New Delhi: Premium watch retailer Ethos recorded a 30.8 per cent growth in its revenue to Rs 207.6 crore in the quarter that ended March 31, 2023, the company announced in a regulatory filing on Monday. The brand attributed robust demand and focused marketing initiatives to its strong quarterly results.
Its EBITDA and profit after tax (PAT) for the fourth quarter stood at Rs 3.5 crore and Rs 13.3 crore, respectively, growing on the back of the company’s cost optimization initiatives and operating leverage benefits. Ethos’ PAT stood at Rs 7.8 crore during the same period last year.
“Results from the last quarter have been extremely encouraging, with a boost in both revenue and profitability,” commented Pranav Saboo, CEO, Ethos.
Earlier, the company shared Its unaudited numbers. Ethos chairman and MD, Yashovardhan Saboo in an interview with ETRetail said, “This year based on unaudited numbers, our billings over last year have increased by about 36.6%, which is higher than the highest level of guidance we have given. Based on Q3 results, it’s easy to extrapolate that we’re going to be exceeding the guidance for profit numbers as well.”
Analysing Ethos’ performance, its Chairman and MD Yashovardhan Saboo, told ETRetail that the retailer’s quality of communication and trust building with the consumers coupled with a wide product portfolio across 60 plus brands is helping it drive this high double digit growth.
During Q4 the company opened 4 retail stores taking the total count to 56 stores. The brand is present in 22 cities across the country. For FY24, the retailer plans to add 22 new stores, focusing on entering new markets, especially in tier 2 and 3 cities.
