New Delhi: Credo Brands Marketing, the operator of men’s casual wear brand Mufti has reported a rise of 7.5 per cent in consolidated net profit after tax (PAT) at Rs 27.97 crore in the quarter (Q2) ended 30th September 2023. It reported a consolidated net profit of Rs 26 crore in the same period last year, it said in a regulatory filing.
The company’s total income also rose to Rs 166.79 crore in Q2 FY24 as against the total income of Rs 143.63 crore in the same quarter last fiscal.
Also, its expenses increased to Rs 129.82 crore in Q2 FY24 as compared to Rs 108.74 crore in Q2 FY23, as per the BSE filing.
Kamal Khushlani, Chairman & MD, Credo Brands Marketing Limited said, “Over the recent months, the retail sector experienced a slowdown owing to subdued consumer demand. 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 comparatively lower growth for Q2 & H1 FY24.
Khushlani further said, “We believe in providing a meaningful wardrobe solution for multiple occasions in a customer’s life, with our product offerings ranging from shirts to t-shirts to jeans to chinos, which caters to all year-round clothing.”
As part of the brand reinvention, the company said it developed – a new Brand Identity; a new merchandise architecture for increasing its share of customer’s wallet by providing designs suited for specific occasions in its customer’s life ranging from relaxed holiday casuals, authentic daily casuals to urban casuals, party wear and also athleisure; and a new Retail Identity.
The company plans to continue increasing its presence by setting up new points of sale(PoS) and expanding its EBO network in existing as well as additional cities and regions across India. It expects emerging demand from existing and new cities will help fuel the company’s growth.
Mufti further plans to continue enhancing the brand recall of its products through the expansion of EBOs footprint as well as the use of targeted marketing initiatives.
