Metro Brands Ltd's Q3 net profit rises 11 percent to Rs 113 crore

By

Maverick Martins

Published
Jan 17, 2023

Footwear major Metro Brands Ltd witnessed a 11 percent rise in net profit to Rs 113 crore ($13.9 million) for the third quarter ended December 2022, as against Rs 101 crore in the year-ago period.

The company’s revenue for the quarter rose by 24 percent to Rs 599 crore, as against Rs 484 crore reported in the corresponding period of the previous fiscal year.

Commenting on the Q3 results, Nissan Joseph, CEO of Metro Brands Limited in a statement said, “It is exciting to see the growth and record-setting performance in Q3. Despite going against pent-up demand and wardrobe refreshes from last year, the team delivered its best quarter by achieving a 24 percent YOY growth with consistent flowthroughs to our EBITDA and PAT.”

“Our investments in people and processes enabled us to open a record 48 net new stores in the quarter across our portfolio of brands building on the premium positioning of our brands while continuing to grow our digital commerce sales,” he added.

During the quarter, the company opened 48 new stores to take its store count to 720 across 164 cities spread across 30 states and union territories in India.