Profit margins of Indian fashion retailers to decline in FY 2024: ICRADespite an estimated 13 percent YoY revenue growth in fiscal 2023-24 (FY2024), fashion retailers in India are expected to see their profit margins decline. According to ICRA, 11 listed retail entities accounting for 23 percent of the industry will experience a profit margin reduction of close to 120 basis points, landing at around 5.2 percent in FY2024.