Shares of this consumer retail stock plunged up to 5% percent on Thursday after the company posted disappointing bottom-line results for Q2FY24, i.e., for the quarter ended September 2023.
With a market capitalization of Rs 7,420.19 crores, the stocks of Shoppers Stop Limited started their trading session on Thursday at Rs 660 and currently trades at Rs 675. The scrip witnessed an intra-day low of Rs 653.85 exhibiting a fall of approximately 5 percent as compared to the previous closing levels of Rs 690.05 apiece.
Such bearish sentiments around the company’s stock were witnessed after the company, through a regulatory filing with the exchange dated 18th October 2023, published its financial results for the quarter ended September 2023.
The company, on a sequential basis, reported an increase in operating revenues from Rs 994 crores during Q1FY23-24 to Rs 1,039 crores during Q2FY23-24. On the contrary, the company’s after-tax profits took a deep downturn from Rs 14.5 crores to Rs 3 crores.
On a YoY basis, the company, in the same pattern, posted a marginal increase in operating revenues from Rs 1,013 crores during Q2FY22-23 to Rs 1,039 crores during Q2FY23-24, and, the after-tax profits sharply moved down from Rs 16 crores to Rs 3 crores representing a dip of a huge 81 percent.
Coming onto the latest shareholding data, the company, as per the quarter ended September 2023, reported the Promoters holding a 65.55 percent stake, and the Foreign Institutional Investors (FIIs) holding a 6.78 percent stake in the company.
Shoppers Stop Limited is a company based in India that is engaged in the business of retailing a wide range of consumer and household products through departmental stores. The company’s products comprise ‘apparel’ as well as ‘non-apparel’. The non-apparel category, specifically, includes cosmetics, jewellery, etc.
Written by Amit Madnani
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