Monte Carlo Fashions Q2 net profit drops 39 percent to Rs 8 crore

Monte Carlo Fashions Ltd recorded a 39 percent drop in net profit to Rs 8 crore ($1 million) for the second quarter ended September 30, as against Rs 13 crore in the year-ago quarter.

The company’s revenue for the quarter rose by 3 percent to Rs 220 crore, as against Rs 212 crore in the corresponding quarter of the previous financial year.

During the quarter, Monte Carlo opened exclusive brand outlets for its brands like Rock it, Cloak & Decker and home textiles.

The company plans to open 45-50 exclusive brand outlets (EBOs) pan India including west & south regions in the coming months.

“Online sales have picked up, particularly from our own website. The company has tied up with quick commerce partners like Blink it, Swiggy and Zepto for up to 30 minutes delivery,” Monte Carlo said in a statement.

“Collaborated with Sales Force Inc to streamline and enhance operational efficiency & driving customer loyalty and experience,” it added.

Monte Carlo Fashions sells its brands through a wide network of EBO’s, multi-brand outlets, national chain stores and across major e-commerce platforms like Amazon, Flipkart, Myntra among others.