Credo Brands Marketing Ltd owner of men’s casual wear brand ‘Mufti’ reported a 20 percent decline in net profit to Rs 16 crore ($2 million) for the third quarter ended December 2023, as against Rs 19 crore in the year-ago period.
The company’s revenue for the quarter rose by 15 percent to Rs 150 crore, as against Rs 130 crore in the corresponding quarter of the previous fiscal year.
Commenting on the results, Kamal Khushlani, chairman managing director of Credo Brands in a statement said, “The company has remained steadfast in its growth trajectory, despite persistent challenges at the industry level, placing significant emphasis on operational efficiency. Throughout the third quarter of FY24, the retail sector in India experienced subdued demand, which extended into the festive period.”
“Our sector’s resilience, coupled with our adeptness in responding to evolving market dynamics and our commitments to technological advancements and product innovations, positions us favourably for attaining enduring growth,” he added.
During the April-December period, the company added 40 stores to take its exclusive brand outlets count to 413 as on 31st December 2023.
Mufti plans to expand its store network in the coming months and increase its share of sales from its website along with other e-commerce partners.
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