously on the, if you can give what were the LSS store additions for the quarter? The LSS, actually, we have not seen too many, too much increase in the LSS, store additions for the quarter. I think it's about 20-30 stores. Mr. Mohan, can you confirm that number? One minute, yeah. It's about 20-30 stores, approximately, Mohan. Okay. If you can give me the total LSS count for the FY 24? LSS stores is 175. INR 1,750, yes. INR 1,750. INR 1,750. Okay. The second thing on the, if you can give some color on how the AMP trends were moved in this quarter. See, the average selling price has moved, No, no, not ASP, sir. advertising and promotion. I'm talking about. AMP. Okay, AMP. Yeah. Yeah. See. In the beginning of the year, Mehul, if you take H1, and as I told before, festive D2, majority of our advertising. In the first half we had four and a half percent. Now on an annualized basis, it's come down to 3%. Okay. Lastly, I think I just wanted to understand, the trend in the subcontracting charges. I mean, why, I mean, Q4 looks quite pretty low. Is there something to read into this or how does that work? No, no. Mehul, in our business, you should look at subcontracting. Yeah. material consumed together. Right. In our type of business, the breakup will not give the right trend. You should look at it as one line. Understood. Okay, got it. Lastly, for FY 2024, how would you look at AMP? Yeah. Mehul, one minute. 37 stores is LSS, those. We've added. 37 stores is what we've added. Q4. Okay. Just last, what will be your AMP guidance for 2024-2025? About three. About 3%. About 3%. Got it. Thank you. Thank you so much, Gautam, and all the best. Thank you. Thank you, Mehul. Thank you. Our next question is from the line of Akshen Thakkar from Fidelity. Please go ahead. Yeah, hi, team. Just wanted to understand, you know, if I look at the difference between your post-Ind AS and pre-Ind AS beta, the gap is about 12.4% versus 12%, which is the rental cost. It would seem that your rent cost has grown faster than your top line growth. Given that the base last year was low, that came as a little bit of a surprise. Could you just help us understand with how the rental costs have been this year. Yeah. You know, on an aggregate, and just maybe how to think about rent going ahead? Thanks. Akshay, I'll tell you pre-Ind AS number. I think that would be the right way to gauge rent. I'll tell you pre-Ind AS based on how much rent has been paid. In FY 2020, which was pre-COVID, the total rent what we paid was about INR 50.84 crores on a top line of INR 394 crores, which is about 12.9%. This year we have paid INR 90.18 crores of rent on a top line of INR 665 crores, which is about 13.6%. The rent to revenue ratio has gone up by 50 basis points. It's gone up by 0.5%, 0.6%. Is that the kind of ratio you think we should be building out going going ahead as well? Yeah. About 12.5% to about 13% to 13.5% is the rent to revenue ratio we should be looking at. Okay. Based on the current mix. Suppose tomorrow EBO sales is 85%, then obviously this percentage will be higher. Yeah, sure. Okay. Then just secondly, in terms of EBITDA margin. If you will end up getting 10% SSSG, which is not- Mm-hmm. Coming from price, it's coming from volume and mix. Given where commodity prices are, how do you think about EBITDA margins for the next sort of year? EBITDA margin, there will be a very small improvement, Akshay, but what happens is the rentals and the store level costs also are increasing. I would say, there might be a small improvement on EBITDA on that for the older stores. Okay. Usually for a store, your cost would increase at about 7%, 6%-7% every year, bare minimum. If your Same-Store Sales Growth is at around 10%, the delta difference between 10 and 7 is what is your increase in staff for the, those older stores. Sure. Okay. Got it. The last question on the write-off that you mentioned that you took of about INR 4.76 crores, that was booked in this quarter or in Q3? In Q4 or Q3? It was booked in Q4. In Q4. Okay. That's why the operating margins- Yeah. In Q4 are looking weaker on a YOY basis. Yeah. But you also had the INR 6 crore benefit. Correct. -in the sense are non-recurring or, you know. Yeah. In terms of absolute pact. Yeah. % aside, in terms of absolute impact, it would have been probably within the same impact. Maybe we could have been a little higher. It would have roughly the same impact. Okay. Got it. Thank you. Thank you so much and all the best for the next year. No problem. Yeah. Thank you. Thank you. Our next question is from the line of Sabyasachi Mukherjee from Bajaj Finserv AMC. Please go ahead. Yeah, hi. Thanks for the opportunity. My first question is a clarification on the volume numbers you have given. You said INR 23.5 lakhs in FY 2022 and INR 23.79 lakhs in FY 2023. Correct. this is EBO numbers or the total numbers? No, this is overall numbers for the quarter. For quarter four. For quarter four. Okay. The full year numbers, what would be the full year numbers? Full year numbers would be 81 lakh 57,000 for FY 2022 and 1 crore 21 lakh pieces for FY 2023. Okay. How does this stack up vis-a-vis FY 20 pre-COVID volume? That I'm not having. I don't have the FY 20 pre-COVID volume here. I don't have it right. Okay, no issue. On the inventory front, you said INR 230 crores is the total inventory, INR 44 crores is the RM inventory. That means INR 186 crores is the finished goods inventory. FG inventory. Yes, correct. FG inventory. What is the break up on the FG between warehouse and store? Is it 50/50? About INR 99 crores would be at the warehouse. INR 99.9 crores that would be at the warehouse and about INR 86.85 crores will be at the store. Okay. Okay. Okay. INR 100 crores in warehouse