Company: JL
Filing Date: 2025-04-03
Form Type: 20-F/A
Source: 0001213900-25-028675
Chunk: 110

Company: J-Long Group Ltd
Filing Date: 2025-04-03
Form: 20-F/A
Chunk 110
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 was primarily due to the rise in interest rates. Income Tax Expense Our income tax expense increased by 25.3% to $1,097,726 for the fiscal year ended March 31, 2023, from $876,396 for the fiscal year ended March 31, 2022. The increase was due to our increase in profit before income tax. Our effective tax rate decreased to 14.2% for the fiscal year ended March 31, 2023 from 16.4% for the fiscal year ended March 31, 2022. For information on taxes imposed by the Cayman Islands and Hong Kong, please see Item 10. “Additional Information - Material Income Tax Considerations.” Net Income As a result of the foregoing, our net profit increased by 48.5% to $6,656,151 for the fiscal year ended March 31, 2023, from $4,483,642 for the fiscal year ended March 31, 2022. Due to the improved gross profit margin and increased other income, our net profit margin improved to 17.4% for the fiscal year ended March 31, 2023 from 11.7% for the fiscal year ended March 31, 2022. 68 LIQUIDITY AND CAPITAL RESOURCES Cash Flow Our use of cash is primarily related to operating activities and repayment of bank loans for normal business operation, we also use cash for payment of dividends and payment of costs for our initial public offering for non-recurring activities in fiscal year 2024 and 2023. We have historically financed our operations primarily through our cash flow generated from our operations and bank borrowings, and in fiscal year 2024 we also received $ 6,340,537of net proceeds from our initial public offering. The table below summarizes our cash flows information for the years as indicated:

|                                                                            |     | For the fiscal year ended 
 March 31,                 |       2022 |   |     |     |       2023 |   |     |     |       2024 |   |
|:---------------------------------------------------------------------------|:----|:--------------------------|-----------:|:--|:----|:----|-----------:|:--|:----|:----|-----------:|:--|
|                                                                            |     | US$                       |            |   |     | US$ |            |   |     | US$ |            |   |
| Cash and cash equivalents and restricted cash