Metro Brands Q4 net profit jumps 126%, operating revenue rises 7%

Revenue from operations rose 7% YoY to ₹583 crore during the quarter while earnings before interest, tax, depreciation, and amortisation (EBITDA) grew 11% to ₹160 crore.

For the fiscal year 2024 (FY24), revenue from operations grew 11% to ₹2,357 crore while EBITDA rose 3% to ₹703 crore. Net profit grew 14% to ₹415 crore during the year.

Metro Brands CEO Nissan Joseph said despite the high base effect in FY23 due to post-Covid-19 easing, sales grew by 11% YoY.

“Additionally, our sales per square foot have increased from ₹17,500 per square foot in FY19 to ₹18,700 per square foot in FY24, reflecting our successful adaptation to the new market conditions and the ongoing normalisation post-Covid," he said.

E-commerce sales (including omnichannel) for Q4 and FY24 stood at ₹41 crore and ₹215 crore respectively, reflecting a 25% and 33% YoY growth, respectively. The total net stores opening for the year is 97. As of March 31, 2024, the company operated 836 stores across 193 cities spread across 31 states and union territories.

Metro Brands said that during the quarter, it extended its retail agreement with Crocs India, granting exclusive rights to operate and own Crocs stores across the western and southern states. Further, the company will have the right to continue, renew and operate all existing stores that are currently operational in the northern and eastern states of the country.

The board of directors has declared a final dividend of ₹2.25 per equity share for the financial year 2024.

Shares of the company have lost nearly 7% since the beginning of the year. The stock has gained nearly 33% in the last one year.