Monte Carlo shares hit new all-time high amid strong Q3 update; stock surges 8% intraday

Shares of Monte Carlo Fashions Limited touched a new all-time high of Rs 715 per share, after gaining almost 8 per cent on the BSE intraday trade on Wednesday. The surge is mainly on the back of strong Q3 business update, mainly in terms of revenue the company said in filing on Tuesday. 

Monte Carlo in filing on Tuesday said, “The company has surpassed its earlier guidance of 25 per cent growth in sales. There is an increase in year-to-date (YTD) sales by around 35 and 15 per cent as compared to YTD December 2020 (9 months) and YTD December 2019 (9 months) respectively.” 

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According to the company’s statement, the growth in sales is contributed by both volume growth and calibrated price increase. 

The third quarter (October-December) is the most critical for the company due to its strong positioning in the winter wear segment, the strong performance of 34 quarter will be the key contributor for the annual sales and profitability of the company, Monte Carlo further said. 

During Q3, the company has strategically enhanced its retail presence in India with the opening of 13 new EBO’s during Q3FY22. With this the total no. of EBO’s reach is around 318 across 20 states and 4 union territories. Besides, the company also has presence through MBO’s, NCS and over all the major online platforms like Amazon, Flipkart, Myntra, Jabong and Kapsons.  

“The rising trend in sales, visible since the Q2FY22 continues to gain further momentum in Q3FY22 as the company records the best-ever year to date sales on the back of bone-chilling winters, revenge shopping and an encouraging festive and wedding season,” Monte Carlo said in a release. 

Monte Carlo Fashions Limited is a well-known brand having a basket of diversified product which includes Woollen, Knitted, Cotton, Cotton Blended, Kids and Home Furnishing product.  

The stock in the last six months have surged over 110 per cent, as compared to over 13 per cent rise in the BSE Sensex during same period. At around 11:14 am, the stock is trading almost 2.5 per cent higher to Rs 680 per share on the BSE, as compared to 0.06 per cent fall in the BSE Sensex.