Monte Carlo Fashions hit an upper circuit of 10% at Rs 665.95 after the company said that it had recorded its highest ever (year-to-date) YTD sales on the back of bone-chilling winters, revenge shopping and an encouraging festive & wedding season.
The company said that the rising trend in sales that was quite visible since the Q2 FY22 continued to gain further momentum in Q3 FY22.
This year due to climatic change the winters are very chilly especially in the northern part of India and due to the revival of the economy post the second wave of COVID-19, people are stepping out of their houses and spending money on lifestyle products.
Moreover, the festive and weddings season in India has been very encouraging this year on the back of a massive vaccination drive.
The company said that it has surpassed its earlier guidance of 25% growth in sales. There is an increase in YTD sales by approximately 35% and 15% as compared to YTD FY20 and FY19, respectively. The growth in sales is contributed by both volume growth and calibrated price increase.
The company has strategically enhanced its retail presence in India with the opening of 13 new EBO's during Q3FY22. With this the total no. of EBO's reach approx. 318 across 20 states and 4 union territories.
Apart from this the company also has a presence through MBO's, NCS and overall the major online platforms like Amazon, Flipkart, Myntra, Jabong and Kapsons. The company continues to witness encouraging trends through its online channels as well.
Monte Carlo is a branded apparel company with a comprehensive range of woollens, cotton, cotton blended, knitted and woven apparel for men, women and kids under the umbrella brand Monte Carlo.
The company's net profit surged to Rs 33.91 crore in the quarter ended September 2021 as against Rs 4.43 crore during the previous quarter ended September 2020. Sales rose to Rs 238.29 crore in Q2 FY22 from Rs 98.25 crore in Q2 FY21.
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