India’s premier luxury watch boutique chain saw a surge of 10%, reaching ₹2,540.40 per share, following the company’s announcement of a remarkable 62% year-on-year rise in net profit.
At 1:40 p.m., Ethos Ltd. shares were trading at ₹2,468 per share, up 6.7% on the National Stock Exchange from the previous close price. The company has a market capitalization of ₹6,026 crore.
Ethos Ltd announced a consolidated net profit of ₹21 crores for the quarter ending March 2024 (Q4FY24), marking a 62% rise from ₹13 crores recorded in Q4FY23. Additionally, the company’s total revenue for the same quarter surged by 22%, reaching ₹253 crores compared to ₹208 crores in the previous year’s corresponding quarter.
For the fiscal year 2023-24, the company reported a consolidated net profit of ₹83 Crores, up 38% from ₹63 Crores in FY22-23. Similarly, the total revenue for the fiscal year grew by 27%, standing at ₹999 crores compared to ₹789 crores in the previous fiscal year. As per the company’s filing.
Ethos is India’s largest luxury and premium watch retail player. The company has over 63 stores across 24 cities in India, including one duty-free store at the Delhi international airport.
The company sells products under Brands like Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, H. Moser & Cie, Rado, Longines, Baume & Mercier, Oris SA, Corum, Carl F. Bucherer, Tissot, Raymond Weil, Louis Moinet and Balmain. The company will launch Swiss Watch Brand Laurent Ferrier In India in FY24.The company added 6 news brands in Q1FY24.
Ethos Ltd. shares have gained 22% in last six months and 93% in last 12 months.
Written by Omkar Chitnis
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