Cantabil records 9% growth in PAT, continues with retail expansion
By Retail4Growth Bureau | May 16, 2024
The apparel manufacturer and retailer informs that it opened 86 (net) new exclusive stores during 2023-24, and with a total count of 533 stores, it is focused on further expanding its retail footprint across the country.
Apparel manufacturer and retailer Cantabil Retail India Ltd. has announced the financial results for its 4thquarter, which ended on date 31St March, 2024. The company has recorded Rs 194.12 crore in quarterly revenue with a 12 % YOY growth, while its PAT increased by 9 % to 18.35 crore YOY.
For the full Financial Year ended on 31st March, 2024, the company reported a revenue growth of 12% to Rs. 616.49 crore with a PAT of Rs 62.22 crore.
The company says it is aggressively growing its presence around the nation to further consolidate its position in the market, both offline and online. As part of its robust retail strategy, Cantabil has opened 86 (net) new exclusive retail stores during the financial year 2023-24. The new apparel and accessories stores have been opened in different states which includes, Assam, Bihar, Gujrat, Haryana, Himachal Pradesh, J&K, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh, Uttarakhand, West Bengal and Nagaland. Having achieved a count of 533 stores, Cantabil plans to extend its presence across the length and breadth of India in the current year, the company informs.
Commenting on the result announcement, Vijay Bansal, CMD, Cantabil Retail India Ltd. said, “Cantabil delivered another quarter of resilient performance, underlining strong operating fundamentals despite challenging environment and considerable slowdown in discretionary spending. We have further strengthened our balance sheet strength by raising ₹ 50.4 crores from marquee investors in Q4 FY24 which will help us to capitalise further on the growth opportunities. The Q1 FY25 so far has seen strong demand uptick despite lower wedding demand. We believe that the discretionary spending will further improve on expectation of a normal monsoon.”
He further added on the expansion front, “The company accelerated its store expansion strategy by opening 86 stores during the year. We remain focused on pursuing our long-term strategic agenda by further expanding our reach with the aim of being ever more proximate and convenient to customers, reinforcing our brand promise, expansion into newer markets, diversification across various segments and categories, and ensuring an elevated shopping experience to our customers. “
