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Footwear maker RedTape Ltd on Wednesday (April 8) said it has acquired the international sports footwear brand SPRANDI for India, Nepal, Bhutan, and Sri Lanka.
SPRANDI is a globally-recognised brand with strong sales volumes in international markets, including China, Russia, the Middle East, and CIS countries.
RedTape said it plans to launch SPRANDI in the Indian market soon through both online and retail stores, targeting large sales volumes.
Also Read: Redtape shares fall 7% after promoters clarify
on reports of stake monetisation plans
Third quarter results
The company reported a net profit of ₹104.5 crore, up 43.2% from the previous year's ₹73 crore. Its revenue was up 19% at ₹786.5 crore compared to ₹661 crore in the previous year.
RedTape's earnings before interest, tax, depreciation and amortisation (EBITDA) increased 36% to ₹170.6 crore from ₹125.5 crore in the third quarter of the previous fiscal. Its margin expanded to 21.7% from 19% in the year-ago period.
Shares of RedTape Ltd ended at ₹121.35, up by ₹7.50, or 6.59%, on the BSE today, April 8.
Also Read: RedTape Q2 Results: Revenue up 18%, profit rises despite margin dip
