Ethos Watches crashes as investors book profit after stellar Q4 show

During the quarter, Ethos Limited opened 4 more stores in Indore, Bhopal, Ahmedabad and Siliguri respectively

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Ethos Watches’ share price declined over 10 percent on May 15, as investors rushed to book profits after a stellar Q4 show, said market participants.

The company‘s profit increased by 70.5 percent year-on-year (YoY) to Rs 13.3 crore, up from Rs 8 crore in the same period last year. Revenue from operations jumped 30.8 percent YoY to Rs 207.6 crore.

At 1 pm, the stock was quoting at Rs 1,270 on the NSE, lower by 9 percent from previous close. Trading volumes at 680,472 shares, were significantly higher than 20-day average volume of 123,617 shares. Ahead of Q4 results, in April, the stock rallied over 45 percent to Rs 1400.

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“Results from the last quarter have been extremely encouraging, with a boost in both revenue and profitability. The numbers reflect the growing appreciation towards the art of watchmaking and haute horology across the country,” Pranav Saboo, chief executive officer, Ethos Limited, said.

During the quarter, Ethos Limited opened 4 more stores in Indore, Bhopal, Ahmedabad and Siliguri respectively. The company has also opened two new boutiques in Surat and Bhubaneswar.

With this, Ethos Limited is now present in 22 cities across India with 56 stores.

The company’s margins have been in the 13-16 percent range over the last two years. In Q3, it was 15 percent while in Q4, it was 12 percent. Analysts said that it is unfair to compare the company’s numbers sequentially as October-December is a strong quarter due to festive season.

The luxury and premium watch retailer Ethos shares debuted at a 5.78 percent discount to the issue price in May 2022. The stock started at Rs 830, against issue price of Rs 878. It currently trades at trailing price-to-earnings ratio of 50x.