Recording the best-ever sales in Q1 in its lifetime, this stock touched an all-time high level!
Monte Carlo is the name synonyms with woollens, cotton blended, and knitted apparels in the country.
Monte Carlo is the name synonyms with woollens, cotton blended, and knitted apparels in the country. The stock on Friday zoomed nearly 7 per cent and with this strong & robust upmove, it registered a fresh all-time high of Rs 778.20.
On Friday, the stock opened around the level of Rs 733 and thereafter, made a low of Rs 729.80 but in the second half of the trading session, it witnessed a sudden spurt in its volume and price. As a result, it touched a fresh all-time high; so, let’s know what triggered this sudden and swift move.
The company recorded its best-ever sales for the first quarter in the history of the company. During this quarter, it witnessed strong demand across segments in revenue as things are getting back to normal. It has recorded strong first-quarter sales with robust revenue growth of 130 per cent approx. in Q1FY23. The growth in sales is contributed by both volume growth and calibrated price increase on the back of a steep rise in cotton prices. The quarterly sales have not only surpassed the pre-COVID levels but have been the best-ever for the company on the back of strong brand equity among consumers, the latest fashion products, and superior quality aided by the solid end-of-season sales, encouraging festive & wedding season across India.
The company has strengthened its retail presence in India with the opening of 11 new exclusive brand outlets (EBOs) during Q1FY23, out of which, seven EBOs opened in the northern region, two in the central region, and one each in the southern & eastern regions.
With this, the total number of EBOs has reached approximately 324 across 20 states and four union territories. The company is well on track to complete the shared target of opening 30 EBOs in this financial year. Apart from this, the company also has a presence through multi-brand outlets (MBOs) & distributors, NCS along with presence over all the major online platforms like Ajio, Amazon, Flipkart, First Cry, Myntra, Jabong, Kapsons along with its own website. The company continues to witness encouraging trends through its online channels as well. Monte Carlo is happy to share that they have a strong order booking for the next winter season via the recently-held order booking exhibition held.
The company is also confident of its long-term sustainable & profitable growth going ahead, which will definitely benefit all its stakeholders and lead to long-term value creation.