Credo Brands Marketing, the operator of the men’s casual wear brand Mufti, has reported a 7.5 percent increase in consolidated net profit after tax (PAT) at INR 27.97 crore in the quarter (Q2) ending on September 30, 2023. It disclosed a consolidated net profit of INR 26 crore in the same period last year, as mentioned in a regulatory filing.
In Q2 FY24, the company’s total income increased to INR 166.79 crore, compared to the total income of INR 143.63 crore recorded in the corresponding quarter of the previous fiscal year.
Additionally, as per the BSE filing, the company witnessed a rise in expenses to INR 129.82 crore in Q2 FY24, up from INR 108.74 crore in Q2 FY23.
Kamal Khushlani, Chairman & MD, Credo Brands Marketing Limited said, “Over the recent months, the retail sector experienced a slowdown owing to subdued consumer demand. Despite facing these external challenges, the company has successfully sustained its growth momentum. Moreover, some demand typically linked with the festive season has been deferred to the third quarter of this year, leading to comparatively lower growth for Q2 & H1 FY24.”
Khushlani further said, “We believe in providing a meaningful wardrobe solution for multiple occasions in a customer’s life, with our product offerings ranging from shirts to t-shirts to jeans to chinos, which caters to all year-round clothing.”
As part of its brand reinvention, the company has introduced a fresh Brand Identity, a revamped merchandise structure aimed at expanding its share of the customer’s wallet. This involves offering designs tailored for various occasions in the customer’s life, spanning from laid-back holiday attire, authentic daily casuals, and urban casuals to party wear and athleisure. Additionally, a new Retail Identity has been introduced.
The company plans to enhance its footprint by establishing new points of sale (PoS) and extending its Exclusive Brand Outlet (EBO) network in both current and additional cities and regions throughout India. Anticipating a surge in demand from both existing and new cities, the company foresees this as a catalyst for its growth.
Mufti additionally aims to bolster the brand recall of its products by expanding the footprint of its Exclusive Brand Outlets (EBOs) and implementing targeted marketing initiatives.
Continue Exploring: Mufti’s parent company, Credo Brands, reports robust 6.94x subscription in IPO