Credo Brands Marketing Limited (MUFTI) Quarter Results

Mumbai, 20th January 2024 – Credo Brands Marketing Limited (MUFTI), one of the prominent players in the men’s casual wear providing a meaningful wardrobe solution for multiple occasions in a customer’s life, with product offerings ranging from shirts to t-shirts to jeans to chinos, which caters to all year-round clothing has announced its Unaudited Financial Results for the Quarter and Half Year ended 30th September 2023.



Particulars (in Rs. Crs.) Q2 FY24 Q2 FY23 Y-o-Y H1 FY24 H1 FY23 Y-o-Y
Total Revenue 165.6 142.7 16% 284.1 234.9 21%
Gross Profit 95.3 81.9 16% 161.8 136.4 19%
Gross Profit Margin (%) 57.5% 57.4% 57.0% 58.1%
EBITDA 56.8 51.2 11% 87.1 80.3 8%
EBITDA Margin (%) 34.3% 35.9% 30.6% 34.2%
Profit before Tax 37.0 34.9 6% 48.3 48.7 -1%
PAT 28.0 26.0 8% 36.5 36.5 0%
PAT Margin (%) 16.9% 18.2% 12.9% 15.5%

On Consolidated Basis


•     No. of EBOs added during H1 FY24 are 31 Stores on a Net Basis

  • Total EBOs as on 30th September 2023 stood at 404 stores

•     Sales Mix for H1 FY24

  • EBO : 52.5%; MBO : 25.0%; LFS : 3.3%; Online : 16.3%; Others : 9%

•     Product Mix for H1 FY24

  • Shirts : 1%; T-shirts : 13.5%; Bottomwear : 40.8%; Outerwear : 1.0%; Others : 2.6%

Credo Brands Marketing Limited

Same Store Sales Growth (SSSG) for EBOs de-grew by 4.7% for Q2 FY24 as compared to Q2 FY23 and was flat on a half yearly basis compared to the first half last year.

  • Working Capital Days as on 30th September 2023 stands at 177
  • Cash Flow from Operations (OCF) for H1 FY24 stood at Rs. -5.4 crores as compared to -Rs. 24.7 crore for H1 FY23
  • RoCE stood at 4%; RoE stood at 26.2% for H1 FY24 (On annualized basis)

Commenting on the Result, Mr. Kamal Khushlani, Chairman & MD, Credo Brands Marketing Limited said

“We at Mufti thank the investor community for the tremendous support shown during the IPO. Public Listing is a proud moment for of us and this will provide a healthy visibility to the brand.

Over the recent months, the retail sector experienced a slowdown owing to subdued consumer demand. Despite facing these external challenges, the company has successfully sustained its growth momentum. Moreover, some demand typically linked with the festive season has been deferred to the third quarter of this year, leading to a comparatively lower growth for Q2 & H1 FY24.

During H1 FY24, Revenues grew by 21% Y-o-Y to Rs. 284 crores with Gross Margins at 57.0%. Our EBITDA and

PAT for H1 FY24 stood at Rs. 87 Crores and Rs. 37 crores respectively.

We believe in providing a meaningful wardrobe solution for multiple occasions in a customer’s life, with our product offerings ranging from shirts to t-shirts to jeans to chinos, which caters to all year-round clothing. The brand was created as an alternative dressing solution and was designed to deliver a casual alternative with a focus on creative, bold, and expressive clothing for the contemporary Indian man who wanted something more stylish than what was commonly available. Our products are designed to provide a youthful appearance while keeping up with the ongoing fashion trends. Our design team is constantly focusing on expanding our product range to meet a varied range of consumer needs.

In order to adapt to an ever-changing retail landscape, we conducted an internal assessment in 2019 and put the learnings to reinvent the brand philosophy. As part of this brand reinvention, we developed, 1) a new Brand Identity; 2) a new merchandise architecture for increasing our share of customer’s wallet by providing designs suited for specific occasions in our customer’s life ranging from relaxed holiday casuals, authentic daily casuals to urban casuals, party wear and also athleisure; 3) a new Retail Identity.

Since we made the above changes, the brand has gained in salience and the same is reflected in the performance of the Company.

We intend to continue increasing our presence by setting up new Points of sale and expanding our EBO network in existing as well as additional cities and regions across India. We expect emerging demand from existing and new cities will help fuel our growth.

Mufti has been able to build a resonance with consumers through multiple marketing, advertising and customer engagement initiatives. We intend to continue enhancing the brand recall of our products through the expansion of our EBOs footprint as well as the use of targeted marketing initiatives.”

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