Revenue for the period under review was Rs 532 crore. The company said that Q2 FY24 witnessed higher YoY revenue growth of 14.8% as compared to 11.7% YoY growth in Q1 FY24, due to tapering of pent-up demand in Q2 FY23 (vs Q1 FY23). Festive period is also delayed in FY24 as against FY23 by approximately 2.5-3 weeks especially impacting Q2 sales as against last year.

Store expansion remained on track, with net addition of 29 stores (7 new cities covered in Q2 FY24) across all formats during the quarter.

Ecommerce sales (including omni-channel) for Q2 FY24 were Rs 60 cr. Growth momentum in Ecommerce sales (including omni channel) continues as sales grew 45%.

While EBITDA improved by 12.3% to Rs 161 crore, EBITDA margin declined by 70% basis points to 30.2% in Q2 FY24 over Q2 FY23.

The company achieved stable results for the H1 2023-2024, with revenue surging by 13% and a PAT margin of 17%.

Nissan Joseph, CEO, Metro Brands, said, “I am pleased with our performance in H1 FY 2023-2024. In this period, we achieved an increase of 13% in revenue compared to the corresponding period of the previous fiscal year where we witnessed a pent-up demand due to ease in Covid-19 restrictions.

Despite the challenges posed by shifting of wedding dates and delays in the festive season, we successfully met our demand and revenue targets for H1 FY 2023-2024. Our ability to adapt and excel in such dynamic circumstances reflects the strength of the team, our resilience, and commitment to delivering strong results.

Looking ahead, we are confident in our ability to maintain this positive momentum and anticipate a strong performance in the upcoming months.”

Metro Brands is one of the largest Indian footwear specialty retailers and is amongst the aspirational Indian brands in the footwear category. The retails a wide range of branded products for the entire family including men, women, unisex and kids, and for every occasion including casual and formal events. In addition to men's, women's, and kid's footwear, it also has a wide range of handbags, belts, wallets, etc. As of 30 September 2023, the company operated 795 Stores across 189 cities spread across 31 states and union territories in India.