Metro Brands Q3 net profit drops 13 percent to Rs 99 crore

Footwear major Metro Brands Ltd reported a 13 percent decline in consolidated net profit of Rs 99 crore ($12.4 million) for the third quarter ended December 31, 2024, as against Rs 113 crore in the year-ago period.

The company’s revenue for the quarter rose by 6 percent to Rs 635 crore, as against Rs 599 crore posted in the corresponding period of the previous fiscal year.

Commenting on the results, Nissan Joseph, CEO of Metro Brands Limited in a statement said, “I am pleased with our performance in this quarter, especially considering high base effect due to surge in festive consumer demand following the liftoff of Covid-19 restrictions in FY 2022 -2023. Our strategic approach has empowered us to navigate through challenging market conditions, resulting in a successful quarter.”

“A key highlight during this quarter was our collaboration with Foot Locker, aimed at elevating sneaker culture in India and catering to the diverse preferences of our customers. Looking forward, we are confident in our ability to sustain this positive momentum and anticipate a robust performance in the upcoming months,” he added.

During the quarter, Metro Brands expanded its brick-and-mortar footprint by opening 31 new stores to take its total new store count to 87 stores this fiscal year.