Metro Brands Q2 net profit down 13 percent to Rs 68 crore

Metro Brands Ltd witnessed a 13 percent decline in consolidated net profit to Rs 68 crore ($8.3 million) for the July-September quarter, as against Rs 78 crore in the same quarter last year.

The company’s revenue for the quarter rose by 17 percent to Rs 556 crore, as against Rs 476 crore reported in the corresponding period of the previous fiscal year.

The company’s e-commerce sales for the quarter witnessed a growth of 45 percent and contributed Rs 60 crore to its overall sales.

 Commenting on the Q2 results, Nissan Joseph, CEO of Metro Brands Limited in a statement said, “I am pleased with our performance in H1 FY 2023-2024. In this period, we achieved an increase of 13 percent in revenue compared to the corresponding period of the previous fiscal year where we witnessed a pent-up demand due to ease in Covid-19 restrictions.”

“Looking ahead, we are confident in our ability to maintain this positive momentum and anticipate a strong performance in the upcoming months,” he added.

During the first half of the financial year, the company added 56 new stores and plans to add another 44 to meet its target of 100 stores for the FY 2023- 2024.