Shares of KG Denim surged as much as 20 per cent to hit fresh 52-week high of Rs 109.70 after the company reported strong June quarter earnings.
The Coimbatore-based denim and apparel fabric manufacturer's net profit jumped nearly six times to Rs 9.3 crore on sales of Rs 154.23 crore. During the same quarter last year the company had reported net profit of Rs 1.6 crore on sales of Rs 159.4 crore.
Lower costs helped drive the surge in June quarter net profits with total expenses of the company falling 9.34 per cent to Rs 134 crore.
KG Denim's gross profit or EBITDA came in 47.8 per cent higher at Rs 23.5 crore compared with Rs 15.9 crore during the previous financial year.
Shares of KG Denim ended 7 per cent higher at Rs 97.90.
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