​Metro Brands Ltd posts Q4 net profit of Rs 68 crore

By

Maverick Martins

Published
May 24, 2023

Footwear retailer Metro Brands Ltd witnessed a marginal decline in net profit to Rs 68 crore ($8.3 million) for the quarter ended March 31, as against Rs 69 crore in the year ago period.

The company’s total income grew by 35 percent to Rs 563 crore, as against Rs 416 crore posted in the corresponding period of the previous fiscal year.

For the financial year, the company’s total income was Rs 2,181 crore while its net profit for the year stood at Rs 361 crore.

Commenting on the results, Nissan Joseph, CEO of Metro Brands Limited in a statement said, “In FY 2022‐2023, we achieved a record‐breaking milestone by opening 115 stores, further solidifying our presence in the market. We surpassed the benchmark of Rs 2,000 crore in revenue, while simultaneously enhancing our overall profitability metrics in this fiscal year.”

“The discerning affinity exhibited by consumers towards our premium products has been highly gratifying, resulting in a steady growth in the average selling price (ASP). As we progress, we are observing a moderation in near‐term sales growth, as we transition from the initial surge due to pent‐up demand observed between October 2021 and June 2022.” Joseph added.

During the financial year, Metro completed the acquisition of Cravatex Brands Limited to get the exclusive rights for Cravatex-owned Proline and distribution rights of international sports brand Fila across all formats.