Mumbai, October 19, 2022: Metro Brands Limited (MBL) is one of the largest Indian footwear specialty retailers and is amongst the aspirational Indian brands in the footwear category, today declared its standalone and consolidated financial results for the quarter and six months ended September 30, 2022

Quarter ended September 30, 2022 (Q2FY23):

Total Revenue stood at ₹ 463.3 Crore, y-o-y growth of 47.4%

EBITDA of ₹ 143.1 Crore; y-o-y growth of 56.3%

PAT stood at ₹ 73.8 Crore; y-o-y growth of 46.9%

Basic EPS for Q2FY23 stood at ₹ 2.72, as compared to ₹ 1.89 for Q2FY22

28 new stores opening in Q2FY23 

Half year ended September 30, 2022 (H1FY23):

Total Revenue stood at ₹ 960.5 Crore, y-o-y growth of 118.1%

EBITDA of ₹ 324.0 Crore; y-o-y growth of 200.8%

PAT stood at ₹ 176.9 Crore; y-o-y growth of 342.8%

Basic EPS for H1FY23 stood at ₹ 6.52, as compared to ₹ 1.50 for H1FY22

48 new stores opening in H1FY23

Standalone quarterly ‘Y-O-Y’ performance

Total Revenue from operations for the quarter ended September 30, 2022 stood at ₹ 463.3 Crore, as compared to ₹ 314.3 Crore in the same period last year. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q2FY23 stood at ₹ 143.1 Crore, as compared to ₹ 91.5 Crore in the corresponding quarter of last year. EBITDA margin stood at 30.9% in Q2FY23 as compared to 29.1% in Q2FY22.

Net Profit after tax stood at ₹ 73.8 Crore for Q2FY23, as compared to ₹ 50.2 Crore in the corresponding quarter of last year. PAT margin stood at 15.9% in Q2FY23 as compared to 16.0% in Q2FY22. Basic Earnings per share (EPS) for Q2FY23 stood at ₹ 2.72, as compared to ₹ 1.89 for Q2FY22. Total Revenue from operations for the Half year ended September 30, 2022 stood at ₹ 960.5 Crore, as compared to ₹440.5 Crore in the same period last year. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in H1FY23 stood at ₹ 324.0 Crore, as compared to ₹ 107.7 Crore during H1FY22. EBITDA margin stood at 33.7% in H1FY23 as compared to 24.4% in H1FY22. Net Profit after tax stood at ₹ 176.9 Crore for H1FY23, as compared to ₹ 40.0 Crore in H1FY22. PAT margin stood at 18.4% in H1FY23 as compared to 9.1% in H1FY22. Basic Earnings per share (EPS) for H1FY23 stood at ₹ 6.52, as compared to ₹ 1.50 for H1FY22

Consolidated quarterly ‘Y-O-Y’ performance

Total Revenue from operations for the quarter ended September 30, 2022 stood at ₹ 476.3 Crore, as compared to ₹324.6 Crore in the same period last year. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q2FY23 stood at ₹ 147.6 Crore, as compared to ₹ 97.0 Crore in the corresponding quarter of last year. EBITDA margin stood at 31.0% in Q2FY23 as compared to 29.9% in Q2FY22. Net Profit after tax stood at ₹ 77.9 Crore for Q2FY23, as compared to ₹ 55.2 Crore in the corresponding quarter of last year. PAT margin stood at 16.4% in Q2FY23 as compared to 17.0% in Q2FY22. Basic Earnings per share (EPS) for Q2FY23 stood at ₹ 2.87, as compared to ₹ 2.08 for Q2FY22.

Consolidated half yearly ‘Y-O-Y’ performance

Total Revenue from operations for H1FY23 stood at ₹ 984.3  Crore, as compared to ₹ 456.0 Crore in the same period last year. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in H1FY23 stood at ₹ 331.0 Crore, as compared to ₹111.4 Crore during H1FY22. EBITDA margin stood at 33.6% in  H1FY23 as compared to 24.4% in H1FY22. Net Profit after tax  stood at ₹ 183.7 Crore for H1FY23, as compared to ₹ 43.1 Crore  in H1FY22. PAT margin stood at 18.7% in H1FY23 as compared to 9.4% in H1FY22. Basic Earnings per share (EPS) for H1FY23 stood at ₹ 6.76, as compared to ₹ 1.62 for H1FY22.

“We are pleased with our performance for Q2 2022 as we delivered topline growth of 47% over last year along with a consistent flow through to our EBITDA and PAT. We opened a total of 37 stores in the quarter which includes 4 relocated stores and 5 closed stores putting us well on pace to open the 260 stores we committed to opening in the next 3 years. Additionally, we are very excited about the acquisition of Cravatex Brands Ltd. which fits with our strategic vision of expanding in the sports and athleisure space with exclusive rights to distribute FILA in the Indian sub-continent and ownership of the Proline Brand. These further advances us to our vision of being India’s largest specialty footwear and accessories retailer.“

About Metro Brands Limited                                                                                Metro Brands is one of the largest Indian footwear specialty retailers and is amongst the aspirational Indian brands in the footwear category. The company opened its first store under the Metro brand in Mumbai in 1955, and have since evolved into a one-stop shop for all footwear needs, by retailing a wide range of branded products for the entire family including men, women, unisex and kids, and for every occasion including casual and formal events. In addition to men’s, women’s, and kid’s footwear, it also has a wide range of handbags, belts, wallets, etc.

Metro Brands retail footwear under its own brands of Metro, Mochi, Walkway, Da Vinchi and J. Fontini, as well as certain third-party brands such as Crocs, Fitflop, Skechers, Clarks and Adidas which complement its in-house brands. The Metro footwear range is specially curated based on the regional sensitivity to cater to the needs of different regions.
As of September 30, 2022, the Company operated 672 Stores  across 158 cities spread across 30 states and union territories in India.