Monte Carlo Fashions Ltd Q3 net profit down 4 percent to Rs 72 crore

By

Maverick Martins

Published
Feb 10, 2020

Monte Carlo Fashions Ltd witnessed a 4 percent slump in its net profit to Rs 72 crore ($10.2 million) for the third quarter ended December 31, 2019, as against Rs 75 crore it had reported in the corresponding quarter of the previous fiscal year.
 

The company’s net sales for the October-December quarter grew 7 percent to Rs 406 crore, as compared to Rs 381 crore it had reported during the period ended December 31, 2018.
 
The company attributed the increase in revenue to strong winter and festive season sales, despite the ongoing economic slowdown, which has impacted its overall performance for the year.

Monte Carlo is slowing shifting its focus from a winter wear brand to an all-weather wear brand and expects strong growth in the coming years.
 
“Woollen share is gradually reducing due to diversification, focusing more on cotton products. Shirts, t-shirts, Cloak & Decker (the brand's new economy range) together contribute more than 40 percent to the total cotton contribution. The company has diversified itself into fitness regime through brand Rock It,” Monte Carlo said in an investor presentation.
 
The company has already added 27 stores during the current financial year and plans to add three or four more stores in the last quarter.