Ethos Limited, India’s largest chain of luxury watch boutiques, reported profit after tax (PAT) of Rs 13.6 crore in the quarter ended September FY23, compared to Rs 2.7 crore in the corresponding period last year.
The retailer generated revenue of Rs 177.7 crore, with 32% year-over-year growth.
As luxury sales rebound, the company has managed to show growth in quarterly EBITDA and PAT in Q2 FY23 through focused marketing initiatives.
“This quarter has again reinforced our belief in the strong growth that we witnessed over the last few quarters. It shows a consistent trend that reflects the transformation of the Indian market for luxury watches, with Ethos as the reference,” said Yashovardhan saboo , Managing Director and Chairman, Ethos Limited. “Our portfolio of brands and assortment of products, best-in-class customer services, globally competitive prices, and the trust that the Ethos name evokes are all coming together to create an environment of sustained growth and profitability.”
Ethos Limited is India’s largest chain of luxury watch boutiques, with 48 stores in India across 17 cities and selling over 61 premium luxury watch brands.
In October, the retailer brought the prestigious Grand Prix d’Horlogerie de Genève (GPHG), often referred to as the “Oscars” of the watch industry, to India.
Ethos stock closed at Rs 1042 on Friday, up 6.34%.