Latest news with #Ethos
Business Standard
a day ago
- Business
- Business Standard
ICRA reaffirms ratings of Ethos at 'A+' with 'stable' outlook
Ethos said that the credit rating agency ICRA has reaffirmed the company's long-term rating at '[ICRA] A+' with 'stable' outlook. ICRA stated that the rating reaffirmation factors in ICRAs expectations that Ethos will continue to maintain a satisfactory financial profile, led by a healthy YoY growth in its revenues and profit margins. Healthy demand in the luxury watches retail segment in India, increasing average selling prices, as well as the ongoing store network expansion augur well for the companys business prospects and are expected to strengthen the companys market position. Furthermore, the consistent increase in exclusive brand arrangements and growing traction in the new lifestyle vertical (Rimowa and Messika), along with the international expansion in Dubai will continue to support the companys margin profile. The companys credit metrics have remained comfortable with benefits accruing from the growing scale amid healthy demand from luxury and high-end luxury segments, regular fund raising and limited external debt on its books. ICRA expects Ethos credit metrics to remain healthy, led by strong liquidity position and benefits accruing from its retail network expansion. The rating continues to favourably factor in Ethos position as the largest organised luxury watch retailer in the country. The ratings are further supported by the expected pick-up in the performance of the parent company, KDDL Limited, over the medium term. The ratings, however, are constrained by the inherently working-capital intensive nature of the companys business. The company needs to maintain adequate inventory across various watch segments to maintain the brands standard of displaying products to its customers. Additionally, the company is exposed to forex fluctuation risk, as a substantial portion of its products is imported. Moreover, the company is exposed to competition from domestic players and international markets in the retail segment. Going forward, its ability to expand its store network while maintaining its margins and credit metrics will continue to remain a key monitorable. Ethos was incorporated in 2003 and is a material subsidiary of KDDL Limited. The company is involved in retailing luxury watches. It retails nearly 70 premium and luxury watch brands such as Omega, Jaeger LeCoultre, Panerai, Bvlgari, H. Moser & Cie, Rado, Longines, and Tissot. The company runs 73 retail stores across 26cities in India, including cities such as New Delhi, Mumbai, Bengaluru, Hyderabad, Chennai and Kolkata. The scrip fell 1.70% to currently trade at Rs 2840 on the BSE.
Business Standard
a day ago
- Business
- Business Standard
Ethos receives affirmation in credit ratings from ICRA
Ethos has received credit ratings from ICRA as under:Proposed working capital - ICRA A+; Stable (reaffirmed)Fund based limits -others (Rs 110 crore) - [ICRA A+; Stable (reaffirmed)Fixed Deposits (Rs 10 crore) - ICRA A+; Stable (reaffirmed)Long term -Unallocated limits (Rs 15 crore) - ICRA A+; Stable (reaffirmed)Powered by Capital Market - Live News
Fashion Network
21-05-2025
- Business
- Fashion Network
Messika partners with Ethos Ltd to open its first store in India
Messika, a French luxury jewellery brand has partnered with Ethos Ltd to enter the Indian market with the launch of its first store in the national capital, New Delhi. The store located at the Chanakya Mall spread across an area of 68 square meters will showcase the full spectrum of the brand's creations. The boutique showcases Messika's iconic signature Move collection, along with select high jewellery pieces, making their debut to the Indian market. With the opening of this boutique, Messika aims to further strengthen its partnership with Ethos to fuel its growth in the Indian market. Commenting on the launch, Valérie Messika, founder & artistic director of Maison Messika in a statement said, 'Making a debut in India has always been a dream of mine, and the fact that it aligns with the Maison's anniversary makes it all the more special, it truly feels like a dream come true.' Founded in Paris by Valérie Messika, daughter of diamond dealer André Messika, Messika is currently sold in more than 50 countries and has 400 points-of-sale worldwide.
Fashion Network
13-05-2025
- Business
- Fashion Network
Ethos Ltd Q4 net profit rises 8 percent to Rs 23 crore
Luxury watch retailer Ethos Ltd reported an 8 percent increase in net profit to Rs 23 crore ($2.8 million) for the fourth quarter ended March 31, as against Rs 21 crore in the year-ago quarter. The company's revenue rose 23 year-on-year to Rs 311 crore, as compared to Rs 252 in the corresponding quarter of the previous fiscal year. Total expenses for the quarter jumped 23 percent to Rs 286 crore, compared to Rs 233 crore posted in the corresponding quarter last year. For the full financial year, Ethos reported a net profit of Rs 96 crore on a revenue of Rs 1,252 crore. Founded in 2003, Ethos operates over 70 watch boutiques in 23 cities across India. It offers more than 70 premium watch brands, including Rolex, Tissot, Breitling, BVLGARI, Maserati, Corum, Hublot, Rado, Tag Heuer, Armin Strom among many others.
Business Standard
09-05-2025
- Business
- Business Standard
Ethos consolidated net profit rises 8.18% in the March 2025 quarter
Sales rise 23.29% to Rs 311.32 crore Net profit of Ethos rose 8.18% to Rs 22.75 crore in the quarter ended March 2025 as against Rs 21.03 crore during the previous quarter ended March 2024. Sales rose 23.29% to Rs 311.32 crore in the quarter ended March 2025 as against Rs 252.52 crore during the previous quarter ended March 2024. For the full year,net profit rose 15.61% to Rs 96.29 crore in the year ended March 2025 as against Rs 83.29 crore during the previous year ended March 2024. Sales rose 25.29% to Rs 1251.63 crore in the year ended March 2025 as against Rs 998.99 crore during the previous year ended March 2024. Particulars Quarter Ended Year Ended Mar. 2025 Mar. 2024 % Var. Mar. 2025 Mar. 2024 % Var. Sales 311.32252.52 23 1251.63998.99 25 OPM % 14.8614.25 - 15.0415.19 - PBDT 47.0840.46 16 193.07159.99 21 PBT 30.1527.74 9 130.07111.31 17 NP 22.7521.03 8 96.2983.29 16
