Credo Brands Marketing Limited (Mufti) reports 16% increase in gross profits in FY24 Q2

Credo Brands Marketing Limited (Mufti) has reported a 16% year-on-year increase in both gross profits and revenue from operations in the second quarter of the 2024 financial year. The men’s apparel business reached a store total of 404 outlets by September 30, 2023. 

After recently launching its initial public offering, Mufti has reported it experienced a 19% year-on-year jump in its gross profit in the first half of the 2024 financial year. Profits totalled Rs 161.8 crore in FY24 H1 compared to Rs 136.4 crore a year earlier, the brand announced in a press release on January 16. 
 
“Over the recent months, the retail sector experienced a slowdown owing to subdued consumer demand,” said Credo Brands Marketing Limited’s chairman and managing director Kamal Khushlani in a press release. “Despite facing these external challenges, the company has successfully sustained its growth momentum. Moreover, some demand typically linked with the festive season has been deferred to the third quarter of this year, leading to a comparatively lower growth for Q2 and H1 FY24.”

Mufti’s gross profits totalled Rs 95.3 crore in the second quarter of the 2024 financial year and its revenue from operations totalled Rs 165.6 crore. The business’ profit after tax totalled Rs 28 crore for the quarter, an 8% increase compared to the second quarter of the 2023 financial year.  
 
Mufti plans to continue to expand and set up new points of sale while simultaneously growing its exclusive brand outlet network. The brand will open stores both in areas where it has already established a retail presence and in new locations which it is confident will help to fuel future growth. 
 
“We at Mufti thank the investor community for the tremendous support shown during the IPO,” said Khushlani. “Public Listing is a proud moment for of us and this will provide a healthy visibility to the brand.”