Net profit of Credo Brands Marketing, owner of the fashion brand Mufti, declined by 67 per cent to Rs 7 crore ($8,41,627) during the fourth quarter ended March 31, 2024 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 full FY24, Credo Brands Marketing’s net profit increased to Rs 59 crore with revenues rising to Rs 567 crore.
Kamal Khushlani, Chairman and Managing Director, Credo Brands Marketing, says, the stability in the company’s gross profit margins despite the challenges faced in the current market scenario indicates its appeal and resilience in challenging market conditions.
Looking ahead, in FY25, Credo Brands Marketing aims to achieve mid-teens revenue growth supported 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 also aims to improve profitability by implementing various cost efficiency measures, Khushlani adds.
During the financial year 2024, the company added 52 exclusive brand outlets to take its count to 425 across 237 cities in India.
