Credo Brands Marketing Ltd, the parent company of fashion brand Mufti has recorded a 67 per cent fall in net profit to Rs. 7 crore for the fourth quarter ending 31st March compared to Rs 22 crores a year ago in the same period.
In the current quarter, the company’s revenue remained stable at Rs. 133 crore, in comparison to Rs. 132 crore in the matching period of the last fiscal year.
For FY 2024, the company revealed a net profit of Rs. 59 crore besides revenue of Rs. 567 crore.
Kamal Khushlani, the Chairman and MD at Credo Brands Marketing Ltd, remarked on the results, stating, “Despite challenges in the present market scenario, gross profit margins stayed consistent, indicating the brand’s flexibility and appeal in tough conditions.”
He further shared, “Looking onward to FY ’25, the company aspires for mid-teens revenue growth, pushed by new store openings in both new and current locations, dependent upon overall industry demand recovery for luxury and mid-premium brands. Furthermore, the company is concentrated on improving profitability through different cost efficiency measures.”
During the FY 2024, the company grew its presence by adding 52 select brand outlets, attaining a total of 425 stores over 237 cities in India.
