By Malvika Gurung
Investing.com -- Shares of the footwear retail company Metro Brands Ltd (BO: METB ) have rallied 20% to Rs 609.45 at 12:00pm on Monday, recording a fresh all-time high, on account of strong Q3 earnings results reported over the weekend.
Market experts attribute Monday’s surge to the company’s first quarterly impressive earnings since its listing on the exchanges.
Despite a 20% surge in the stock’s price on Monday, market experts expect the stock to rise further, as its margins appear healthier compared to its peers.
The Rakesh Jhunjhunwala-backed stock was listed on December 22 and the executive director at Choice Broking advises investors to hold this footwear stock, as it is expected to boost further to Rs 700 level over the next 2-3 months, and portrays strong support at around Rs 540-570 levels, as cited by a Mint report.
The footwear brand’s consolidated net profit jumped 54.63% to Rs 100.85 crore in Q3 FY22, on a YoY basis, while its revenue from operations surged 59% YoY to Rs 483.77 crore in the quarter under focus.
The company stated that its current’s quarter’s revenue, EBITDA and PAT were the highest quarterly figures in the company’s history. The total number of stores operated by Metro Brands stands at 629 stores across 140 cities in the country.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.