Cantabil Retail India Limited, the apparel manufacturer and retailer, reported a 14 per cent growth in its unaudited revenue from operations for the first half of fiscal 2024 (H1 FY ’24), reaching Rs. 247 crore, up from Rs. 217 crore during H1 FY ’23.
However, the company experienced a slight decrease in Earnings before interest, taxes, depreciation, and amortisation (EBITDA), which stood at Rs. 64 crore for H1 FY ’24 compared to Rs. 66.7 crore in H1 FY ’23. This decline also affected the EBITDA margin, settling at 25.9 per cent for H1 FY ’24, a decrease from the 30.8 per cent reported in H1 FY ’23.
The profit before tax (PBT) for the period was Rs. 24 crore, marking a decrease from Rs. 31.1 crore in H1 FY ’23. Correspondingly, the PBT margin contracted from 14.4 per cent in H1 FY ’23 to 9.7 per cent in H1 FY ’24. Profit after tax (PAT) in H1 FY ’24 amounted to Rs. 19.8 crore, down from Rs. 23.4 crore in the previous year, resulting in a PAT margin of 8 per cent, compared to 10.8 per cent in H1 FY ’23, as per the company’s press release.
Operationally, Cantabil Retail exhibited significant expansion, adding 35 new stores during H1 FY ’24. This addition brings the total store count to 482 as of 30th September 2023. Cantabil Retail plans to further extend its reach, aiming to increase the store count to over 700 in the forthcoming 2-3 years.
“Looking forward we remain cautiously optimistic. Notwithstanding the external slowdown, we are confident that we are on the right path to execute the growth strategy. We anticipate a rebound in discretionary spend with the onset of the festive season, propelling the company’s growth trajectory further in the second half,” stated Vijay Bansal, chairman and managing director.