and balance INR 86 crores in store. Balance in store. Yeah. Going ahead, I think, in the last quarter or so, you mentioned that the inventory that you are going to kind of, you know, rationalize, to 90 days, would be done in 2 to 3 quarters. You are now saying it will probably take a year or so by FY 2024 end. No, no. Uh. See, actually what has happened is we have already started to rationalize inventory. If you see what was our inventory number in September versus now what we have declared in March, there has only been a very marginal increase in our overall inventory. That is why we are seeing operating cash flow to the extent of INR 19.45 crores. Now why it is still showing as 4 months is because Q4 is the weakest quarter of the year for us. Currently, I'm already at a run rate of INR 60 crores-INR 65 crores every month. If I take on the INR 60 crores-INR 65 crores delta, I'm already at about 3.5 months of inventory. It's just that. Okay. It is showing four months because Q4 is the weakest quarter in terms of sales. Okay. Okay. By, let's say if not September 2023, but March 2024 it'll surely hit the three-month kind of inventory days, number. We are aspiring to do that. That is our target. Okay. Any guidance on FY 2024 revenue or volume growth? Volume growth is hard to predict, but at an SSSG level, like I mentioned, we will do about 5% of volume growth. At an overall company growth, we are looking to grow at 20% in FY 2024. 10% will come from SSG. The balance 10% would come from new stores. New stores. Okay. Okay. Okay, perfect. Thank you. Thanks. We're looking at INR 800 growth revenue in FY 2024 at 20%. Thank you. Our next question is from the line of Priyam Khimawat from ASK Investment Managers. Please go ahead. Hi, Gautam. Just on this part that future growth in terms of same-store sales will be more largely driven by value, will be largely driven by mix improvement. Don't you think that as the fashion and non-core quotient increases in our overall sales mix, there will be some kind of impact on a full price sales through which was around 95% in FY 2023? No, that will not get impacted. See, for us, all our product ranges are core. Even if I take legging, chudidars and our balance, half of the products which generate 50% of the business, everything is core. Even though if the other core products start dominating the sales, the full price ratio will not get compromised. Okay. Our revenues from LSS channel in FY 2023 were around 140 crores from 1,750 counters which you highlighted. What is the contribution from Reliance Retail here, and how should we see growth in this channel going ahead? See, the concentration on Reliance Retail is completely dominated because majority of the stores are Reliance. More than 80-85% of the LSS revenue comes from Reliance. The growth is going to be good. We are going to continue to look to grow at about 20% in LSS. We are adding about 150 doors every year, so the growth in LSS is going to continue to be very strong. We're looking to grow at 20% even in this channel. Gautam, if we grow 20% in LSS, I'm assuming even online will be growing at that kind of pace and 10% SSSG, if I pick up then, a 120 store addition on a base of around 640 would imply 20% revenue coming in from newer stores as well. Why are we guiding for around only 20% revenue growth? See, because what happens is, though our network expansion is 20%, those 20% stores will not give the same averages what the balanced store would give. Their averages will be half-. The stores which we opened in FY 2023 would also not have been ramped up, so they will also ramp up in FY 2024, correct? That will support. The FY 23 support will support the SSSG eventually. Okay. When you are building SSSG, you're taking support from FY 2023 stores which have not been ramped up. No, no. SSSG is basically calculated on stores which are greater than 15 months old. Okay. Anything which is under 15 months will be under the new store bucket. Correct. Anything greater than 15 months qualifies for SSSG. Okay. Got it. Yeah, because anything below 15 months, we cannot do a Same-Store Sales Growth comparison. It's too early. Got it. Got it. Are we sticking to the 120-130 stores guidance because we did around 127 this year? Do you think that there will be some improvement here? Our idea will be definitely to improve and open more than 130, from a guidance perspective, we are still sticking to 120-130 stores. We are continuing to add people in our D2C. We will try our best and endeavors is to cross more than 130. For sure shot we will be achieving between 120 and 130. Very nice, Gautam. Thanks a lot. That's all from my side. Yeah. Thank you. Thank you. Our last question for today comes from the line of Aashna Sheth from Saral Management. Please go ahead. Thank you so much, Gautam Saraogi. I just wanted to know what is your same-store same clusters sales growth volume for the quarter and full year? Yeah. For the same cluster sales growth for the volume, for the, on a volume basis for the quarter is 18% and for the year is 49%. Okay, fine. Thank you so much. Yeah. No problem. Thank you. That was the last question of our question and answer session. I would now like to hand the conference over to the management for closing comments. Thank you everyone for joining us. I hope we've been able to answer all your queries. We look forward to such interactions in the future. We hope to live up to the expectations of you all in the future. In case of any, you require any further details, you may contact Mr. Birendra Rout from SGA, our investor relations partner. Thank you. On behalf of Go Fashion (India) Limited, that concludes this conference. Thank you for joining us, and you may now disconnect.