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Last Updated : Nov 14, 2019 01:48 PM IST | Source: Moneycontrol.com

Lux Industries share price surges 13% on robust Q2 results

Hosiery products maker Lux Industries reported a 95.5 percent year-on-year growth in Q2FY20 consolidated profit at Rs 41 crore on revenue of Rs 352.4 crore.

 
 
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Lux Industries share prices rallied 13 percent intraday on November 14 after the company reported strong earnings growth in the quarter ended September 2019.

The stock gained 16 percent in the last one month. It was quoting at Rs 1,349.40, up Rs 96.55, or 7.71 percent on the BSE at 1318 hours IST.

The hosiery products maker reported a 95.5 percent year-on-year growth in Q2FY20 consolidated profit at Rs 41 crore on revenue of Rs 352.4 crore that grew by 27.2 percent YoY.

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Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) increased 24.9 percent to Rs 51.9 crore, but margin contracted 30bps YoY to 14.7 percent in the quarter ended September 2019.

"The strong festive demand drove Q2 performance. Winter-wear contributed 20 percent to topline and we have not provided any additional discounts to push products," Udit Todi, President Strategy at Lux Industries told CNBC-TV18.

He said cotton prices were on the lower side currently and exports grew by 20-25 percent in Q2.

"Winter-wear sales are growing at 10-15 percent in Q3 so far and any change in cotton prices are passed on to the customer to keep margins intact, he added.

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First Published on Nov 14, 2019 01:48 pm
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