The company also witnessed a 30.8% rise in revenue to Rs 207.6 crore for the fourth quarter ended 31 March 2023 (Q4)
Bengaluru: Luxury watch retailer Ethos Ltd. recorded a net profit after tax (PAT) of Rs 13.3 crores in Q4 FY (fiscal year) 2023 against Rs 7.8 crore in the corresponding quarter of the last financial year, the brand said in a press release on Tuesday.
The company witnessed a 30.8% rise in revenue to Rs 207.6 crore for the fourth quarter ended 31 March 2023 (Q4), the release added.
The company also recorded an EBITDA (earnings before interest, taxes, depreciation, and amortization) of Rs 30.5 crore with EBITDA margin of 14.3%.
“Results from the last quarter have been extremely encouraging, with a boost in both revenue and profitability. The numbers reflect the growing appreciation towards the art of watchmaking and haute horology across the country. The last year has been a record year and I thank all our stakeholders for their belief in us,” said Pranav Saboo, chief executive officer at Ethos Ltd.
In addition to the strong revenue growth across offline and online channels and high share of in-house brand sales, the company’s EBITDA margin is also continuing to expand on the back of cost optimization initiatives and operating leverage benefits, the release added.
During the quarter, Ethos Ltd. opened four stores in Indore, Bhopal, Ahmedabad and Siliguri respectively and two new boutiques in Surat and Bhubaneswar.
Ethos Ltd. is a multi-brand luxury watch boutique chain founded in 2003 by Yasho Saboo. Currently, the retailer is present in 22 cities across India with 56 stores. Recently, the company entered into brand agreements with the Swiss watchmaker Laurent Ferrier to be its exclusive retail partner for the Indian market.