Manomay Tex India Reports Strong Q1 FY 2024 Financial Results

In a significant development for the Indian textile industry, Manomay Tex India has reported impressive financial results for Q1 FY 2024, highlighting a strong market position and continued growth. The company announced a quarterly profit of ₹5 crore, a substantial increase from its earlier yearly profit of ₹10 crore, indicating a positive turnaround in its financial performance.

The financial results underscore the company’s robust market performance. Despite a 15.85% decline in revenue compared to the previous quarter, Manomay Tex India’s topline grew by 10.67% year-over-year (YoY), indicating steady revenue growth over the past year. Operating income saw a notable increase of 123.43% YoY, demonstrating the company’s improved operational efficiency and profitability. The earnings per share (EPS) for Q1 stood at ₹2.83, reflecting a 112.39% YoY increase, highlighting the company’s strong financial performance on a per-share basis.

However, the rise in Selling, General & Administrative (SG&A) expenses, which surged by 67.4% YoY and 6.93% quarter-over-quarter (QoQ), points to increased costs associated with managing and selling their products. Despite this, the company’s ability to significantly boost its operating income indicates a well-executed strategy in controlling costs and maximizing profits.

Manomay Tex India’s market performance has been equally impressive, with a market capitalization that has increased to ₹500 crore. The company has delivered a substantial return of 57.05% over the last six months, with a 2.3% return just in the last week. This performance is reflected in the company’s stock market activity, with its share price showing significant volatility over the past year. The 52-week high was ₹314.95, and the low was ₹116. As of August 21, 2024, Manomay Tex India Ltd’s (MANO) share price has increased by 57.40% over the last six months and by 128.26% in the last year.

The strong financial performance in Q1 and the potential for further growth in the textile sector position Manomay Tex India for sustained growth and expansion. The company is poised to continue delivering value to its shareholders and contributing significantly to India’s textile industry.

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