Back to work impact – Metro Shoes reports highest ever revenues in Q1 FY23

What happens when a country of a billion and more get ready to step in to schools, colleges, workplaces and of course, partying? They buy new clothes and shoes. After Shoppers Stop reported record numbers in Q1, India’s largest multi-brand footwear retailer Metro Brands reported highest ever quarterly performance. The company’s profit after tax grew a whopping 1,105% over the same period last year!

Commenting on the performance of the company Mr. Nissan Joseph, CEO, Metro Brands Limited said “Q1 has been an excellent start to our new fiscal year as we set new records in Revenue, EBITDA and PAT. We have seen business continue the momentum that we saw as early as Q3 of FY 22, has stayed through Q4 and now has resulted in our strongest quarter in our history of Metro Brands reflecting the robustness of the operational model and the efforts of the team at Metro Brands.”

The Company witnessed a solid start to the FY23 and recorded its highest ever revenues. Total Revenue from operations for the quarter ended June 30, 2022 stood at ₹ 497.2 Crore, as compared to ₹ 126.2 Crore in the same quarter last year,which is a strong growth of 294.2% Y-oY. It may be well noted that during Q1 FY 2122, there was a nation wide lockdown between May-June across various parts of India in the backdrop of a deadly second wave of the pandemic. Subsequently, schools, colleges and offices remained closed for most of the academic / financial year and education continued at home along with WFH.

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q1 FY23 stood at ₹ 180.9 Crore, as compared to ₹ 16.1 Crore in the corresponding quarter of last year. EBITDA margin stood at 36.4% in Q1 FY23 as compared to 12.8% in Q1FY22. Net Profit after tax stood at ₹103.2 Crore for Q1FY23, as compared to a loss of ₹10.3 Crore in the corresponding quarter of last year. PAT margin stood at 20.7% in Q1 FY23 as compared to a negative margin of 8.1% in Q1 FY22.

Metro Brands retail footwear under its own brands of Metro, Mochi, Walkway, Da Vinchi and J. Fontini, as well as certain third-party brands such as Crocs, Fitflop, Skechers, Clarks, Reebok and Adidas which complement its in-house brands. As of June 30, 2022, the Company operated 644 Stores across 147 cities spread across 30 states and union territories in India.