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Monday, May 23 2022
Markets

Jhunjhunwala-backed Metro Brands hits 20% upper circuit on Q3FY22 profits

Jhunjhunwala backed Metro Brands hits 20 upper circuit on Q3FY22 profits
Photo Credit : IANS

New Delhi: Ace investor Rakesh Jhunjhunwala-backed Metro Brands’ shares hit the 20 per cent upper circuit on Monday after the company reported high net profits during Q3FY22.

During Q3FY22, the firm reported 53.2 per cent growth year-on-year in consolidated net profit at Rs 102 crore. Besides, the company’s total revenue from operations rose 59 per cent to Rs 484 crore.

“…we are pleased to see traction in all our concepts of Metro, Mochi, Walkway, and Crocs. 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 eCommerce and omnichannel business,” Metro Brands Ltd CEO Nissan Joseph said on the performance of the company.

“We closely monitor the potential disruptions of the current Covid situation and are ready to respond to local regulations, which may impact our locations, while keeping the safety of our customers and associates as a priority.”

Founded in 1955, the Jhunjhunwala-backed firm deals in retail footwear. As of March 31, 2021, it operated 598 stores in 136 cities spread across the country.

On Monday, the shares of the company settled at the upper circuit at Rs 609.5.

The company’s shares were listed on the exchanges on December 22, 2021. Since then, the shares rose by 24 per cent.

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