Ethos Limited on Wednesday reported its fiscal third quarter earnings with profit at Rs 25.52 crore, up 23.5 per cent in comparison to Rs 20.66 crore during the corresponding quarter of previous fiscal. It posted revenue from operations at Rs 281.22 crore, up 22.4 per cent as against Rs 229.68 crore during the third quarter of FY23. Ethos said that the revenue growth was despite the impact of Shradh (Q2 in FY23 to Q3 in FY24), 10 days of impact of Chennai floods and renovation of stores.
The company EBITDA stood at Rs 50.8 crore with EBITDA margin of 17.7 per cent. “EBITDA margin continues to expand on the back of cost optimisation initiatives and operating leverage benefits,” it said. The growth in EBITDA and profit during the quarter was driven by robust demand and focused marketing initiatives, the company said. Further, it added that a higher share of in-house brand sales aided margin expansion.
Pranav Saboo, Chief Executive Officer, Ethos Limited, said, “Ethos has experienced substantial growth in the last quarter, and we are committed to sustaining and amplifying this momentum. Looking ahead, we are confident that, with strategic plans, we will be achieving long-term development and delivering continued value to all stakeholders.”
During the quarter, Ethos Limited opened RIMOWA’s first boutique in India on October 31, 2023. RIMOWA is a German luxury luggage manufacturer, part of the LVMH Group. Ethos Limited has a network of 60 stores across 23 cities, and over 60 premium luxury watch brands.