Shares of this small-cap stock engaged in the ‘textile & apparel’ industry dipped up to 12 percent after releasing underperforming results during the quarter ended June 2023. The company has a market capitalization of Rs 1,700 crores.
The stocks of Monte Carlo Fashions Limited started their Tuesday’s trading session at Rs 849 and currently trade at Rs 815. The company’s scrip watched an intra-day low of Rs 793.35 which indicates a dip of around 12 percent as compared to the previous closing levels of Rs 899.35 apiece.
Such sharp movements in the stock prices are witnessed after the company, in a BSE filing dated 7th August 2023, announced the financial results for the quarter ending June 2023, i.e., Q1FY23-24.
The company, on a QoQ basis, reported reduction in the operating revenues from Rs 237 crores during Q4FY22-23 to Rs 139 crores during Q1FY23-24. Moreover, the bottom line numbers transitioned from profits of Rs 20 crores to a loss of Rs 12 crores during the same time period.
Comparing Q1FY22-23 and Q1FY23-24, the operating revenues and after-tax profits moved in opposing directions with the former showing an increase from Rs 113 crores to Rs 139 crores, and, the latter magnifying losses by 300 percent, i.e., from Rs 4 crores to Rs 12 crores.
Well-known Ace Investor Ms. Dolly Khanna took entry into the stock in December 2021 and, as per the June 2023 quarter, she holds 4,90,080 equity shares of the company which equates to a 2.36 percent stake. Currently, the holding value of her investments stands at approximately Rs 40 crores.
As per the shareholding data available for the June 2023 quarter, the company’s Promoters hold a 73.17 percent stake, and the Foreign Institutional Investors (FIIs) hold a 1.23 percent stake in the company.
Monte Carlo Fashions Limited is involved in the process of manufacturing as well as trading textile garments & clothing accessories. The company offers a wide range of products comprising cotton and cotton-blended apparel, knitted and woven woolen apparel, kids wear, and home furnishing as well. It generates a majority of its revenue from domestic product sales in India.
Written by Amit Madnani
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
