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Ethos Results: Latest Quarterly Results & Analysis

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Ethos Ltd. 05 May 2025 17:27 PM
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Q4FY25 Quarterly Result Announced for Ethos Ltd.

Specialty Retail company Ethos announced Q4FY25 results

Q4FY25 Financial Highlights:

  • Revenue from operations: Rs 311.3 crore compared to Rs 252.5 crore during Q4FY24, change 23.3%.
  • EBITDA: Rs 53.6 crore compared to Rs 44.4 crore during Q4FY24, change 20.7%.
  • EBITDA margin: 16.9% for Q4FY25.
  • PAT: Rs 22.7 crore compared to Rs 21.0 crore during Q4FY24, change 8.1%.

Pranav Saboo – MD & CEO, said: “We are pleased to share that Ethos has delivered a robust financial performance for Q4 and FY25, underscoring the strength of our brand portfolio and continued execution of our growth strategy.

Revenue for Q4FY25 grew by 23.3% YoY to Rs 311.3 crore, up from Rs 252.5 crore in Q4FY24. For FY25, revenue rose by 25.3% to Rs 1,251.6 crore, compared to Rs 999.0 crore in FY24.

EBITDA for the quarter rose by 20.7% to Rs 53.6 crore, while full-year EBITDA increased by 22.3% to Rs 214.4 crore. EBITDA margins stood at 16.9% for Q4 and 16.8% for the year, reflecting marginal contraction versus FY24 (17.0% and 17.1% respectively). This slight moderation aligns with our deliberate investments in talent and infrastructure, especially for newly launched stores that are still ramping up.

In Q4, we added one new boutique and 14 new boutiques in FY25, expanding our presence to 73 stores across 26 cities. We entered three new markets—Dehradun, Kochi, and Mangaluru—and inaugurated our second Duty-Free boutique at Bengaluru Airport. We are set to open eight new boutiques in May 2025, including a flagship Messika (https://www.messika.com/fr) boutique in Delhi—our first exclusive store for the renowned jewellery maison. This forms part of our ongoing strategy to deepen our presence in high-potential markets and strengthen our luxury portfolio.

As we scale, we remain committed to investing in high-performing talent, recognising that our team is the foundation for innovation, elevated customer experiences, and operational excellence. These elements will be crucial as we pursue our long-term goal of growing our revenue tenfold over the next decade.”

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Specialty Retail company Ethos announced H1FY25 results

  • Revenue: Rs 570.4 crore with growth 22.6% YoY.
  • EBITDA: Rs 98 crore with growth 22.2% YoY.
  • PAT: Rs 44 crore with growht 19.9% YoY.

Pranav Saboo, MD & CEO, Ethos, said: “We are pleased to announce a 22.6% growth to Rs 570.4 cr in H1FY25 compared to Rs 465.2 cr in H1FY24. This growth is primarily driven by an increase in the shareof luxury and high-luxury segments, a rise in ASP, and volume growth.

EBITDA also increased by 22.2% to Rs 98.0 cr in H1FY25, up from Rs 80.1 cr in H1FY24, reflecting a robust operational performance. EBITDA margin stood at 16.8% inH1 FY25, slightly lower than 16.9% in H1FY24. This dip was due to additional costs in H1FY25, including forex fluctuations, increased manpower for new storeadditions, and rent for new stores, which are still in the early stages of generating sales. Specifically, significant currency fluctuations, notably the depreciation of theINR against the CHF, resulted in a forex loss of Rs 4.65 crore. Currency volatility remains an inherent risk in global operations, and we have a comprehensive riskmanagement framework to address such challenges effectively.

Since April 2024, we have opened 12 new stores, with plans to open 13 more by the end of FY25, in line with our objective to expand our presence quickly and enternew cities where we currently do not have a presence. We are now operational in 26 cities with a total of 72 stores (including 2 Duty-free Stores at Delhi andBengaluru).

Additionally, since April, we have signedup three new exclusive brands, with more brand partnerships in the pipeline to be announced soon. Revenue from exclusivebrands contributed 28% of the total revenue in H1FY25.

To support our growth ambitions, we recognise the critical importance of talent acquisition and development, and we will continue to invest in this area to drive fastergrowth in this challenging environment. This comprehensive approach to human capital development will be instrumental in our goal of achieving a 10x increase inrevenue over the next decade.”

