Shares of Capri Global Capital Ltd. surged to the highest in over a week on Monday after its consolidated net profit jumped 81% in the third quarter.
The company's net profit jumped to Rs 68 crore in the quarter ended December 2023 from Rs 37.4 crore a year earlier, according to an exchange filing.
The diversified non-banking financial company paused the aggressive branch expansion after the second quarter and "right-sized" headcount in some verticals, leading to an anticipated softening course of its cost ratios. It expects to benefit from a further softening of its cost ratios and spread stabilisation, according to an exchange filing on Sunday.
Capri's board has approved sub-division of each stock with a face value of Rs 2 into an equity share of face value Rs 1.
Capri Global Q3 FY24 Earnings Highlights (Consolidated)
Total income up 57% at Rs 605.6 crore. (YoY)
Net profit up 81% to Rs 68 crore. (YoY)
Operating profit up 19% to Rs 129.6 crore (QoQ)
Gross non-performing asset at 2.1% vs 1.96% (QoQ)
Net NPA at 1.36% vs 1.32% (QoQ)
On the NSE, Capri's stock rose as much as 8.99% during the day to Rs 1,024.90 apiece, the highest since Jan 18. It was trading 2.94% higher at Rs 968 per share, compared to a 0.84% advance in the benchmark Nifty 50 as of 10:57 a.m.
The share price has risen 34.62% in the last 12 months. The total traded volume so far in the day stood at 1.84 times its 30-day average. The relative strength index was at 65.88.
An analyst tracking the company has a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 17.3%.
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