ETHOS LIMITED — Earnings Release 2024

Nov 15, 2023

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Ref. no. : Ethos/Secretarial/2023-24/77

Dated: November 15, 2023

BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001

National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra, Mumbai - 400 051

Scrip Code : 543532

Trading symbol : ETHOSLTD

ISIN : INE04TZ01018

Subject : Press Release on the Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2023 along with key highlights

Dear Sir/Ma’am

Greetings from Ethos.

Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, we are enclosing herewith the press release on the Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2023 along with key highlights, being issued by the Company for the information of our valued investors.

We would request you to please take the same in your records and oblige.

Thanking you

Yours truly For Ethos Limited

Anil Digitally signed by Anil Kumar Kumar Date: 2023.11.15 12:53:44 +05'30'

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Anil Kumar Company Secretary & Compliance Officer Membership no. F8023

Encl.: as above

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PRESS RELEASE

Revenue grows 32.4% YoY to Rs. 235.2 crore, EBITDA margin at 17.3%, PBT grows 36.8% YoY to Rs. 24.9 crore. PAT grows to Rs. 18.6 crores in Q2 FY24 v/s Rs. 13.6 crore in Q2 FY23

Revenue grows 32.4% YoY to Rs. 465.2 crore, EBITDA margin at 16.9%, PBT grows 39.8% YoY to Rs. 49.2 crore. PAT grows to Rs. 36.7 crores in H1 FY24 v/s Rs. 26.4 crore in H1 FY23

New Delhi, November 15, 2023: Ethos Limited, India’s largest chain of luxury watch bou�ques with 60 stores in India across 23 ci�es, and over 60 premium luxury watch brands, announced its financial results on November 14, 2023, for the quarter and half yearly ended September 30, 2023.

Key Financial Highlights – Q2 FY24

• Revenue of Rs. 235.2 crore with 32.4% YoY growth

• EBITDA of Rs. 41.5 crore with EBITDA margin of 17.3%

• PBT grows 36.8% YoY to Rs. 24.9 crore.

• PAT grows to Rs. 18.6 crores in Q2FY24 vs Rs. 13.6 crore in Q2FY23

• Company con�nued to show excellent growth on quarterly EBITDA & PAT in Q2FY24 on the back of robust demand and focused marke�ng ini�a�ves

• Higher share of in-house brand sales con�nue to aid margin expansion

• EBITDA margin con�nues to expand on the back of cost op�miza�on ini�a�ves and opera�ng leverage

Key Financial Highlights – H1 FY24

• Revenue of Rs. 465.2 crore with 32.4% YoY growth

• EBITDA of Rs. 80.1 crore with EBITDA margin of 16.9%

• PBT grows 39.8% YoY to Rs. 49.2 crore.

• PAT grows to Rs. 36.7 crores in H1 FY24 vs Rs. 26.4 crore in H1 FY23

• Company recorded its highest ever EBITDA & PAT in H1 FY24 on the back of robust demand and focused marke�ng ini�a�ves

• Higher share of in-house brand sales con�nue to aid margin expansion

• EBITDA margin con�nues to expand on the back of cost op�miza�on ini�a�ves and opera�ng leverage

Management Comment

substan�al growth, both in terms of revenue and profitability. Our unwavering commitment to genera�ng value for our diverse stakeholders is underpinned by a steadfast confidence in the robustness of the Indian economy - as we strategically diversify our por�olio with leading global brands and bring them closer to the Indian market."

Key Highlights – New Brand Partnerships: ULYSSE NARDIN

ETHOS proudly announces its exclusive retail partnership with ULYSSE NARDIN one of the best-known Swiss watch brands in the high luxury segment. One of its many famous crea�ons, the “Freak”, a unique �mepiece that tells �me without a dial, or hands, won the award for the most “ICONIC” watch in the recently held Grand Prix D'Horlogerie de Genève, in Switzerland. ULYSSE NARDIN is also well-known in India where it has been present for nearly two decades – and has now decided to work exclusively with ETHOS to strengthen its presence in the rapidly growing Indian market.

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Key Highlights – Other Brand Partnerships

Ethos Limited continues to expand its portfolio with other new premium watch brands too and has also entered into partnerships with innovative Swiss brands namely, Nivada Grenchen, Gerald Charles and Chronoswiss.

Geographic Expansion and New Boutiques Addition

During the quarter, Ethos Limited opened one more boutique in New Delhi. With this, Ethos Limited now operates 60 watch boutiques, across 23 Indian cities.

RIMOWA

Ethos Limited has also announced the opening of RIMOWA’s first boutique in India on October 31, 2023. RIMOWA is a German luxury luggage manufacturer, part of the LVMH Group, known for its high-quality, durable suitcases with a distinctive ribbed design, favored by celebrities and frequent travelers. The new RIMOWA boutique boats a prime location, situated at Jio World Plaza, a leading high-end shopping destination in Bandra Kurla Complex, Mumbai.

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About Ethos Limited (BSE: 543532; NSE: ETHOSLTD)

Ethos Limited is one of India’s largest luxury and premium watch retailers, founded in the year 2003 and publicly listed on BSE Limited and the National Stock Exchange of India Limited since May 30, 2022.

For more information, contact:

Rasshe Goswami Head - Marketing & Communications Ethos Limited rasshe.goswami@ethoswatches.com