Monte Carlos shares hit new 52-week high for 2nd day in row, stock up 34% - know whats driving the scrip

Hitting a new 52-week high for the second straight session on Friday, the shares of Monte Carlo Fashions Ltd has jumped around 12 per cent to Rs 584.2 per share on the BSE intraday trade. The stock in the last two sessions gained 34 per cent amid strong Q2 results reported on Wednesday. 

The manufacturing and trading textile garments company has reported an eight-fold jump in profit to Rs 33.91 crore during the July-September quarter for the financial year 2021-22. In comparison, the company reported Rs 4.43 crore in the same quarter a year-ago period.  

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While Monte Carlo’s revenue surged more than doubled to Rs 238 crore in the second-quarter of FY22 as compared to Rs 98.25 crore in a year-ago quarter. And, its EBITDA margin improved 686 basis points to 22.1 per cent from 15.2 per cent in the previous quarter of FY21.  

The company has recorded strong volume growth during the quarter, mainly on the back of unlocking theme as the reduction in the COVID 19 cases were seen. Besides, lockdown restrictions were also revoked in the majority of the country and globe.  

The stock has jumped over 200 per cent in the last one year from Rs 193.5 per share as compared to new 52-week high of Rs 584 per share on the BSE. At around 03:54 pm, it is trading over 4 per cent higher to Rs 546.5 per share as compared to 1.29 per cent rise in the S&P BSE Sensex. 

Monte Carlo is a leading branded apparel company with a comprehensive range of woolens, cotton, cotton blended, knitted, and woven apparel for Men, Women, and Kids.  

It has strengthened its retail presence in India with the opening of 12 new EBO’s during the quarter and has achieved a milestone of 300 EBO’s across 20 states and 4 union territories in India, as per the results filing on the exchanges.