Jhunjhunwala-backed Metro Brands zooms 14% on strong show in Q3, Retail News, ET Retail


Jhunjhunwala-backed Metro Brands zooms 14% on strong show in Q3New Delhi: Shares of recently listed Metro Brands zoomed as much as 14 per cent during early trade on Monday following a strong performance in the December quarter earnings.

The footwear retail chain reported a 54.63 per cent year-on-year (YoY) jump in consolidated net profit to Rs 100.85 crore for the third quarter ended December 2021. The company had posted a net profit of Rs 65.22 crore during the October-December quarter of the previous fiscal.

Following the update, shares of Metro Brands zoomed 14 per cent to Rs 578.75, before trading at Rs 582.40 at 9.35 am. The scrip had settled at Rs 507.90 on Friday. Benchmark index and BSE Sensex was trading merely 10.95 or 0.02 per cent lower at 61,212.08 or almost flat at the time of writing this report.

Its total revenue from operations was up 59.02 per cent at Rs 483.77 crore during the quarter under review against Rs 304.21 crore in the corresponding period of the previous fiscal, according to the regulatory filing.

Its total revenue from operations was up 59.02 per cent at Rs 483.77 crore during the quarter under review against Rs 304.21 crore in the corresponding period of the previous fiscal.

Metro Brands, an Indian footwear specialty retailer has signed an exclusive strategic partnership with FitFlop, for sale and distribution in India.

Rakesh Jhunjhunwala-backed company was listed on December 22 on the bourses. The company raised Rs 1,367.5 crore via its IPO. It sold shares in the range of Rs 485-500 apiece during December 12-14.

Established in 1955, Metro Brands is one of the largest Indian footwear specialty retailers in India. Metro Brands also offer accessories such as belts, bags, socks, masks, and wallets, at their stores.

Some of the company’s well-known brands include Metro, Mochi, Walkway, Da Vinchi, and J. Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop.

As of December 31, 2021, Metro Brands operated 629 stores across 140 cities in India. It is also the national retail partner for Crocs in India and operates 159 stores.





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