Advertisement

Updated January 19th, 2024 at 10:18 IST

Shopper Stop plunges after Q3 profit drops over 41%

The market capitalisation of Shopper Stop is Rs 7,536 crore, according to BSE.

Reported by: Tanmay Tiwary
Shoppers Stop
Shoppers Stop | Image:X
Advertisement

Shoppers Stop shares fall: Shares of Shoppers Stop plunged as much as 4.75 per cent to hit an intraday low of Rs 668.15 per share after reporting weak December quarter (Q3FY24) results.

The company’s profit plunged over 41 per cent to Rs 37 crore in Q3 FY24, from Rs 63 crore in the same quarter a year ago (Q3FY23).

Advertisement

However, the company’s revenue soared 8.8 per cent to Rs 1,237.5 crore, from Rs 1,137 crore. 

“We reported a generally accepted accounting principles (GAAP) EBITDA of Rs 219 crore vs Rs 240 crore in FY23. Our EBITDA has been lower due to one-time Income of Rs 17 crore as other Income in FY23 and we have made provision for obsolescence of circa Rs 9 crore during the quarter,” said Kavindra Mishra, Executive Director and CEO, Shoppers Stop.

Advertisement

Additionally, the company said that it is debt free with a net cash surplus of Rs 40 crore. The company added 13 stores during the quarter.

The market capitalisation of Shoppers Stop is Rs 7,536 crore, according to BSE.

Advertisement

As of 9:53 am, shares of Shoppers Stop were trading nearing 2.27 per cent lower at Rs 685.55 per share.

 

Advertisement

Published January 19th, 2024 at 10:04 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Whatsapp logo