Cantabil Retail India Ltd reported a 13 percent decline in net profit to Rs 12 crore ($1.5 million) for the quarter ended June 30, as against Rs 14 crore in the year-ago period.
The company’s total income, however, increased by 11 percent to Rs 113 crore, as against Rs 102 crore in the corresponding quarter of the previous fiscal year.
Commenting on the results, Vijay Bansal, chairman managing director of Cantabil in a statement said, “The business demonstrated a resilient performance in Q1, recording sales of Rs 112 crore and an EBITDA margin of 31 percent, despite a subdued demand environment across various markets. 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.”
“At Cantabil, we remain committed to enhancing the value proposition for our customers along with persistently investing in building brands and improving operational efficiency. We are confident that this business is well poised to shift gears and deliver substantial value to customers and shareholders going forward,” he added.
Cantabil expanded its retail presence by opening 14 stores during the quarter taking the total tally to 461 stores as at June 30, 2023. The company plans to increase its store count to 700 in next 2-3 years.
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