Metro Brands recorded a profit jump of 126.3 per cent on-year for the fourth quarter of FY24 at Rs 155.57 crore in comparison to Rs 68.74 crore during the corresponding quarter of the previous fiscal year. It posted revenue from operations at Rs 582.98 crore, up 7.1 per cent as against Rs 544.13 crore during the same period last year.
While the total income recorded by the company during Q4FY24 stood at Rs 607.33 crore, total expenses incurred by Metro Brands during the quarter ended March 31, 2024 came in at Rs 503.73 crore.
The company board recommended a final dividend of Rs 2.25 per equity share (subject to Deduction of TDS) on the face value of the paid-up equity shares of Rs 5 each for the financial year 2023-24.
On a standalone basis, Metro Brands recorded revenue of Rs 2305 crore during FY24, up 11 per cent YoY, driven by sustained consumer demand and strategic efforts. In Q4 FY24, the company achieved a YoY revenue growth of 10 per cent. E-commerce sales (including omni-channel) for Q4 and full year FY24 was Rs 41 crore and Rs 215 crore respectively, posting a YoY growth of 25 per cent and 33 per cent respectively. Further, in FY24, the company achieved a gross margin of 58 per cent and a PAT margin of 18 per cent. The total net stores opening for the year is 97, Metro Brands said.
During this quarter, Metro Brands 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, the company will have rights to continue, renew and operate all existing stores that are currently operational in northern and eastern states of India.
Nissan Joseph, CEO, Metro Brands Limited, said, “Despite the high base effect in FY23 due to post Covid19 easing, I am pleased to see our sales grow by 11 per cent YoY. Additionally, our sales per square foot have increased from Rs 17,500 per sqft in FY19 to Rs 18,700 per sqft 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.”