Monte Carlo Fashions, in its business update for the quarter ended June 2023, said that the company recorded revenue growth of ~20 per cent in Q1FY24. “The quarterly sales have increased on the back of strong brand equity among consumers, latest fashion products and superior quality aided by solid end of season sales, encouraging festive & wedding season across India,” it said in a regulatory filing.
During the first quarter of the financial year 2023-24, Monte Carlo opened 11 new EBOs, of which five are in the northern region, two in central region, two in eastern region, one in southern region and one in western region. The new store openings took the total number of EBOs to approximately 366 across 21 states and 4 union territories. “The company is well on track to complete the shared target of opening 50-55 EBOs in this financial year. Apart from this, the company also has presence through MBOs and distributors, NCS along with presence over all the major online platforms like Ajio, Amazon, Flipkart, FirstCry, Myntra, Jabong, Kapsons and its own website,” it said. Further, it added that the company has a strong order booking for the next winter season.
In May, Monte Carlo had posted a net profit of Rs 19.8 crore for the fourth quarter of FY23, up 56 per cent as compared to the same period last year. On the operating front, the company’s EBITDA came in at Rs 32.3 crore, up 43.1 per cent. The company had stated that it opened a total of 47 EBOs, surpassing its target for the year of 40 to 45. As of March 2023, Monte Carlo’s total EBO count was at 356.
Earlier, Monte Carlo had announced its plans to foray into the home textile segment. It had said that the company is looking at achieving revenue of Rs 250-300 crore from the segment and that it should be operational from the first quarter of FY25.