Big bull Rakesh Jhunjhunwala expands his stake in this recently listed footwear company

Big bull Rakesh Jhunjhunwala expands his stake in this recently listed footwear company

Vishwesh Sanas
/ Categories: Trending, Mindshare

The company operates under the famous brands- Crocs, Skechers, Metro, Mochi, Clarks, etc.

As per the June quarterly filings, Jhunjhunwala has bought more stake in Metro Brands Ltd. He previously owned a 9.6 per cent stake in the company, but currently owns a 14.4 per cent stake with ownership of 39,153,600 equity shares of the company. The market value of the stock owned as of August 11 is Rs 3120.5 crore. 

 

Metro Brands operates 644 stores in 147 cities across 30 Indian states as of April 2022. The company sells footwear under their brands, Metro, Mochi, Walkway, J. Fontini, and Da Vinchi, as well as third-party brands, Crocs, Skechers, Clarks, Fitflop, and Florsheim. 

 

According to Q1 FY23 revenue, 75 per cent of revenue comes from its in-house brand, with the remaining 25 per cent coming from third-party brands. According to a revenue breakdown by region, the Southern part of India contributes 32 per cent, the West contributes 29 per cent, the North contributes 25 per cent, and the East contributes the remaining 14 per cent. 

 

About the Q1 FY23 results, the company's revenue increased by 294.16 per cent YOY, from Rs 126.15 in Q1 FY22 to Rs 497.23 per cent in Q1 FY23. After posting a net loss of Rs 10.26 crore in the first quarter of FY22, the net profit increased to Rs 103.17 crore in the first quarter of FY23. 

 

The company declared a dividend of Rs 0.75 per equity share in May, with an ex-dividend date of August 29, 2022. It has a market value of Rs 21,723 crore and is a member of S&P BSE group ‘B’. 

 

At market close on August 11, the stock closed at Rs 812.6, up 3.15 per cent. The stock has a 52-week high and low of Rs 812 and Rs 426.1, respectively.  

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