Credo Brands Marketing Ltd owner of fashion brand Mufti reported a 67 percent decline in net profit to Rs 7 crore ($8,41,627) for the fourth quarter ended March 31, as against Rs 22 crore in the year ago period.
The company’s revenue for the quarter remained flat at Rs 133 crore, as against Rs 132 crore in the corresponding period of the previous fiscal year.
For the financial year 2024, the company reported a net profit of Rs 59 crore with a revenue of Rs 567 crore.
Commenting on the results, Kamal Khushlani, chairman managing director at Credo Brands Marketing Ltd in a statement said, “In a subdued market, gross profit margins remained stable despite the challenges faced in the current market scenario. This underscores the resilience and appeal of the brand amidst challenging market conditions.”
“Looking ahead, for FY25 the company aspires to achieve mid-teens revenue growth backed by new store openings in new and existing geographies and subject to recovery in overall industry demand for premium and mid-premium brands. The company is also targeting to improve profitability through implementation of various cost efficiency measures,” he added.
During the financial year 2024, the company added 52 exclusive brand outlets to take its count to 425 across 237 cities in India.
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