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Revenue from operations jumped 11.7% to Rs 555.57 crore during the quarter as compared with Rs 497.23 crore posted in corresponding quarter last year.
Profit before tax increased by 3.4% year on year to Rs 142.38 crore during the quarter.
EBITDA stood at Rs 194 crore in Q1 FY24, registering the growth of 7.5% as compared with Rs 181 crore recorded in Q1 FY23. EBITDA margin was 35% as on 30 June 2023 as against 36.4% as on 30 June 2022.
The company has opened 27 new stores, expanding its presence to 182 cities (8 new cities covered in Q1 FY 2023-24).
The company's consolidated net profit declined 11.4% to Rs 92.83 crore on 14.7% jump in net sales to Rs 582.52 crore in Q1 FY24 over Q1 FY23.
Commenting on the performance of the company, Nissan Joseph, CEO, Metro Brands, said, “I am pleased with our results as we finally entered a normalized quarter for the retail business. We experienced remarkable growth, surpassing pre-pandemic performance by 82%. Embracing the digital landscape allowed us to expand our reach and explore new markets with new brick and mortar stores and e-commerce channels. We remain confident in our strategic positioning of focusing on the premium consumer to drive growth.”
Metro Brands is one of the India's largest footwear retailers and is among the aspirational Indian brands in the footwear category. The company opened its first store under the Metro brand in Mumbai in 1955 and has since evolved into a one-stop shop for all footwear needs. As of June 30, 2023, the company operated 766 Stores across 182 cities spread across 31 states and union territories in India.
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