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Business News/ Markets / Stock Markets/  Dolly Khanna portfolio stock rallies 12% after Q4 net profit zooms 56% to 20 Cr and dividend declaration of 20

Monte Carlo Fashions opened today at 753.45 apiece and went on to hit an intraday high of 881.95 representing a gain of 17%, later on during the closing session the stock recorded higher volumes of 68,424 shares triggering the stock to close at 829.25 on BSE with an upside gap of 11.55%.

The Board of Directors have “Recommended a final dividend of 20/-(Rupees Twenty Only) per Equity Share (i.e. 200%) having Face Value of 10/- (Rupees Ten Only) each for the Financial Year 2022-2023. The Final Dividend will be paid after approval of the Shareholders at the ensuing Annual General Meeting of the Company," said Monte Carlo Fashions in a stock exchange filing.

The company's revenue from operations for the January–March quarter totalled 236.7 crore, up 45.7% from 162.4 crore in the same quarter last year. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) for the firm grew by 43.1% to 32.3 crore. In comparison to the same period the previous year, the quarter's total income was 244.4 crore as opposed to 170.5 crore. Its net profit for Q4FY23 was 20.03 Cr, growing 56% year on year from 12.85 Cr in Q4FY22.

Monte Carlo exceeded its goal for the year of 40 to 45 exclusive brand outlets by opening a total of 47. The total number of exclusive brand stores was 356 as of March 2023. The firm announced its financial results along with the news that it will seek shareholders' permission to raise the borrowing limit from its current level of Rs. 500 crore to Rs. 1,000 crore.

During Q4FY23, the company reported promoters shareholding of 73.17%, FIIs stake of 1.40%, DIIs stake of 0.68% and public stake of 24.76%. As per the shareholding pattern of Monte Carlo Fashions for January to March 2023 quarter, ace investor Dolly Khanna held fully paid up equity shares of 4,36,580 or 2.11% stake in the company.

Commenting on the outlook of the stock post its results, A R Ramachandran, Co-founder & Trainer-Tips2trades said "Below average Q4FY23 results along with the stock price being technically overbought is a perfect opportunity for investors to book profits at current levels in Monte Carlo Fashions. A daily close below support of 765 could lead to a target of 685 in the near term."

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Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Updated: 30 May 2023, 07:36 PM IST
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