Credo Brands Marketing Limited · NSE:MUFTI
Credo Brands Marketing — Q4 FY25 Earnings Presentation
43 slides from Credo Brands Marketing's earnings presentation, May 23, 2025
Slide 1: Cover letter to stock exchanges
------------------------------------------------------------------------------------------------------------------ May 22, 2025 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G Dalal Street, Bandra Kurla Complex Mumbai – 400 001 Bandra (E),
Slide 2: Credo Brands Marketing Limited Investor Presentation
Credo Brands Marketing Limited Investor Presentation May’25
Slide 3: Safe Harbor
Safe Harbor This presentation has been prepared by and is the sole responsibility of Credo Brands Marketing Limited (the “Company”). By accessing this presentation, you are agreeing to be bound by the trailing restrictions. This presentation does not constitute or form part of any offer or invitatio
Slide 4: Q4 & FY25 Financial Highlights
Q4 & FY25 Financial Highlights
Slide 5: MD's Comments
MD’s Comments Commenting on the Result, Mr. Kamal Khushlani, Chairman & MD, Credo Brands Marketing Limited said “In FY25, our focus was on achieving sustainable growth without compromising profitability—and we’re pleased to have met that goal. Even in a subdued market environment, particularly withi
Slide 6: Q4 FY25 Operational & Financial Performance
Q4 FY25 Operational & Financial Performance Rs. 153.2 crores 15% -5.2%* 6 Revenue from Operations Same Store Sales Growth No. of EBOs added during the quarter ^ Rs. 82.8 crores 11% 54.0% (-190 bps YoY) Gross Profit Gross Profit Margin Product Mix (Q4 FY25) Sales Mix (Q4 FY25) 0.2% 4.0% 4.5% 6.2% 4.1
Slide 7: FY25 Operational & Financial Performance
FY25 Operational & Financial Performance Rs. 618.2 crores 9% 1.8%* 16 Revenue from Operations Same Store Sales Growth No. of EBOs added during the year (FY25)^ Rs. 353.9 crores 9% 57.2% (-30 bps YoY) Gross Profit Gross Profit Margin Product Mix (FY25) Sales Mix (FY25) 5.7% 4.1% 2.9% 11.4% Rs. 179.8
Slide 8: Cash Flow & Balance Sheet
Cash Flow & Balance Sheet Working Capital (in Days) Cash Flow from Operations (Rs. Crs.) Inventory Debtors Creditors Post IND AS 116 166 156 184 133 166 112 118 140 77 66 67 23 28 16 Mar-24 Dec-24 Mar-25 56 Return on Capital Employed^ Return on Equity^ (RoCE) (RoE) Mar-24 Dec-24 Mar-25 18.9% 18.2% R
Slide 9: Key Focus Areas Of The Company
Key Focus Areas Of The Company GP Margin (%) 1 ✓ Consistent Gross Margin despite tough demand scenario Consistent Gross Profit (GP) ✓ Consistently, GP Margins have remained above 57% 56.9% 57.5% 57.5% 57.2% Margins ✓ No material inventory write-offs historically, all products including leftovers hav
Slide 10: Deepening Premiumization
Deepening Premiumization 1 2 Digital campaigns through Meta & Re-inventing our Retail Identity Google ✓ Utilizing leading online platforms—Google and Meta ✓ Upgrading several of the Company’s flagship stores ✓ To attract new customers, drive traffic, and improve conversion ✓ To better reflect the pr
Slide 11: Profit & Loss Statement
Profit & Loss Statement Profit & Loss (in Rs. Crore) Q4 FY25 Q4 FY24 YoY FY25 FY24 YoY Total Revenue 153.2 133.1 15% 618.2 567.3 9% Cost of Materials Consumed 3.8 2.9 15.2 16.8 Purchase of Stock in Trade 62.3 61.0 227.2 236.4 Changes in Inventory 4.4 -5.2 21.9 -11.8 Cost of Materials Consumed 70.5 5
Slide 12: Balance Sheet
Balance Sheet Assets (Rs. In crore) Mar’25 Mar'24 Equity & Liabilities (Rs. in crore) Mar’25 Mar'24 Property Plant & Equipment 74.5 77.2 Share Capital 13.1 12.9 Capital Work in Progress 0.7 0.8 Other Equity 397.1 328.8 Right of Use Asset 214.5 201.5 Total Equity 410.2 341.7 Investment Property 1.6 1
Slide 13: Cash Flow Statement
Cash Flow Statement Particulars (Rs. in crore) FY25 FY24 Net Profit Before Tax 91.8 78.9 Adjustments for: Non-Cash Items / Other Investment or Financial Items 89.3 83.1 Operating profit before working capital changes 181.1 162.0 Changes in working capital 10.2 -81.2 Cash generated from Operations 19
Slide 14: 'Mufti' – Redefining Menswear
‘Mufti’ – Redefining Menswear Creative, Bold and Expressive Clothing for the Contemporary Indian Man Diverse products range under the mid- Strong brand recall amongst customers with a Focus on expressiveness and boldness in our premium to premium price range of clothing database of over 2 million cu
