The shares of India’s leading luxury watch boutique chain rose by 2% to ₹3,371.90 per share on Tuesday following a stake purchase by a domestic institutional investor.
At 10:45 a.m., Ethos Ltd. shares were trading at ₹3,301.60 per share, down 0.04% on the National Stock Exchange from the previous close price. The company has a market capitalization of ₹8,001 crore.
What News:
According to NSE bulk deal data, on the 19th, Bandhan Mutual Fund, a Domestic Institutional Investor, purchased 1.60 lakh shares at ₹3,346 per share. Meanwhile, Mahen Distribution Limited sold shares at the same price.
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About the company:
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.
Ethos Ltd. shares have gained 32% in the last six months and 105% in the last 12 months.
According to the latest shareholding pattern, the company’s promoter holds a 54.70% stake, Foreign Institutional Investors hold an 11.20% stake, and Domestic Institutional Investors hold a 14.04% stake. The ace investor Mukul Mahavir Agrawal holds a 1.95% stake in the company as of June quarter.
Ethos Management plans to open approximately 22 to 23 new stores in the fiscal year 2025, to enhance its footprint in the luxury watch retail market across India.
Financials: The company has experienced a 26% increase in revenue year-on-year, rising from ₹789 crore in FY 22-23 to ₹999 crore in FY 23-24. However, net profit has increased by 38% over the same period, increasing from ₹60 crore to ₹83 crore.
Written by Omkar Chitnis
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