Metro Brands sees total revenue from operations rise 47.4% in Q2
Metro Brands reported a 47.4% rise in its total revenue from operations during the second quarter of the 2023 financial year with a total of Rs 463.3 crore, up from Rs 314.3 crore in the second quarter of the 2022 financial year. The footwear and accessories brand also saw its profit increase year-on-year.
The brand’s net profit after tax totalled Rs 73.8 crore in the second quarter of the 2023 financial year, which ended on September 30, compared to Rs 50.2 crore a year before, Metro Brands announced in a press release on October 20. The brand also saw a year-on-year increase on its earnings before interest, tax, depreciation, and amortisation and its EBITDA margin during the quarter.
“We are pleased with our performance for Q2 2022 as we delivered topline growth of 47% over last year along with a consistent flow through to our EBITDA and PAT,” said Metro Brands Limited’s CEO Nissan Joseph in a press release. “We opened a total of 37 stores in the quarter which includes four relocated stores and 5 closed stores putting us well on pace to open the 260 stores we committed to opening in the next three years.”
Metro Brands’ 2023 financial year is off to a strong start as its total revenue from operations in the first half, from April 1 to September 30, totaled Rs 960.5 crore. This figure is more than double compared to the Rs 440.5 crore reported in the first half of the 2022 financial year.
“We are very excited about the acquisition of Cravatex Brands Ltd. which fits with our strategicvision of expanding in the sports and athleisure space with exclusive rights to distribute FILA in the Indian sub-continent and ownership of the Proline Brand,” said Joseph. “These further advance us to our vision of being India’s largest specialty footwear and accessories retailer.”
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