The shares of this micro-cap apparel manufacturer hit a 5% upper circuit after the company reported a remarkable net growth of 1290% year-over-year .
On Friday’s trade, Lorenzini Apparels Ltd shares hit 5% upper circuit to an all time high of ₹431.05 per share.The company has a market capitalization of ₹437 crores.
On a standalone basis, Lorenzini Apparels Ltd reported a increase of net profit of 1290 percent year on year from ₹0.17 crores in Q3FY23 to ₹2.37 crores in Q3FY24, Similarly, during the same time frame, revenue increased by 18 percent from ₹12.20 crores to ₹14.39 crores.
In comparison to the previous quarter, operational revenue has fallen by 22 percent from ₹18.49 crores in Q2FY24 to ₹14.39 crores in Q3FY24, Further net profit has increased by 27 percent from ₹1.86 crores to ₹2.37 crores. The company reported in its exchange filing.
Lorenzini Apparels Ltd manufactures, designs, and markets ready-made garments.The company is in the business of manufacturing, designing and marketing of ready-made garments offering a range of formal, semi formal and casual wear for men and women.
The company’ markets its products under the brand name “Monteil” through exclusive stores /outlets and through e-commerce platforms.In FY23,The company received 99% revenue from Sale of Goods and 1% from other sources of Income.
Lorenzini Apparels Ltd shares gained a multibagger return of 113% in the last six months and 255% return in a year.For example, a shareholder investment of ₹ 1 Lakh in the company a year ago,would be worth ₹3.55 lakhs.
As of December quarter shareholding,the company promoter holds 62.91% stake,while retail investors hold 37.1% stake in the company.
Written by Omkar Chitnis
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