Monte Carlo Fashions reports robust revenue growth in Q1FY23

11 Jul 2022 , 12:15 PM

Monte Carlo Fashions, a leading branded apparel company has announced a business update for the quarter ended June 30, 2022.

As per the filing, during the quarter, the company saw strong demand across segments in revenue as things are getting back to normal. It has recorded a strong first quarter sales with robust revenue growth of ~130% approx. in Q1 FY23.

The growth in sale is contributed by both volume growth and calibrated price increase on the back of steep rise in cotton prices. The quarterly sales have not only surpassed the pre-covid levels but have been the best ever for the company on the back of strong brand equity among consumers, latest fashion products and superior quality aided by solid end of season sales, encouraging festive & wedding season across India.

The company has strengthened its retail presence in India with the opening of 11 new EBO’s during Q1 FY23, out of which 7 EBO’s are opened in Northern Region, 2 EBO’s are opened in Centeral region, 1 EBO is opened in Southern Region and 1 EBO is opened in Eastern Region. With this the total number of EBO’s has reached approximately 324 across 20 states and 4 union territories.

The company is well on track to complete the shared target of opening 30 EBO’s in this financial year. Apart from this the company also has presence through MBO’s & distributors, NCS along with presence over all the major online platforms like Ajio, Amazon, Flipkart, First Cry, Myntra, Jabong, Kapsons and its own website.

“The company continues to witness encouraging trends through its online channels as well. The company is happy to share that we have a strong order booking for the next winter season via the recently held order booking exhibition held”, said ina regulatory filing.

The last two years have definitely been a roller coaster ride which tested the company on all parameters and made it stronger to withstand any challenges in future. The company’s core competency lies in understanding the consumer demand trends, manufacturing superior quality products keeping abreast with the latest fashion, strong distribution network and more than 3 decades of expertise in the garment industry.

“The company is confident of its long term sustainable and profitable growth going ahead which will definitely benefit all its stakeholders and will lead to long term value creation”, it further added.

On Monday at around 12:18 PM, Monte Carlo Fashions was trading at Rs786.80 per share down by Rs2.65 or 0.34% from its previous closing of Rs789.45 per share on the BSE.