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This Rekha Jhunjhunwala-owned stock hits all-time high, zooms 15%

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Metro Brands shares hit a fresh all-time high after they zoomed 15 per cent to Rs 735 in Monday’s intra-day trade, as investors cheered strong earnings by the company.

At 11:25 AM, the stock quoted 14.3 per cent higher at Rs 730, with more than 80,000 shares having changed hands at the counter on the BSE as against the two-week average volume of around 16,000 shares. Meanwhile, the BSE Sensex was up 0.6 per cent at 57,904.

Last week, the stock surged 11 per cent, as against a 2.6 per cent rally in the BSE benchmark index.

For the quarter ended June 2022, the footwear major reported a consolidated net profit of Rs 105.78 crore as against a net loss of Rs 12.13 crore in the quarter ended June 2021. Total income soared over 251 per cent to Rs 517.23 crore from Rs 369.94 crore during the same period.

Rekha Jhunjhunwala, wife of ace investors Rakesh Jhunjhunwala, is one of the largest individual shareholders in the company, with holdings of 4.8 per cent at the end of June 2022 quarter, BSE data shows.

Commenting on the performance of the company Nissan Joseph, CEO of Metro Brands in a press release said, “Q1 has been an excellent start to our new fiscal year as we set new records in Revenue, Ebitda and PAT. We have seen business continue the momentum that we saw as early as Q3 of FY 22, has stayed through Q4 and now has resulted in our strongest quarter in our history of Metro Brands reflecting the robustness of the operational model and the efforts of the team at Metro Brands.”

Metro Brands had come up with its maiden share sale in December 2021, and issued shares at Rs 500 apiece. It is one of the largest Indian footwear speciality retailers. It retails footwear under its own brands Metro, Mochi, Walkway, Da Vinchi and J. Fontini, and certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop.

As of June 30, 2022, the company operated 644 Stores across 147 cities spread across 30 states and union territories in India.

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