Ethos Q3 net profit rises over 60 percent to Rs 20 crore

By

Maverick Martins

Published
Feb 6, 2023

Luxury watch retailer Ethos Ltd witnessed more than 60 percent rise in net profit to Rs 21 crore ($2.6 million) during the quarter ended December 2022, as against Rs 12 crore reported in the year-ago period.

The company’s revenue for the quarter rose by 18 percent to Rs 230 crore, as against Rs 195 crore it reported in the corresponding period of the previous fiscal year.

Ethos Ltd’s overall net profit during the April-December period this fiscal stood at Rs 47 crore with a revenue of Rs 581 crore.

Ethos has recently entered into agreements with Swiss watchmakers Bell & Ross, Speake-Marin and Trilobe and German brand Tutima to be their exclusive retail partner in the Indian market.

Commenting on the results, Pranav Saboo, CEO of Ethos Limited in a statement said, “The revenue growth, growth in profit and more exclusive partnerships signed in this quarter show the tremendous potential of finely crafted timepieces, luxury products and Ethos, to deliver long-term value creation for all stakeholders.”

“As we mark our 20th anniversary, we are proud of our long-standing relationships with our employees, brands, location partners and our valued customers. Our focus on every stake holder will continue as we start the third decade of Ethos Limited,” he added.

Ethos Ltd currently has 50 stores in India across 18 cities housing over 60 premium brands, including Rolex, Omega, TAG Heuer, Rado, Tissot and Seiko, among others.