The Q3 FY23 net profit of Cantabil Retail India declined by 11 per cent decline to Rs 24 crore ($3 million) as against a net profit of Rs 27 crore in the year ago period.
The company’s revenue for the quarter rose by 7 per cent to Rs 174 crore, as against Rs 162 crore posted in the October-December quarter of the previous fiscal year.
Vijay Bansal, Chairman and Managing Director, says, the company has demonstrated notable resilience in tough conditions. It delivered admirable financial results with a revenue growth of 11 per cent in 9M FY24 despite muted consumer demand and a warmer winter affecting winter sales.
Looking forward, the company remains cautiously optimistic and plans to provide superior value to its consumers by driving competitive volume growth, and investing in brand development. .It anticipates a rebound in discretionary spend with the onset of the wedding season and late winters, propelling the company’s growth trajectory further in the coming quarters..
From April-Dec, 2023, Cantabil Retail India opened 66 stores taking the total tally to 513 stores as of December 31, 2023. It plans to increase its store count to over 700 in next 2-3 years.
