ANI PR Wire
07 Nov 2023, 18:22 GMT+10
PNN
Howrah (West Bengal) [India], November 7: Iris Clothings Limited (NSE: IRISDOREME), a readymade garment company engaged in designing, manufacturing, branding, and selling garments for kids wear, announced their financial results for the Second quarter and Half year ended September 30, 2023.
Commenting on the Company's performance Santosh Ladha, Managing Director of the Company said "I am pleased to share that we inaugurated our first Exclusive Brand Outlet (EBO) in the quarter gone by, followed by another store last month. As per our expansion strategy, that was shared a few months ago, we consider EBOs to be the third leg of expansion. Both these stores are doing extremely well and have received a significant boost due to the ongoing festive season. We have three more EBOs in pipeline that will be inaugurated in West Bengal in the coming quarters.
Our Disney designed apparels are receiving good traction as well. Along with this, we continue to see infant wear gaining traction and expect this vertical to contribute 15-20% in FY24.
We continued to expand our footprint and onboarded seven new distributors, strengthening our presence in Maharashtra and West Bengal, alongside entering Nagaland.
Our revenues increased marginally, driven by volume uptick but offset by impact on price. We expect strong performance in H2 FY24 driven by strong demand and improvement in average sale price through product enhancements on various levels."
Financial Highlights
* Total Income was Rs322 Million; up 1% YoY & 33% QoQ
* Driven by volume uptick, partially offset by low selling price as we passed on the benefit of reduced raw material prices
* EBITDA margin stood at 24%; up 221 bps YoY & down 280 bps QoQ
* Due to increased employee expenses; additional hiring to kick start the operations of EBOs and to ramp up production
* PAT margin stood at 11%; up 40 bps YoY & down 138 bps QoQ
* Due to increased finance cost as we took on additional debt to finance our working capital
* Began building summer wear inventory a month prior than usual, as we expect to see robust demand in Q4FY24
Iris Clothings Limited is a fast-growing readymade garment company that is primarily engaged in designing, manufacturing, branding and selling garments for kids wear under its brand name DOREME in India. The Company delivers a broad range of affordable and good quality apparels for infants, toddlers, and children in their pre-teens, serving both their indoor and outdoor requirements. It has been in operations for over 17 years and continues to add new product lines by employing the best-in-class technology across its value chain. For more information view www.irisclothings.in and www.doreme.in.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
Get a daily dose of Nepal National news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Nepal National.
More InformationBATTLE CREEK, Michigan: In a major consolidation of iconic food brands, WK Kellogg has agreed to be acquired by the owner of Ferrero...
WASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...
NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...
SAN FRANCISCO, California: Nvidia, the Silicon Valley chipmaker at the heart of the artificial intelligence boom, this week briefly...
REDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
Balochistan [Pakistan], July 13 (ANI): In an exclusive interview with ANI, Qazi Dad Mohammad Rehan, Information Secretary of the Baloch...
Lucknow (Uttar Pradesh) [India], July 13 (ANI): Defence Minister Rajnath Singh on Sunday praised Uttar Pradesh Chief Minister Yogi...
Jodhpur (Rajasthan) [India], July 13 (ANI): Union Minister Gajendra Singh Shekhawat on Sunday accused the Opposition of politicising...
New Delhi [India], July 13 (ANI): BJP leader Syed Shahnawaz Hussain on Sunday said there is no 'controversy' surrounding the ongoing...
Karachi [Pakistan], July 13 (ANI): A protest over a prolonged power outage in Karachi's Punjab Colony turned into a city-wide traffic...
New Delhi [India], July 13 (ANI): IIFL Home Finance Limited (IIFL HFL), a leading housing finance company focussed on the affordable...