Credo Brands Marketing - which operates men's casual clothing line ‘Mufti’ announced its July-September quarter results for fiscal 2023-24 (Q2FY24) on Tuesday, January 16, reporting a rise of 5.7 per cent in its consolidated net profit at ₹37 crore, compared to ₹35 crore in the year-ago period.
The company's revenue from operations in the second quarter of current fiscal stood at ₹165.62 crore - registering a growth of 16 per cent, compared to ₹143 crore in the corresponding period last year.
Shares of Credo Brands Marketing were listed on the stock exchanges on December 27, 2023. The stock witnessed a subdued debut, with its shares being listed at ₹282.35 apiece on the NSE, representing a marginal premium of 0.83 per cent over the issue price of ₹280. The share price quickly retreated to ₹278.35 levels within minutes after entering the secondary market.
Credo Brands Marketing's' ₹549.78 crore initial public offering (IPO) was open for subscription between December 19 and December 21, at a price band in the range of ₹266–280 per share.
‘’Pursuant to the IPO, the equity shares of the Company were listed on the National Stock Exchange of India Limited ("NSE") and BSE Limited ("BSE") effective December 27, 2023. Accordingly, the Consolidated Financial Results for the quarter and six months ended September 30, 2023 are drawn up for the first time In accordance with SEBI Listing Regulations,'' said Credo Brands in a regulatory filing to the stock exchanges.
Credo Brands Marketing Limited was incorporated on April 29, 1999. It offers casual clothing for men with its flagship brand, "Mufti." The company's product mix has evolved significantly over the past several years, from consisting of only shirts, t-shirts, and trousers in 1998 to a wide range of products including sweatshirts, jeans, cargos, chinos, jackets, blazers, and sweaters in relaxed holiday casuals, authentic daily casuals, urban casuals, party wear, and also athleisure categories as of date.
On Tuesday, shares of Credo Brands Marketing settled 0.77 per cent lower at ₹269.95 apiece on the BSE.
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