Shares of Arvind Fashions Ltd. rose to a 52-week high on Wednesday after its profit surged in the second quarter.
The company's net profit rose 31.9% year-on-year to Rs 37 crore in the quarter ended September, according to an exchange filing. Its revenue rose 7% to Rs 1,267 crore, despite soft consumer demand.
Arvind Fashions Q2 FY24 Highlights (Consolidated, YoY)
Revenue up 7.2% at Rs 1,267 crore.
Ebitda up 26.6% at Rs 147.1 crore.
Margin at 11.6% vs 9.82%.
Reported profit up 31.9% at Rs 37 crore.
Shares of the company rose as much as 5.19% before paring gains to trade 3.4% higher at 11:30 a.m. This compares to a 0.13% advance in the NSE Nifty 50.
The stock has risen 8.31% on a year-to-date basis. Total traded volume so far in the day stood at 6.5 times its 30-day average. The relative strength index was at 66.
All four analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month analyst consensus price target implies an upside of 25.6%.
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