Rakesh Jhunjhunwala-Backed Stock Rallies 20% Post Impressive Q3 Results

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Rakesh Jhunjhunwala-Backed Stock Rallies 20% Post Impressive Q3 Results
Credit: © Reuters.

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.

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