Metro Brands shares rally 20 pc; hit upper circuit limit after Q3 earnings
Shares of footwear retail chain Metro Brands on Monday rallied 20 per cent after the company reported a 54.63 per cent jump in consolidated net profit for the third quarter ended December 2021.
The stock zoomed 19.99 per cent to its upper circuit limit of Rs 609.45 on the BSE. At the NSE, it jumped 19.99 per cent to its upper circuit limit of Rs 609.50. Footwear retail chain Metro Brands has reported a 54.63 per cent jump in consolidated net profit at Rs 100.85 crore for the third quarter ended December 2021. The company had posted a net profit of Rs 65.22 crore during the October-December quarter of the previous fiscal, Metro Brands Ltd (MBL), earlier known as Metro Shoes, said in a regulatory filing.
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Its total revenue from operations was up 59.02 per cent at Rs 483.77 crore during the quarter under review, against Rs 304.21 crore in the corresponding period of the previous fiscal. MBL’s total expenses rose 47.26 per cent to Rs 362.59 crore in Q3 FY 2021-22, compared to Rs 246.21 crore in the year-ago period. MBL CEO Nissan Joseph said it was the best quarterly revenue, earnings before interest, taxes, depreciation, and amortization (EBITDA) and profit after tax (PAT) in the history of the company.
“We also are encouraged by the growth we have witnessed across the multiple Tiers of cities that we operate in and the continued growth of our e-commerce and omnichannel business,” he added. As of December 31, 2021, MBL operated 629 stores across 140 cities in India.
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