Shares of Metro Brands rallied 15 per cent to Rs 735 in intra-day trade on Monday as investors lauded the company’s strong earnings.
At 11:25 am, the stock was up 14.3 per cent at Rs 730, with over 80,000 shares changing hands over the counter on the BSE, as against the two-week average volume of around 16,000 shares. Meanwhile, the BSE Sensex was up 0.6 per cent at 57,904.
Last week, the stock gained 11 per cent as against a 2.6 per cent gain in the BSE benchmark index.
For the quarter ended June 2022, the footwear major reported a consolidated net profit of Rs 105.78 crore as against a net loss of Rs 12.13 crore for the quarter ended June 2021. Total income increased by 251 percent to Rs 517.23 crore from Rs 369.94 crore. during the same period.
BSE data shows Rekha Jhunjhunwala, wife of ace investor Rakesh Jhunjhunwala, is one of the largest individual shareholders of the company, holding 4.8 per cent stake at the end of June 2022 quarter.
Commenting on the company’s performance, Nissan Joseph, CEO, Metro Brands, said in a press release, “Q1 has been an excellent start to our new fiscal year as we set new records in revenue, EBITDA and PAT. The momentum that we saw in Q3 FY22 continued till Q4 and has now become our strongest quarter in our history of Metro Brands thanks to the strength of the operational model and the team at Metro Brands. shows efforts.”
Metro Brands conducted its first share sale in December 2021 and issued shares at Rs 500 per share. It is one of the largest Indian footwear specialty retailers. It has its own brands Metro, Cobbler, Walkway, Da Vinci and J. Fontini, and retails footwear under certain third party brands such as Crocs, Skechers, Clarks, Florsheim and FitFlops.
As of June 30, 2022, the company operated 644 stores in 147 cities spread across 30 states and union territories in India.