Cantabil opens multiple new stores, achieves YoY revenue growth
17 May 2023, Mumbai
Cantabil Retail India demonstrated impressive financial results during FY23, reporting a significant 43.96 percent year-on-year increase in revenue from operations, amounting to Rs 551.72 crore. This remarkable growth was primarily attributed to the steady rise in revenues from existing stores and the successful addition of new outlets.
Throughout the financial year, Cantabil continued its expansion strategy by opening 69 new stores across 14 states. As a result, the total number of exclusive brand outlets (EBOs) reached an impressive 447 outlets, spread across more than 220 cities and towns in India.
In the fiscal fourth quarter, Cantabil delivered a robust performance, experiencing substantial growth in both profit and revenue compared to the same period the previous year. The company's profit for the quarter reached Rs 16.88 crore, reflecting an outstanding 107.9 percent increase from Rs 8.12 crore in the fourth quarter of the preceding year. This surge in profit can be attributed to several factors, including larger average transaction amounts, increased customer footfall, and the successful establishment of new stores.
Additionally, Cantabil's revenue for the fourth quarter of FY22 amounted to Rs 172.84 crore, showing noteworthy growth of 29.9 percent compared to Rs 133.03 crore in the corresponding quarter of the previous year. The company credited this revenue growth to improved per unit prices and more favorable procurement costs, as stated in its regulatory filing. The strong performance in the fourth quarter significantly contributed to Cantabil's positive overall results for the full fiscal year.
With its consistent revenue growth, expansion efforts, and solid financial performance, Cantabil Retail India is poised for continued success in the Indian retail market.
