Iris Clothing Posts 20% YoY Growth In Q3 PAT; stock increases
Iris Clothing Ltd., a leading ready-made clothing company, released its results for the quarter ended December 2021, showing a decrease in its total revenue by 11% yoy to Rs 25.1 crore versus Rs 28.20 crore for the same year third quarter of fiscal 21 reported.
Reported EBITDA for the quarter ended December 2021 grew by 9.6% yoy to Rs.5.2 crore compared to Rs.4.8 crore in the same quarter last year.
The company’s PAT showed a 19.7% yoy growth at Rs.2.4 crore versus Rs.2 crore in the same quarter last year.
The PAT Margin for Q3FY22 was 9.5% vs. 7.1% in Q3FY21. While the EBITDA margin for the quarter under review was 20.9%, compared to 16.9% in the third quarter of fiscal 21, it increased 392 basis points.
“We are delighted to announce the launch of our vertical babywear, launched in January 2022. The accessories line of this vertical and sportswear is introduced by QIFY23. Our earnings for the quarter suffered as we held back from selling our merchandise due to the anticipated increase in GST rates by the Council. This has had an impact on all domestic apparel suppliers,” commented Santosh Ladha, the company’s Managing Director, on the company’s performance.
Iris Clothings is a fast growing ready-to-wear clothing company principally engaged in the design, manufacture, branding and sale of childrenswear garments under its DOREME brand name in India. The company supplies a wide range of affordable, high-quality clothing for infants, toddlers and preschoolers to meet both their indoor and outdoor needs. It has been in operation for over 17 years and continues to add new product lines by utilizing industry-leading technology throughout its value chain.
Iris clothing was last seen at Rs 200.90, up Rs 2.55 or 1.29% from the previous close of Rs 198.35.