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Shares of Himatsingka Seide hit a 52-week high of Rs 140.95, as they soared 13 per cent on the BSE in Friday’s intra-day trade in an otherwise weak market after the company reported a consolidated profit after tax of Rs 29.15 crore in June quarter (Q1FY24), on back of strong operational performance. The company had posted a net loss of Rs 54.73 crore in a year ago quarter.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped 192 per cent year-on-year (YoY) to Rs 152.09 crore, margin improved 1,449 bps to 22.2 per cent from 7.7 per cent in Q1FY23. Total income grew 1.1 per cent at Rs 686.54 crore.
The improved operating performance in Q1FY24 was on the back of improved capacity utilisation levels, softening raw material prices and marginal easing of energy costs. During Q1 FY24, capacity utilisation levels of manufacturing facilities increased over the previous quarter.
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The management said it continue to see progressive improvement on the demand front driven by the company’s expanding client base and growing presence in new markets. Key raw material prices continue to see marginal softening during Q1FY24 and thereby contributing to improved operating margins, the management said.
Himatsingka is an integrated textile group with a global footprint. The group designs, develops, manufactures and distributes a suite of textile products. On the manufacturing front, it operates amongst the largest capacities globally for producing Bedding, Bath, Drapery & Upholstery and Yarn products. Spread across North America, Europe and Asia, the Group operates amongst the largest brand and private label portfolios in the home textile space.
At 12:45 PM; the stock was trading 8 per cent higher at Rs 134, as compared to 0.43 per cent decline in the S&P BSE Sensex. It was quoting at its highest level since May 2022. The average trading volumes at the counter jumped 10-fold today, with a combined 6.2 million shares changing hands on the NSE and BSE.
