Monte Carlo Fashions reports over two-fold revenue growth in Q1 FY23

Apparel brand Monte Carlo Fashions on Friday reported over two-fold revenue growth of 130 per cent in the April-June quarter this fiscal, helped by volume growth and price increase. "During the quarter, the company saw strong demand across segments in revenue as things are getting back to normal. It has recorded a strong first-quarter sales with robust revenue growth of 130 per cent approx in Q1 FY23," said Monte Carlo Fashions in the business update for Q1 FY2022-23.
The growth in the sales is contributed by both volume growth and calibrated price increase on the back of a steep rise in cotton prices, it added.

"The quarterly sales have not only surpassed the pre-COVID levels but have been the best ever for the company on the back of strong brand equity among consumers, latest fashion products and superior quality aided by the solid end of season sales, encouraging festive and wedding season across India," it said.

Monte Carlo Fashions, which operates in segments such as -- woollens, cotton, cotton blended, knitted and woven apparel -- has also strengthened its retail presence in India with the opening of 11 new EBO (Exclusive Brand Outlet).

With this, the total number of EBOs has reached approximately 324 across 20 states and 4 Union territories.

"The company is well on track to complete the shared target of opening 30 EBOs in this financial year," it said.

The company continues to witness encouraging trends through its online channels as well.

For the financial year ended March 31, 2022, Monte Carlo Fashions Ltd's consolidated income was Rs 929.80.89 crore.