Cantabil Retail, a prominent apparel brand, has raised INR 50.4 crore in Q4 FY24, as announced by Vijay Bansal, CMD of Cantabil Retail India. This development comes alongside the unveiling of Cantabil’s Q4 results.
He stated, “We strengthened our balance sheet by raising INR 50.4 crores from notable investors in Q4 FY24. This infusion will allow us to seize additional growth opportunities.
According to the company, Cantabil experienced a 12% surge in sales, reaching INR 194.1 crore in the January-March quarter compared to the previous year. In Q4FY23, its revenue from operations amounted to INR 173.9 crore.
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In Q4, Cantabil witnessed a rise in net profit to INR 18.3 crore compared to INR 16.9 crore in the corresponding period last year. The company’s net profit for the entire FY24 amounted to INR 62.2 crore.
Bansal remarked, “Despite a challenging environment and a significant slowdown in discretionary spending, Cantabil exhibited resilient performance in the quarter. Our strong operating fundamentals were evident as we achieved a notable 12% revenue growth in FY24. The increase in average bill value, along with double-digit volume growth, underscores the confidence in our brand.”
He also mentioned that despite a decrease in wedding demand, Q1 FY25 has shown a notable increase in demand, and the company anticipates further enhancement in discretionary spending due to expectations of a regular monsoon.
Cantabil stated that it has opened 86 new exclusive retail stores, bringing the total count to 533 stores. These new apparel and accessories stores have been established across various states including Assam, Bihar, Gujarat, Haryana, Himachal Pradesh, Jammu and Kashmir, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh, Uttarakhand, West Bengal, and Nagaland.
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