Dolly Khanna portfolio stock rallies 12% after Q4 net profit zooms 56% to ₹20 Cr and dividend declaration of ₹20
1 min read 30 May 2023, 07:36 PM ISTMonte Carlo Fashions opened today at ₹753.45 apiece and went on to hit an intraday high of ₹881.95 representing a gain of 17%.
PremiumMonte 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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