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.
