Share price of this mid-cap stock hit a 2% upper circuit on BSE to Rs. 6.07 in the trading session of Tuesday, after the company announced that the company is expanding and exploring business opportunities in the North East region.
With a market capitalisation of Rs. 60.93 crores, the company has delivered positive returns of about 38 percent in the last one year and nearly 31.4 percent in the last six months. So far in 2024, it has given around 20.2 percent of positive returns.
According to recent regulatory filings with the BSE, Garment Mantra Lifestyle Limited through their strategic tie-ups has identified distributors in the North East region, especially from Siliguri, Guwahati and Tinasukiya which are considered as major distribution points.
The model of the company is to work closely with the Retailers and provide direct market intelligence to the Distributor to improve product placement.
“Now the company will follow the international pattern, where the company can expand the market and connect with the customers to provide the pre-booked orders to distributors,” said the Chairman & Managing Director of Garment Mantra.
Both commission agents and wholesale clients will find immense benefit in this model, as they can leverage their customer base to expand their businesses based on the strength of the company’s products.
The most specific point is that all the quality products under the company’s umbrella will now be offered in the North-East part of India at the same price as in Tirupur.
In terms of financials, the company’s revenue from operations grew by nearly 18.5 percent from Rs. 28.16 crore in Q3 FY22-23 to Rs. 33.36 crore in Q3 FY23-24, accompanied by an increase in the net profit by 300 percent from Rs. 0.35 crore to Rs. 1.4 crore during the same period.
Garment Mantra Lifestyle Limited is focused on fulfilling the fashion and lifestyle aspirations of the Mass Indian Population and is engaged in the business of garment manufacturing and selling of both Knitted Fabrics as well as Knitted Garments.
Written by Shivani Singh
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