customers and undertaking marketing promotions. We witnessed an increase in revenues from operations in the
three months ended June 30, 2021 compared with the three months ended June 30, 2020. In order to mitigate the
fixed cost of rent, we also obtained rent waivers for our EBOs from landlords. The total amount of such rent
waivers was 2 243.31 million and 2 74.20 million in Fiscal 2021 and in the three months ended June 30, 2021. As
a consequence, our lease liability in form of lease payments for Fiscal 2021 (as mentioned under Note 6(b) of
Notes to Restated Financial Information on page 237, declined by 39.66% compared with Fiscal 2021 while
it decreased by 20.22% in the three months ended June 30, 2021 compared with the three months ended June 30,
2020. We were also able to rationalize our employee costs for an amount of 2 2.37 million and our staff welfare
expenses to 16.28 million in Fiscal 2021 and were % 3.30 million in the three months ended June 30, 2021. As
a result of COVID-19, we implemented work-from-home measures and switched to online meetings that resulted
in a reduction of travelling expenses to 2 7.49 million. We also increased our focus on our online sales and our
revenue from operations from online channels grew from % 38.18 million in Fiscal 2020 to 2 119.40 million in
Fiscal 2021 and was % 20.00 million in the three months ended June 30, 2021.

In the preparation of our Restated Financial Information and Restated Consolidated Financial Information, we
have assessed the impact and future uncertainties resulting from the COVID-19. The ultimate impact of the
COVID-19 pandemic on the business and operations may, however, differ from that assessed by us due to the
evolving nature of the pandemic and its response by various Government authorities. To the extent, the COVID-
19 pandemic adversely affects us, it may also significantly increase the effect of other factors affecting our results
of operations. Please refer to “Risk Factors — The current and continuing impact of the ongoing COVID-19
pandemic on our business and operations has been significant. The impact of the pandemic on our operations in
the future, including its effect on the ability or desire of customers to visit our stores, is uncertain and may be
significant and continue to have an adverse effect on our business prospects, strategies, business, operations, our
future financial performance, and the price of our Equity Shares.” on page 22.

Strengths
Women’s bottom-wear brand in India with well-diversified product portfolio

We are a women’s bottom-wear brand in India, with a market share of approximately 8% in the branded women’s
bottom-wear market in Fiscal 2020. The women’s apparel market is estimated to be approximately 36% of the
total apparel market while the women’s bottomwear market contributed 8.3% of women’s apparel market
amounting in Fiscal 2020 (Source: Technopak Report). As of September 30, 2021, we retail 50 bottom-wear styles
in a range of over 120 colours under the brand ‘Go Colors’. Our product portfolio includes churidars, leggings,
dhotis, harems, patiala, palazzo, culottes, pants, trousers and jeggings across multiple categories including ethnic
wear, fusion wear, western wear, lounge wear, athleisure, Go Plus and girl’s wear. We are among the few women’s
apparel retailers that offer bottom-wear products across all categories, including ethnic, western wear, fusion and
denims and have one of the largest bottom-wear product offerings in women’s apparel (Source: Technopak
Report). Our diverse product portfolio caters to women across all age groups and girls and physiques covering the
entire spectrum of women’s bottom-wear requirements, including daily wear, casual and work wear, festive and
occasion wear and loungewear. We offer customers the ability to ‘mix and match’ their top-wear with an
assortment of bottom-wear styles in multiple colours allowing them to plan an outfit according to their needs. We
offer customers premium quality products at a price range that caters across all income segments, which allows
us to tap customers in tier II and tier III cities as well.

The table below provides certain information on our product portfolio and break down by occasion/ event, sizes,
and price range, as of September 30, 2021:

163
