Brands
Metro Brands reports steady performance in Q3 FY 2025
MUMBAI: Footwear retailer Metro Brands announced its standalone and consolidated financial results for the quarter ending 31 December 2024 which showcased robust growth, largely driven by the festive and wedding seasons.
The company recorded a standalone revenue of Rs 688 crore, reflecting a year-on-year sales growth of 10 per cent. The EBITDA margin stood at 32.6 per cent with a profit after tax (PAT) margin of 13.7 per cent. Notably, the PAT figure includes a one-time tax charge of Rs 25 crore resulting from the reconciliation and reassessment of tax liabilities, mainly related to the Fila business.
During the quarter, Metro Brands expanded its retail presence with the launch of its first Foot Locker store and a new kiosk for New Era, catering to an increasingly diverse customer base. The company also enlisted celebrities Triptii Dimri and Vijay Varma for its Metro Shoes line, alongside Shanaya Kapoor and Vedang Raina for Mochi, which bolstered brand visibility and contributed to growth.
Metro Brands liquidated its old Fila inventory during this period and is set to release a second drop of India-manufactured merchandise by mid-February 2025.
Over the nine months ended 31 December 2024, the company opened 61 new stores while closing four bringing total net new openings below the initial guidance of 100 for the year. However, the company remains committed to its overall target of establishing 225 new stores by FY 2026.
Said CEO Nissan Joseph: “The third quarter of FY 2025 reflects steady progress for Metro Brands as we build on the momentum of the festive season. With an 18 per cent increase in PBT and a 13 per cent rise in EBITDA, our focus on operational rigor is yielding results. The successful launch of the Foot Locker store and New Era kiosk, along with our celebrity partnerships, have enhanced our brand visibility and customer engagement. We are optimistic about our initiatives and remain dedicated to delivering value for our customers and stakeholders as we approach the final quarter of the year.”
Brands
Kedar Apte exits Mahindra as EV charging head
Senior vice-president steps down as EV infra push gathers pace
MUMBAI: Kedar Apte has stepped down from Mahindra Group, where he served as senior vice-president and head of EV charging infrastructure, marking another leadership shift as the company accelerates its electric mobility ambitions.
Apte’s departure brings to a close a two-year stint that saw him move across diverse parts of the business, from tractors to charging grids. He joined Mahindra in 2023 to oversee international operations for its farm equipment division, with full profit and loss responsibility.
A year later, he was handed the reins of the group’s EV charging infrastructure business, a role that sits at the heart of Mahindra’s plans to plug into India’s fast-growing electric vehicle ecosystem. His exit comes at a time when automakers are doubling down on charging networks, widely seen as a key hurdle in driving mass EV adoption.
Reflecting on his tenure, Apte said, “My last three years with Mahindra have been super busy and enriching. From managing farm international business to setting up EV charging, there has never been a dull day.
As I close this chapter of my career next week, I take back a lot of learnings, cherished friendships and tons of great memories.
Thanks to all the leaders for their guidance and support and to all my colleagues for making this stint worthwhile. I start an exciting chapter of my career next week and I can’t wait for the adventure to start.”
Before Mahindra, Apte was chief marketing officer at Jio-bp, a joint venture between Reliance Industries and bp, where he worked at the crossroads of traditional fuel retail and new-age mobility solutions.
Earlier, he spent nearly a decade at Castrol, holding senior roles across marketing and sales, including chief marketing officer for India and the subcontinent, and sales director for markets spanning the Middle East, Pakistan and Egypt.
He began his career at Hindustan Unilever, spending close to ten years rising through the sales ranks, eventually managing a regional business with revenues exceeding Rs 3,000 crore.
While Mahindra has not yet announced a successor, Apte’s exit comes at a pivotal moment, as the race to build reliable charging infrastructure gathers speed and competition in the EV lane intensifies.
