Wakefit doubles profit sequentially in Q3; names Parul Gupta as CFO

Omnichannel mattress and furniture player Wakefit doubled its profit sequentially to Rs 32 crore in the December quarter, sending its shares 7.8% up on NSE, the company shared in an exchange filing on Tuesday.

In its first quarterly disclosure since its public debut in December last year, the company announced an operating revenue of Rs 421 crore in the third quarter, a growth of 9% from Rs 385 crore it clocked in the corresponding quarter of last year. During the same period, the company turned around its bottom line with a profit of Rs 31.8 crore against a loss of 2.4 crore last year.

On a sequential basis, the company saw its topline grow 11% from Rs 376 crore, and profits doubled from Rs 15.9 crore in the September quarter. The company has been sharpening its focus on high-volume, small-ticket categories like curtains and tabletop décor to build customer trust and funnel shoppers toward larger furniture purchases. Looking ahead, the company is also betting on experiential retail to sustain this momentum.

In a separate filing, the company also announced the appointment of ex-Myntra exec Parul Gupta as its new chief financial officer, effective February 10.

Shares of the Ankit Garg-led company were trading at Rs 200.2 apiece on the NSE, trading comfortably above its IPO issue price of Rs 195. The public listing in December valued the company at approximately Rs 5,905 crore and delivered substantial returns to early backersincluding investors like Peak XV and Verlinvest.