Stocks in this clothing and textiles company hit the top 20% circuit – find out what’s driving the stock
Amid an eight-fold jump in second quarter earnings, shares of Monte Carlo Fashions hit a 20 percent higher circuit above Rs 523.05 per share, furthermore it has a new high 52-week BSE intraday trade on Thursday.
The textile garment manufacturing and marketing company reported a strong set of earnings in the July-September quarter for fiscal year 2021-2022. In this, the company’s net profit rose to Rs 33.91 crore at T2FY22 from Rs 4.43 crore in the same quarter a year ago.
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Likewise, the company’s revenue more than doubled to Rs 238 crore in the second quarter of this fiscal year, from Rs 98.25 crore in a quarter a year ago. While its EBITDA margin improved 686 basis points to 22.1 percent from 15.2 percent in the prior quarter of FY21.
Monte Carlo saw strong volume growth in the quarter, mainly driven by the theme of unlocking, as the reduction in COVID 19 cases was observed. In addition, lockdown restrictions have also been revoked in the majority of the country and the world.
Monte Carlo is a leading branded clothing company with a full line of wool, cotton, cotton blend, knitted and woven clothing for men, women and children.
It strengthened its retail presence in India with the opening of 12 new EBOs during the quarter and reached the 300 EBO milestone in 20 states and 4 Union Territories in India, according to results filed on Scholarships.
During the mid-market, 679,000 combined shares changed hands, in addition to pending buy orders for 118,000 shares on the NSE and BSE. In comparison, BSE Sensex is trading negatively, down 0.91%. The share reached an all-time high of Rs 664 per share on January 10, 2018.