New Delhi: Apparel brand Cantabil Retail has raised Rs 50.4 crore in Q4 FY24, said Vijay Bansal, CMD, Cantabil Retail India in a media release. The announcement comes along with Cantabil’s Q4 results.
“We have further strengthened our balance sheet strength by raising ₹ 50.4 crores from marquee investors in Q4 FY24 which will help us to capitalise further on the growth opportunities,” he said.
Cantabil saw a 12 per cent jump in its sales to Rs 194.1 crore in the January – March quarter compared to last year, the company said. Its revenue from operations in Q4FY23 stood at Rs 173.9 crore.
Cantabil’s net profit rose to Rs 18.3 crore in Q4 against Rs 16.9 crore in the same period last year. For the complete FY24, the company’s net profit stood at Rs 62.2 crore.
“Cantabil delivered another quarter of resilient performance, underlining strong operating fundamentals despite a challenging environment and considerable slowdown in discretionary spending. We have demonstrated notable resilience in these tough conditions by delivering a revenue growth of 12% in FY24. Improvement in average bill value as well as double-digit volume growth demonstrates the trust in our brand,” said Bansal.
He further added that the Q1 FY25 has seen a strong demand uptick despite lower wedding demand and the company expects discretionary spending to further improve on the expectations of a normal monsoon.
Cantabil said that it opened 86 new exclusive retail stores taking the total count to 533 stores. The new apparel and accessories stores have been opened across Assam, Bihar, Gujrat, Haryana, Himachal Pradesh, J&K, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh, Uttarakhand, West Bengal and Nagaland.
