Monte Carlo Fashions Q2 net profit jumps 665 percent to Rs 34 crore

By

Maverick Martins

Published
Nov 11, 2021

Monte Carlo Fashions Ltd witnessed a 665 percent rise in its net profit to Rs 34 crore ($4.7 million) for the quarter ended September 2021, as against a net profit of Rs 4 crore it reported a year ago.
 

The company’s revenue for the quarter rose by 142 percent to Rs 238 crore, as against a net profit of Rs 98 crore it reported in the corresponding period of the previous fiscal year.
 
The company attributed the rise in profit and revenue to the opening of the economy on the back of reduction in Covid-19 cases and removal of lockdown restrictions in most of the geographies.

“With the opening of malls and marketplaces, we are seeing pent-up in demand across all formats of stores that is EBO's and MBO's. The company is focusing on the diversification strategy, emphasising more on cotton segment. Cotton share maintained above 50 percent of total FY21 revenue reflecting a shift towards cotton from woollen segment,” Monte Carlo said in its earnings statement.
 
Monte Carlo has 300 exclusive-brand outlets, 2,500 multi-brand outlets, and 321 national chain stores. It also sells online through e-commerce firms like Flipkart, Amazon, and Myntra, among others.