Cantabil Retail’s Q3 net profit down 11 percent to Rs 24 crore

Cantabil Retail India Ltd witnessed an 11 percent decline in net profit to Rs 24 crore ($3 million) for the third quarter ended December 2023, as against a net profit of Rs 27 crore in the year ago period.

The company’s revenue for the quarter rose by 7 percent to Rs 174 crore, as against Rs 162 crore posted in the October-December quarter of the previous fiscal year.

Commenting on the results Vijay Bansal chairman managing director of Cantabil Retail in a statement said, “With considerable slowdown on the discretionary spending we have demonstrated notable resilience in these tough conditions. Our Company has delivered admirable financial results with a revenue growth of 11% in 9M FY24 despite muted consumer demand and a warmer winter affecting our winter sales. We have observed that despite the overall muted market conditions our customers have upped their spends leading to increase in average bill value.”

“Looking forward we remain cautiously optimistic. Our focus is to provide superior value to our consumers, drive competitive volume growth, and invest behind our brand. We anticipate 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,” he added.

The company opened 66 stores from April to December 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.