(MENAFN- ForPressRelease) New Delhi, May 16, 2023: Cantabil Retail India Ltd., one of India's leading apparel manufacturer and retailer, has announced the financial results for its 4th quarter, which ended on date 31St March, 2024. For the 4th quarter, the company has reported revenue of Rs. 194.12 Crore with a net profit of Rs 18.35 Crore. 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 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 staggering count of 533 stores, Cantabil has emerged as a prominent player in the retail industry and is steadfastly committed to further extending its presence across the length and breadth of India in the current year.
Commenting on the result announcement, Mr. 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 demonstrated notable resilience in these tough conditions by delivering a revenue growth of 12% in FY24. Improvement in average bill value as well as double digit volume growth demonstrates the trust in our brand. Cantabil will continue to manage business dynamically, ensuring long-term growth and sustainability. We remain committed to delivering exceptional consumer value and experience, strategically expanding our reach and product offerings, executing with excellence, and competitively investing in our brand and capabilities. We have further strengthened our balance sheet strength by raising â‚1 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. Cantabil with its strong brand image and balance sheet strength will be among the key beneficiary of such a revival. Cantabil is well placed to leverage the next wave of growth in the segment by unlocking its various growth platforms.
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. We are also witnessing good acceptability of our products through online channels. The revenue from online channels have more than doubled in FY 24 and is likely to further improve going forward.
With a positive outlook on the growth prospects of both the Indian economy and the fashion apparel sector, we are determined to leverage our robust brand recall value to drive consistent, sustainable growth. We are confident that this business is well poised to shift gears and deliver substantial value to customers and shareholders going forward.â€
About Cantabil
Established in 2000, Cantabil Retail India Ltd. is in the business of designing, manufacturing, branding, and retailing apparel under the brand name CANTABIL. It's the only brand that caters to all three segments and a wider range of products under one brand and one roof in the menâ€TMs category, like shirts (formal or casual), trousers, denim, suits, blazers, jackets, woolens, accessories, ladies' wear, and kids' wear, making it complete family wear.
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