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Specialty Retail company Ethos announced Q1FY25 results:

  • Revenue:
    • Rs 273.2 crore, up by 18.8% YoY 
  • EBITDA:
    • Rs 49.7 crore, up by 28.7% YoY
  • PAT (Profit After Tax):
    • Rs 22.8 crore, up by 25.6% YoY

 

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Speciality Retail company Ethos announced consolidated Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue of Rs 252.5 crore with 21.7% YoY growth
  • EBITDA of Rs 44.4 crore with EBITDA margin of 17.0%
  • PAT grows to Rs 21.0 crores in Q4FY24 vs Rs 13.3 crore in Q4FY23

FY24 Financial Highlights:

  • Revenue of Rs 999.0 crore with 26.7% YoY growth
  • EBITDA of Rs 175.3 crore with EBITDA margin of 17.1%
  • PAT grows to Rs 83.3 crores in FY24 vs Rs 60.3 crore in FY23
  • The company recorded its highest-ever EBITDA & PAT in FY24 on the back of robust demand and focused marketing initiatives.
  • Strong revenue growth across offline and online channels
  • A higher share of in-house brand sales continues to aid margin expansion
  • EBITDA margin continues to expand on the back of cost optimisation initiatives and operating leverage benefits

Commenting on the performance, Pranav Saboo, Founder and Managing Director, of Ethos Limited, said, "In the financial year 2023-24, Ethos took significant strides in its growth journey. Our dedication to expansion continues, demonstrated by the addition of 13 innovative luxury brands to our portfolio. Ethos Limited unveiled 10 new boutiques across 9 cities, including an expansion in 4 new cities, marking an ambitious move towards broader accessibility. Looking ahead, Ethos will continue expanding its physical as well as digital presence. With strategic plans in motion, we're confident in achieving sustained growth and delivering value to all stakeholders."

Result PDF

Specialty Retail company Ethos announced Q3FY24 & 9MFY24 results:

Q3FY24 Financial Highlights

  • Revenue reached Rs 281.2 crore, marking a strong growth of 22.4% YoY.
  • EBITDA amounted to Rs 50.8 crore, with an impressive EBITDA margin of 17.7%.
  • PAT increased to Rs 25.5 crores in Q3FY24, compared to Rs 20.7 crore in Q3FY23.
  • The company sustained excellent growth in quarterly EBITDA & PAT in Q3FY24, driven by robust demand and focused marketing initiatives.
  • Witnessed strong revenue growth across offline and online channels.
  • The higher share of in-house brand sales continued to support margin expansion.
  • EBITDA margin saw expansion due to cost optimization initiatives and operating leverage benefits.

9MFY24 Financial Highlights

  • Achieved revenue of Rs 746.5 crore, reflecting a substantial 28.5% YoY growth.
  • EBITDA stood at Rs 130.9 crore, with an EBITDA margin of 17.2%.
  • PAT grew to Rs 62.3 crore in 9MFY24 from Rs 47.0 crore in 9MFY23.
  • Recorded the highest-ever EBITDA & PAT in 9MFY24, supported by robust demand and focused marketing initiatives.
  • Continued to witness strong revenue growth across offline and online channels.
  • The higher share of in-house brand sales continued to contribute to margin expansion.
  • EBITDA margin saw expansion due to cost optimization initiatives and operating leverage benefits.

Pranav Saboo, Chief Executive Officer, Ethos, states, "Ethos has experienced substantial growth in the last quarter, and we are committed to sustaining and amplifying this momentum. Looking ahead, we are confident that, with strategic plans, we will be achieving long-term development and deliver continued value to all stakeholders."

Result PDF

Specialty Retail firm Ethos announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Revenue of Rs 207.6 crore with 30.8% YoY growth
    • EBITDA of Rs 30.5 crore with EBITDA margin of 14.3%
    • PAT grows to Rs 13.3 crore in Q4FY23 vs Rs 7.8 crore in Q4FY22
    • Company continued to show excellent growth on quarterly EBITDA & PAT in Q4FY23 on the back of robust demand and focused marketing initiatives
    • Strong revenue growth across offline and online channels
    • Higher share of in-house brand sales continues to aid margin expansion
    • EBITDA margin continues to expand on the back of cost optimization initiatives and operating leverage benefits
  • FY23:
    • Revenue of Rs 788.5 crore with 36.6% YoY growth
    • EBITDA of Rs 129.0 crore with EBITDA margin of 16.1%
    • PAT grows to Rs 60.3 crore in FY23 vs Rs 23.4 crore in FY22
    • Company recorded its highest ever EBITDA & PAT in FY23 on the back of robust demand and focused marketing initiatives
    • Strong revenue growth across offline and online channels
    • Higher share of in-house brand sales continue to aid margin expansion
    • EBITDA margin continues to expand on the back of cost optimization initiatives and operating leverage benefits

