Ethos Q1 Results Review - Growth Story Remains Intact; Maintain Buy: Axis Securities

Axis Securities Report

Ethos Ltd. delivered robust results in Q1 FY25, with revenue standing at Rs 273 crore, reflecting ~19% YoY growth, and same store sales growth at 12.3%. Ebitda grew by ~28% YoY, while Ebitda margins improved by 109 bps to 15.8%, driven by an increased share of the exclusive brand portfolio (30%), strong growth in high-end watches (sales above Rs 2.5 lakh grew by 9.5% YoY), and strong operating leverage. profit after tax stood at Rs 23 crore, up 28% YoY, in line with Ebitda growth.

Key risks to our estimates and target price-

• Higher volatility in currency exchange rate (Swiss franc/Indian rupee),

• Slowdown in the luxury and premium segments, and

• Increase in the competitive intensity.

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