Slide 15: MUFTI is a Brand, Redefining Menswear
MUFTI is a Brand, Redefining Menswear Building Loyalty through our values, aesthetics, and product quality We are Unique, Creative and Expressive MUFTI goes beyond being MUFTI’s Merchandise Lifecycle Flow ✓ The company offers all fresh just a brand; it is a lifestyle. It merchandise every season emb
Slide 16: Our Journey
Our Journey ✓ Reinvented the Brand Company listed ✓ Opened 200th Store Philosophy and launched new on BSE and NSE logo ✓ Awarded the title of Badshah- e-Hind - Esteemed King of ✓ Opened 300th Store India at GlamMe Awards ✓ Received Retailer of the Year ✓ Awarded Most Admired RMG (Fashion & Lifestyle
Slide 17: Reinvented Brand Identity
Reinvented Brand Identity THE STORY OF OUR LOGO Signifying and reiterating our status as a home-grown brand of Indian origin Coherent merchandise display at stores to communicate our lifestyle thought to the end consumer 16
Slide 18: Reinvented Merchandise Architecture
Reinvented Merchandise Architecture AUTHENTIC RELAXED URBAN ATHLEISURE Daily Casuals Holiday Casuals Party-Wear Lounge-Wear Increasing our share of customer’s wallet by providing designs suited for specific occasions in our customer’s life 17
Slide 19: Reinvented Retail Identity
Reinvented Retail Identity 18
Slide 20: Company Differentiators
COMPANY DIFFERENTIATORS
Slide 21: Company Differentiators
Company Differentiators 1 2 3 Multi-channel, Pan-India Distribution Wide Range of Products for Multiple Strong Brand Equity with Presence Extending from Major Metros to Tier- Occasions in our Consumer’s Life Across Categories 3 Cities 4 5 6 EBOs Prime Distribution Driven Through Longstanding Channel
Slide 22: Wide Range of Products for Multiple Occasions
1. Wide Range of Products for Multiple Occasions Focus on creativity, expressiveness and boldness in designs to provide a youthful appearance Shirts (1) T-shirts (1) Bottomwear Outerwear Among brands offering the most balanced mix of products across Topwear, Bottomwear and Outerwear* Note: (1) Shirt
Slide 23: Strong Brand Equity with Presence Across Categories
2. Strong Brand Equity with Presence Across Categories Recognized brand with 25 years of presence Prominent focus on casual wear in the mid-premium to premium price range in India Share of Men’s Casual Led Western Wear Players in Denim Led Casual Led the Mid Price+ Branded Market – FY2022 3.81% 1.72
Slide 24: Multi-channel having Pan-India Distribution
3. Multi-channel having Pan-India Distribution Retail Touchpoints Sales Mix (FY25) 123 1,800+ 275 4.1% 13 11.4% EBOs Cities Present 4.1% MBO LFS 572 90 55.4% Online 111 25.0% Others 406 233 EBO – Cities Present 19 30 49 247 183 Diversified Presence Across High Streets, Malls & Airports 6 Geographies
Slide 25: EBOs Offering Holistic In-Store Brand Experience
4. EBOs Offering Holistic In-Store Brand Experience and Enhancing Brand Visibility… Avg. Cost of Capex per EBO Avg. Revenue per EBO (Rs. Lakhs) (Rs. Lakhs) +20% 28.5 28.1 30.1 75.8 78.0 25.6 55.1 44.8 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Avg. Revenue per product Avg. ticket value per bill for sol
Slide 26: Evenly spread PAN-India EBO network
… with an evenly spread PAN-India network 441 EBO’s in 247 cities; evenly spread pan-India EBO network Geography Wise Tier Wise Location Wise South Top 2* 11% 11% North Tier 3 28% Next 6** Malls 28% East 12% 32% 15% 16% Tier 1 1% 67% Airports 20% Central 26% 34% West HighStreets Tier 2 As of Mar 31,
Slide 27: Scalable and Asset Light Business Model
5. Scalable and Asset Light Business Model Scalable Asset Light Healthy mix of owned and franchisee EBO stores (1) Retailing Added 135 EBOs in last 4 years 52 52 115 148 COCO COFO 15 16 Store roll-out Sustainable FOFO growth FY22 FY23 FY24 FY25 178 Manufacturing Increase or decrease supply based Kee
Slide 28: Driven Through Longstanding Relationships with Partners
6. Driven Through Longstanding Relationships with Partners Sourcing Partners Manufacturing Partners Franchisee Partners Over 50 52% Fabric and accessories suppliers Over 50 of franchisees associated with Mufti Manufacturing Partners for over 5 years Over 10 years Average association of Top-5 supplie
