Metro Brands Ltd reports standalone YoY revenue growth of 11%

Metro Brands Limited, one of the largest Indian footwear specialty retailer, today announced the Standalone and Consolidated Financial Results for the quarter and FY ended 31st March 2024.

In FY'24, Metro Brands Limited recorded a Standalone revenue of Rs 2,305 crores with a YoY revenue growth of 11%, driven by sustained consumer demand and strategic efforts. In Q4 FY'24, the Company achieved a YoY revenue growth of 10%. Ecommerce sales (including omni-channel) for Q4 and full year FY'24 was Rs 41 crores and Rs 215 crores respectively i.e. YoY growth of 25% and 33% respectively. Further, in FY'24, the company achieved gross margin of 58% and a PAT margin of 18%. The total net stores opening for the year is 97.

During this quarter, Metro Brands Ltd. also 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.

Commenting on the performance of the company Mr. Nissan Joseph, CEO, Metro Brands Limited, 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."

Shares of Metro Brands Limited was last trading in BSE at Rs. 1140.55 as compared to the previous close of Rs. 1149.75. The total number of shares traded during the day was 10590 in over 1470 trades.

The stock hit an intraday high of Rs. 1170.00 and intraday low of 1119.40. The net turnover during the day was Rs. 12132008.00.

Source : Equity Bulls

Keywords

MetroBrands INE317I01021 Footwear Q4FY24 FY2024 ResultUpdate FY24