Emkay Global Financial's research report on Go Fashion. GO’s Q4 print was weak, albeit results were largely in line and outperformance (vs. peers) continued with 15% topline growth. SSG was low at +1%/0% in Q4/FY24 and GO is targeting 2-3% SSG for Q1. Given the muted macros, FY24 has been a year of WC optimization, as GO generated Rs 1.1 bn operating cash vs. cash-breakeven in FY23.