 "Metro Brands Q1FY24 results: Net profit at Rs 106 cr YoY; revenue up 11%")
The standalone net profit of Metro Brands Limited for the first quarter of the current financial year (Q1YFY24) saw a rise of 2.92 per cent to Rs 106.19 crore, compared to Rs 103.17 crore for the corresponding quarter of the previous year, the company said in a BSE filing.
Sequentially, the net profit was up 30.11 per cent. In Q4FY23, the net profit of the company was Rs 81.61 crore.
The revenue from operations for Q1FY24 came in at Rs 555.57 crore, compared to Rs 497.23 crore year-on-year (YoY). This is a rise of 11.73 per cent.
On a quarter-on-quarter (QoQ) basis, the revenue for operations was up 8.08 per cent. It was Rs 514.03 crore in Q4FY23.
The total income for Q1FY24 came in at Rs 571.71 crore, compared to Rs 506.39 crore YoY. This is a rise of 12.89 per cent.
On a QoQ basis, the total income was up 7.24 per cent. It was Rs 533.10 crore in Q4FY23.
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Nissan Joseph, chief executive officer, Metro Brands Limited, 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 per cent. 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.”
As of June 30, the company has 766 stores across 182 cities in India.