Monte Carlo Fashions Ltd shares were up 1.92 percent at Rs 819.55 on July 13 at 2:34 pm, after the company announced its Q1 business update.
The company reported a substantial 20 percent growth in revenue for the quarter ending June 2023. According to regulatory filings, this increase in sales can be attributed to factors such as strong brand recognition among consumers, the introduction of new fashion products, and a focus on superior quality. The company also benefited from successful end-of-season sales and the positive impact of festive and wedding seasons across India.
During the first quarter of the financial year 2023-24, Monte Carlo expanded its reach by opening 11 new Exclusive Brand Outlets (EBOs). These new stores include five in the northern region, two in the central region, two in the eastern region, one in the southern region, and one in the western region. With these additions, the total number of EBOs now stands at approximately 366, spread across 21 states and 4 union territories.
The company is making progress toward its goal of opening 50-55 EBOs within this financial year.
Monte Carlo maintains a presence through Multi-Brand Outlets (MBOs) and distributors, including NCS. It also has an online presence on major platforms such as Ajio, Amazon, Flipkart, FirstCry, Myntra, Jabong, Kapsons, and its own website. The company's robust order booking for the upcoming winter season further contributes to its positive outlook.
In the previous quarter Q4FY23, the company reported a net profit of Rs 19.8 crore, jumping 56 percent compared to the same period the previous year. Topline stood at Rs 236.7 crore, indicating a 45.7 percent year-on-year growth. On the operating front, the company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) came in at Rs 32.3 crore, up 43.1 percent.
Monte Carlo Fashions is a branded apparel company with a range of woollens, cotton, cotton blended, knitted and woven apparel for men, women and kids under the umbrella brand “Monte Carlo”.
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