Metro Brands posts net profit of Rs 106 cr in Q1; revenue rise two-fold

Multi-brand footwear retail chain Metro Brands Ltd on Friday reported a consolidated net profit after tax of Rs 105.78 crore for the quarter ended June.

The company had posted a net loss after tax of Rs 12.13 crore during the January-March quarter last year, Metro Brands Ltd said in a regulatory filing.

Metro Brands' total revenue from operations was up over two-fold to Rs 507.95 crore during the quarter under review as against a low base of the pandemic-impacted corresponding quarter. It stood at Rs 131.39 crore in the first quarter of FY21.

Its total expenses were at Rs 377.51 crore, up two-fold in the June quarter of FY23. The same was at Rs 159.59 crore of the year-ago period.

Metro Brands CEO Nissan Joseph said: "Q1 has been an excellent start to our new fiscal year as we set new records in Revenue, EBITDA and PAT. We have seen the business continue the momentum that we saw as early as Q3 of FY 22, has stayed through Q4 and now has resulted in our strongest quarter in our history of Metro Brands."

On Friday, shares of Metro Brands Ltd settled 0.31 per cent up at Rs 639.25 apiece on BSE.