Owner of the Mufti casual wear brand, Credo Brands Marketing Limited, reported a 14 per cent increase in net profit to Rs. 10 crore for the April–June quarter, compared to Rs. 8.5 crore during the same time the previous year.
The company’s revenue for the quarter increased by 5 per cent to Rs. 124 crore, compared to Rs. 118 crore in the same quarter of the last fiscal year.
Kamal Khushlani, Chairman and MD of Credo Brands, commented on the results, “The market for premium and mid-premium branded apparel remained sluggish due to consumer behavior affected by inflation and a nationwide heatwave. Despite these challenges, our same-store sales growth for the quarter was 3 per cent. We expect better demand and increased foot traffic in the second half of FY ’25, driven by weddings and the forthcoming festival season.”
He further added, “Looking forward, the company aims for mid-teens revenue growth for FY ’25, supported by new store openings in both new and existing locations and a revival in overall industry demand for premium and mid-premium brands. We are also focused on enhancing profitability via different cost efficiency measures.”
Throughout the April-June quarter, the company opened 5 new stores, bringing its total to 430. It plans to add 25-30 more stores by the end of the present financial year.
