17 January 2022, Mumbai:
For the third quarter ending December 2021, footwear retailer Metro Brands saw a 55 percent increase in consolidated net profit to Rs 101 crore ($13.6 million), up from Rs 65 crore the previous year.
The company's revenue for the quarter increased by 59 percent to Rs 484 crore, up from Rs 304 crore in the previous fiscal year's similar period. Total expenses for the quarter increased by 47 percent to Rs 363 crore, up from Rs 246 crore the previous year.
"This was the best quarterly sales, EBITDA, and PAT in the company's history," Nissan Joseph, CEO of Metro Brands Ltd, stated in a statement on the Q3 results. We're particularly encouraged by the continuous expansion of our e-commerce and omnichannel businesses, as well as the progress we've seen across the different tiers of cities where we operate."
"We are actively monitoring the possible disruptions of the current COVID situation and are prepared to respond to local rules that may affect our locations," he said, adding that "the safety of our clients and staff is our first priority."
Metro Brands Ltd has 629 stores in 140 Indian cities at the end of the third quarter.