Slide 29: Systems Driven Processes and Analytical Capabilities
7. Systems Driven Processes and Analytical Capabilities Enable Data Based Decision-making Strong In-house Design Competencies To Deliver Innovative And High-quality Products Product Design Procurement Manufacturing Tech-enabled Inventory Business Intelligence Tool Management System ✓ Experienced in-
Slide 30: Financially Stable Business Model With History of Profitable Growth
8. Financially Stable Business Model With Demonstrated History of Profitable Growth … and tight operational control leading to Demonstrated growth in Revenues.. .. with expansion in gross margins high EBITDA margin 56.9% 57.5% 57.5% 57.2% 27.9% 32.9% 28.3% 29.1% +22% +22% +24% 567 618 326 354 164 16
Slide 31: Experienced Board of Directors
9. Experienced Board of Directors… • Undergraduate degree in mechanical engineering (IIT Delhi), PGDM (IIM Bangalore), Mr. Kamal Khushlani Mrs. Poonam Khushlani Executive Doctor of PROMOTER, CHAIRMAN AND PROMOTER AND WHOLE TIME Management (Case Western MANAGING DIRECTOR DIRECTOR Reserve University)
Slide 32: Proficient Team Committed to the Brand's Philosophy
…with a Proficient Team Committed to the Brand’s Philosophy Mr. Kamal Khushlani Mrs. Poonam Khushlani Promoter, Chairman & Managing Director Promoter & Whole Time Director Right from Company Inception Right from Company Inception Experience > 30 years Experience > 25 years Mr. Rasik Mittal Mr. Sanja
Slide 33: Prestigious Awards Received by the Company
Prestigious Awards Received by the Company 32
Slide 34: Growth Drivers
GROWTH DRIVERS
Slide 35: Key Growth Strategies
KEY GROWTH STRATEGIES Expand domestic store ✓ Identified several markets as having potential for opening further EBOs network in existing and new ✓ Leverage existing store network and knowledge to tap this growth opportunity cities ✓ Offers the potential for market share gains, increased brand recog
Slide 36: Industry Overview
INDUSTRY OVERVIEW
Slide 37: Organized Market Share to Reach ~60% by FY'27 for Men's Apparel
Organized Market Share to Reach ~60% by FY’27 for Men’s Apparel Branded apparel and organized apparel retail as a share of Growing middle class apparel market (Rs Bn) x% CAGR Hou seh old s b y An n u al E arn in gs [# mn ], % of total h ou seh old s <US$ 5K US$ 5 -10K US$ 10-50 K >US$ 50K Branded Ap
Slide 38: India's Predisposition Towards Casual Wear has Grown Exponentially
India’s Predisposition Towards Casual Wear has Grown Exponentially One of the youngest populations globally Causal (1) and formal led play in total men’s western wear market Med ian Age CY202 2 Age Dep en d en cy Ratio (3) Casual Led Play Formal Led Play In Rs Bn 38.4 38.5 64% 59% 54% 3,702 28.7 42%
Slide 39: Historical Financials
HISTORICAL FINANCIALS
Slide 40: Historical Profit & Loss Statement
Historical Profit & Loss Statement Profit & Loss (Rs. In crore) FY25 FY24 FY23 FY22 Revenue from Operations 618.2 567.3 498.2 341.2 Raw Material Cost 264.3 241.3 211.9 147.1 Gross Profit 353.9 326.1 286.2 194.1 Gross Profit Margin 57.2% 57.5% 57.5% 56.9% Employee Cost 32.1 31.6 26.8 29.2 Other Expen
Slide 41: Historical Balance Sheet
Historical Balance Sheet Assets (Rs. In crore) Mar-25 Mar-24 Mar-23 Mar-22 Equity & Liabilities (Rs. in crore) Mar-25 Mar-24 Mar-23 Mar-22 Property Plant & Equipment 74.5 77.2 61.5 40.3 Share Capital 13.1 12.9 3.2 3.2 Capital Work in Progress 0.7 0.8 0.2 0.6 Other Equity 397.1 328.8 278.1 232.5 Righ
Slide 42: Historical Cash Flow Statement
Historical Cash Flow Statement Particulars (Rs. in crore) FY25 FY24 FY23 FY22 Net Profit Before Tax 91.8 78.9 103.8 47.8 Adjustments for: Non-Cash Items / Other Investment or Financial Items 89.3 83.1 64.0 60.8 Operating profit before working capital changes 181.1 162.0 167.8 108.7 Changes in workin
Slide 43: Thank You!
THANK YOU ! Company: Credo Brands Marketing Limited CIN: L18101MH1999PLC119669 Mr. Rasik Mittal – CFO investorrelations@mufti.in Investor Relations: Strategic Growth Advisors (SGA) CIN: U74140MH2010PTC204285 Mr. Deven Dhruva / Mr. Deep Hemani deven.dhruva@sgapl.net / deep.hemani@sgapl.net Tel: +91 9
Credo Brands Marketing — Q4 FY25 Earnings Presentation on 6ix