Credo Brands Marketing, owner of MUFTI, reported Q1 FY24 results with revenue at ₹119.90 crore (-3.23% YoY) and net profit at ₹6.30 crore (-35.71% YoY). The company announced a growth strategy focusing on premiumization and digital expansion. Plans include opening 20 new premium flagship stores, intensifying digital marketing efforts, and adopting an omnichannel approach. Despite current market softness, especially in Tier 2 and 3 markets, the company is increasing marketing investment to 6-7% of revenue, aiming to strengthen its position in the premium fashion segment.
Credo Brands Marketing, the company behind MUFTI, reported a net profit of ₹63.00 million in Q1, down from ₹98.00 million last year. Revenue remained stable at ₹1.20 billion. EBITDA decreased to ₹310.00 million with a margin of 25.85%. The company expanded to 444 Exclusive Brand Outlets across 247 locations. Sales mix: EBOs 63%, MBOs 17%, Online 11%. Product mix: Bottomwear 43%, Shirts 41%. The company is focusing on premiumization and digital transformation, planning to open premium flagship stores and enhance digital marketing. A dividend of ₹3.00 per share was proposed.
Credo Brands Marketing Ltd. reported impressive Q4 financial results with net profit rising to ₹138.00 crore from ₹71.00 crore year-over-year. Revenue increased to ₹1,500.00 crore, up 12.78% from the previous year. EBITDA grew to ₹411.00 crore, a 33.01% increase, with EBITDA margin expanding to 27.40%. The company recommended a dividend of ₹3.00 per equity share.