Multibagger jewellery stock DP Abhushan inches close to lifetime high after Q1 results 2024

Multibagger stock: DP Abhushan shares are one of the multibagger stocks the Indian stock market has delivered in recent years. The jewellery stock witnessed strong buying ever since it was listed on the Indian stock exchange in November 2020. It is one of the multibagger IPOs that the Indian primary market has delivered in the post-COVID phase. This multibagger stock has risen around 1100 percent post-listing in nearly four years. However, bulls are still betting high on this jewellery stock.

After announcing Q1 results 2024 on Thursday, DP Abhushan share price today opened with an upside gap. It touched an intraday high of ₹1,440 apiece within a few minutes of the opening bell, just ₹14 away from its existing record high of ₹1,454.05 per share on the NSE. The multibagger stock couldn't sustain at the intraday high and came under the sell-off heat. After the profit-booking trigger, the multibagger stock made an intraday low of ₹1,349.95 per share. However, the stock witnessed bottom fishing at the lower levels and is currently quoting around ₹1,380 apiece on the NSE.

DP Abhushan Q1 results 2024

DP Abhushan reported total revenue of ₹505 crore, reporting a YoY rise of around 7 percent against its total revenue of ₹471 crore in the corresponding period in the previous financial year. The jewellery brand reported an EBITDA of ₹38 crore, around 52 percent higher than its ₹25 crore EBITDA in Q1FY24. The company's EBITDA margin expanded to 8 percent, double the previous quarter Q4FY24. The company's PAT stood at ₹25 crore for Q1FY25 compared to ₹16 crore in Q1FY24, marking a robust yearly growth of 60 percent.

Commenting upon the Q1 results 2024, Santosh Kataria, Managing Director of DP Abhushan, said, “We are delighted to report an outstanding performance for the quarter, highlighted by healthy revenue growth of 7% and an impressive profit increase of 60 percent. The Bhopal store has emerged as a pivotal revenue driver, achieving an exceptional 18 percent YoY growth. Ujjain and Indore also contributed significantly, with 17 percent and 12 percent growth rates, respectively.”

Speaking on the guidance of the company, Kataria said, "Looking ahead, our outlook remains positive as we make concerted efforts to bolster our business operations and strategically expand in Madhya Pradesh, Rajasthan, Chhattisgarh, and Gujarat, tapping into emerging markets with growing purchasing power. We aim to increase the share of diamond-studded jewellery, currently at 6 percent, by offering high-quality items, especially for wedding wear. We aim to enhance our gross margins by commanding premium making charges."

DP Abhushan share price history

In one month, DP Abhushan share price has ascended 15 percent whereas in the last six months, it has delivered around 100 percent returns to its positional shareholders. In one year, this multibagger stock has ascended from ₹271.40 to ₹1380 apiece, recording more than a 400 percent rise.

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