{"id":31085,"date":"2024-02-07T11:37:55","date_gmt":"2024-02-07T06:07:55","guid":{"rendered":"https:\/\/financialtelegraph.in\/index.php\/2024\/02\/07\/iris-clothings-announced-its-q3-9m-fy2024-results\/"},"modified":"2024-02-07T11:37:55","modified_gmt":"2024-02-07T06:07:55","slug":"iris-clothings-announced-its-q3-9m-fy2024-results","status":"publish","type":"post","link":"https:\/\/financialtelegraph.in\/index.php\/2024\/02\/07\/iris-clothings-announced-its-q3-9m-fy2024-results\/","title":{"rendered":"Iris Clothings announced its Q3 & 9M FY2024 Results"},"content":{"rendered":"
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Q3 FY24 Total Revenue at Rs. 235 Million; up 15% YoY Q3 FY24 EBITDA margin at 23%; up 732 bps YoY<\/em><\/p>\n

Howrah (West Bengal) [India], February 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 Third Quarter and Nine months ended December 31, 2023.<\/p>\n

Q3 FY24 Key Financials at a Glance:<\/strong><\/p>\n

\u2013 Total Income was \u20b9235 Million, up 15% YoY and down 27% QoQ<\/p>\n

\u2013 YoY growth was driven by volume uptick given strong demand in existing product categories, especially infant wear, along with contribution from newer initiatives like DOREME x Disney and EBOs<\/p>\n

\u2013 QoQ drop was primarily due to strong Q2 when distributors pile up inventory for winter wear.<\/p>\n

\u2013 EBITDA margin stood at 23%, up 732 bps YoY and down 44 bps QoQ<\/p>\n

\u2013 YoY improvement was primarily due to the normalization of raw material prices, which were impacting margins during Q3FY23<\/p>\n

\u2013 PAT margin stood at 8%; up 455 bps YoY and down 299 bps QoQ<\/p>\n

Outlook<\/p>\n

\u2013 Expect to see robust demand for summer wear in Q4FY24, primarily driven by product enhancements in the infant wear vertical and the launch of new designs under the DOREME x Disney brand.<\/p>\n

\u2013 EBITDA margin to be in the range of 23% \u2013 25% for FY24.<\/p>\n

Commenting on the Company\u2019s performance, Mr. Santosh Ladha, Managing Director of the Company, said, \u201cI am pleased to share that we had a good quarter given the significant improvement in margins as compared to the same quarter last year. On a YoY basis, revenue growth was primarily driven by product enhancements made in the infant wear vertical, along with multiple launches under the DOREME x Disney brand. We expect these two reasons to drive our performance in Q4 as well. Moreover, with distributors generally piling up inventory for the upcoming summer season in the fourth quarter, we expect Q4 to be the best quarter of FY24.<\/p>\n

We plan to open three more Exclusive Brand Outlets in Kolkata in the current quarter. This would be in addition to the two EBOs that we opened a couple of months ago. We have been elated to see the response and expect a significant contribution from these stores in FY25.\u201d<\/p>\n

Business Highlights for 9MFY24<\/strong><\/p>\n

\u2013 Inauguration of two Exclusive Brand Outlets (EBOs)<\/p>\n

\u2013 Iris revealed its strategy to expand via EBOs after building a strong retail distribution network over the years and launching a D2C e-commerce website in FY23.<\/p>\n

\u2013 The Company opened its first store in Howrah in September, followed by another one in Star Mall, Kolkata, in October to fully take advantage of the ongoing festive season.<\/p>\n

\u2013 Multiple launches post signing the two license agreements with UTV Software Communications (Disney) to design apparel using Disney and Marvel characters.<\/p>\n

\u2013 Launched and dispatched the first batch of summer wear collection under the DOREME x Disney brand across India in April<\/p>\n

\u2013 Launched winter wear apparel in July.<\/p>\n

\u2013 Infants wear vertical<\/p>\n

\u2013 Iris has expanded the product categories in this segment by 1.5x<\/p>\n

\u2013 Built a robust B2B platform for wholesalers.<\/p>\n

\u2013 Widely accepted by all distributors, with most of the orders coming from the app<\/p>\n

\u2013 Expanding distribution network<\/p>\n

\u2013 Added 15+ new distributors across India.<\/p>\n

\u2013 Entered Nagaland and strengthened presence in Maharashtra, West Bengal, Tamil Nadu and Uttar Pradesh.<\/p>\n

If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Q3 FY24 Total Revenue at Rs. 235 Million; up 15% YoY Q3 FY24 EBITDA margin at 23%; up 732 bps YoY Howrah (West Bengal) [India], February 7: Iris Clothings Limited … Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":31086,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[448],"class_list":["post-31085","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business","entry"],"_links":{"self":[{"href":"https:\/\/financialtelegraph.in\/index.php\/wp-json\/wp\/v2\/posts\/31085","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialtelegraph.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialtelegraph.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialtelegraph.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/financialtelegraph.in\/index.php\/wp-json\/wp\/v2\/comments?post=31085"}],"version-history":[{"count":0,"href":"https:\/\/financialtelegraph.in\/index.php\/wp-json\/wp\/v2\/posts\/31085\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialtelegraph.in\/index.php\/wp-json\/wp\/v2\/media\/31086"}],"wp:attachment":[{"href":"https:\/\/financialtelegraph.in\/index.php\/wp-json\/wp\/v2\/media?parent=31085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialtelegraph.in\/index.php\/wp-json\/wp\/v2\/categories?post=31085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialtelegraph.in\/index.php\/wp-json\/wp\/v2\/tags?post=31085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}