Monte Carlo Fashions' net profit in the second quarter increased by 665 percent to Rs 34 crore

Monte Carlo Fashions' net profit in the second quarter increased by 665 percent to Rs 34 crore

11 November 2021, Mumbai:

Monte Carlo Fashions Ltd net profit increased by 665 percent to Rs 34 crore ($4.7 million) in the quarter ending September 2021, compared to Rs 4 crore the previous year.

The company's revenue for the quarter increased by 142% to Rs 238 crore, compared to a net profit of Rs 98 crore in the previous fiscal year's similar period.

The business ascribed the increase in earnings and sales to the economy opening up as a result of a decrease in Covid-19 cases and the removal of lockdown limitations in most locations.

"With the introduction of malls and marketplaces, we're witnessing a surge in demand across all shop types, including EBOs and MBOs."

The corporation is concentrating on its diversification strategy, with a particular emphasis on the cotton industry. Cotton's proportion of overall FY21 revenue remained above 50%, indicating a trend away from the woollen category, according to Monte Carlo's financial statement.

There are 300 exclusive-brand stores, 2,500 multi-brand businesses, and 321 national chain stores in Monte Carlo. It also sells on e-commerce platforms such as Flipkart, Amazon, and Myntra, among others.

 

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