Profit before tax surged 21.17% to Rs 112.83 crore in Q4 FY24 from Rs 93.11 crore posted in Q4 FY23.

EBITDA stood at Rs 177 crore in Q4 FY24, registering the growth of 15.9% as compared with Rs 152 crore in Q4 FY23. EBITDA margin improved to 30.9% in Q4 FY24 as compared with 29.7% recorded in Q4 FY23.

During Q4 FY 2024, "Fila business" was demerged from Metro Athleisure (MAL), a wholly-owned subsidiary into Metro Brands. Fila business was forming part of Consolidated financial statements until YTD Dec 2023 and post demerger, Fila business is incorporated into MBL Standalone financial statements.

During this quarter, the company has extended its retail agreement with Crocs India, granting exclusive rights to operate and own Crocs stores across the western and southern states in India. Further, MBL will have rights to continue, renew & operate all existing stores that are currently operational in northern & eastern states of India.

On consolidated basis, the company reported net profit of Rs 155.57 crore, steeply higher than Rs 67.94 crore in Q4 FY23, includes business loss from MAL(Proline) of Rs 6 crore. Further, it includes one-time non-recurring demerger related impact of Rs 4 core.

Revenue from operations jumped 7.14% YoY to Rs 582.98 crore in Q4 FY24.

During the quarter, 21 new stores were opened. This was offset by 11 stores closures for the quarter.

On full year basis, the company's standalone net profit jumped 18.02% to Rs 417.81 crore on 11.29% increase in revenue from operations to Rs 2,305 crore in FY24 over FY23.

For full year, there was net addition of 97 stores (19 new cities covered in FY24) across all formats during the year.

Nissan Joseph, CEO, Metro Brands, said, “Despite the high base effect in FY’23 due to post Covid19 easing, I am pleased to see our sales grow by 11% YoY. Additionally, our sales per square foot have increased from Rs 17,500 per sq. ft. in FY'19 to Rs 18,700 per sq. ft. in FY24, reflecting our successful adaptation to the new market conditions and the ongoing normalization post-Covid. Our strategic initiatives and robust operational frameworks have enabled us to maintain our performance, ensuring that we continue to meet the needs of our customers and stakeholders effectively. We are confident that our agility and customer focused approach will continue to drive growth."

Meanwhile, the company's board has recommended a final dividend of Rs 2.25 per share for the financial year 2023-24, which is subject to shareholder approval at the upcoming Annual General Meeting.

Metro Brands operate metro, mochi and walkway branded MBOs and Crocs branded EBOs. Company and our its Metmill also operate shop in shops (SIS) in major departmental stores across India. Firm also distribute products of third party brands through MetMill and retail products through franchisees. 31st March, 2024, the company operated 836 stores across 193 cities spread across 31 states and union territories in India.

Shares of Metro Brands slipped 1.15% to Rs 1,127.40 on the BSE.