Pranav Saboo, Chief Executive Officer, Ethos, said, “Results from the last quarter have been extremely encouraging, with a boost in both revenue and profitability. The numbers reflect the growing appreciation towards the art of watchmaking and haute horology across the country. The last year has been a record year and I thank all our stakeholders for their belief in us”

 

 

Result PDF

Specialty retail firm Ethos Q3FY23 results:

  • Q3FY23:
    • Revenue of Rs 229.7 crore with 17.6% YoY growth.
    • EBITDA of Rs 39.5 crore with EBITDA margin of 16.9%.
    • PAT grows to Rs 20.7 crore in Q3FY23 vs Rs 12.1 crore in Q3FY22.
    • The company continued to show excellent growth in quarterly EBITDA & PAT in Q3FY23 on the back of robust demand and focused marketing initiatives.
    • Strong revenue growth across offline and online channels.
    • Higher share of in-house brand sales continues to aid margin expansion.
    • EBITDA margin continues to expand on the back of cost optimization initiatives and operating leverage benefits.
  • 9MFY23:
    • Revenue of Rs 581 crore with 38.8% YoY growth.
    • EBITDA of Rs 98.5 crore with EBITDA margin of 16.7%.
    • PAT grows to Rs 47 crore in 9MFY23 vs Rs 15.5 crore in 9MFY22.
    • The company recorded its highest-ever EBITDA & PAT in 9MFY23 on the back of robust demand and focused marketing initiatives.
    • Strong revenue growth across offline and online channels.
    • The higher share of in-house brand sales continue to aid margin expansion
    • EBITDA margin continues to expand on the back of cost optimization initiatives and operating leverage benefits.

Mr. Pranav Saboo, Chief Executive Officer, Ethos Limited said, “The revenue growth, growth in profit and more exclusive partnerships signed in this quarter show the tremendous potential of finely crafted timepieces, luxury products and Ethos, to deliver long-term value creation for all stakeholders. As we mark our 20th anniversary, we are proud of our long-standing relationships with our employees, brands, location partners and our valued customers. Our focus on every stakeholder will continue as we start the third decade of Ethos Limited”

 

 

Result PDF

Retail firm Ethos announced Q2FY23 results:

  • Q2FY23:
    • Revenue of Rs 177.7 crore with 32% YoY growth
    • EBITDA of Rs 29.7 crore with an EBITDA margin of 16.4%
    • PAT grows to Rs. 13.6 crores in Q2FY23 vs Rs. 2.7 crore in Q2FY22
    • The company continued to show excellent growth on quarterly EBITDA & PAT in Q2FY23 on the back of robust demand and focused marketing initiatives
    • Strong revenue growth across offline and online channels
    • The higher share of in-house brand sales continues to aid margin expansion
    • EBITDA margin continues to expand on the back of cost optimization initiatives and operating leverage benefits
  • H1FY23:
    • Revenue of Rs 351.3 crore with 57% YoY growth
    • EBITDA of Rs 59.2 crore with EBITDA margin of 16.6%
    • PAT grows to Rs 26.4 crore in H1FY23 vs Rs 3.5 crore in H1FY22
    • Company recorded its highest ever EBITDA & PAT in H1FY23 on the back of robust demand and focused marketing initiatives
    • Strong revenue growth across offline and online channels
    • Higher share of in-house brand sales continue to aid margin expansion
    • EBITDA margin continues to expand on the back of cost optimization initiatives and operating leverage benefits

Mr. Yashovardhan Saboo, Managing Director and Chairman, Ethos Limited said, “This quarter has again reinforced our belief in the strong growth that we witnessed over the last few quarters. It shows a consistent trend, that reflects the transformation of the Indian market for luxury watches, with Ethos as the reference. Our portfolio of brands and assortment of products, best-in-class customer services, globally competitive prices, and the trust that the Ethos name evokes are all coming together to create an environment of sustained growth and profitability.”

Result PDF

Ethos Announced Q1FY23 Result :

  • Company recorded its highest ever quarterly EBITDA & PAT in Q1FY23 on the back of robust demand and focused marketing initiatives
  • Strong revenue growth across offline and online channels
  • Higher share of inhouse brand sales continue to aid margin expansion
  • EBITDA Margin continue to expand on the back of cost optimization initiatives and operating leverage benefits

 

 

Result PDF

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