Stanley Lifestyles Ltd Q2 net profit declines 34 percent to Rs 6 crore

Stanley Lifestyle Ltd, a luxury furniture manufacturer and retailer reported a 34 percent decline in net profit to Rs 6 crore ($7,11,046) for the second quarter ended September 30, as against Rs 9 crore in the year-ago quarter.

The company’s revenue for the quarter was down by 6 percent to Rs 103 crore, as against Rs 110 crore in the corresponding quarter of the previous fiscal year.

For the April-September period, Stanley Lifestyles reported a revenue of Rs 203 crore with a net profit of Rs 10 crore.

Commenting on the performance, Sunil Suresh, managing director of Stanley Lifestyles in a statement said, “During the first half of FY2025, despite our business to consumer business growing by 3 percent year-on-year, our overall sales declined by 1 percent compared to H1 of the previous year. This was due to a combination of factors including reduced store footfall due to unusually heavy rainfalls in our major retail markets.”

“We have stayed to our annual plan and all the stores budgeted have been successfully launched till date and we are confident of achieving all planned new store rollout for this financial year. With a better than previous year order book at the start of H2 FY2025, we remain positive to have better business in remaining quarters of this year,” he added.

During the first half of the financial year, the company expanded its retail footprint by opening three new stores to take its total store count to 64 as at the end September 2024.