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Shares of footwear company Campus Activewear hit record lows. On Friday, the company’s shares fell 10 percent to Rs. 237.70 was reached. Shares of Campus Activewear hit a new 52-week low. The company’s shares have fallen well below its IPO issue price. Shares of Campus Activewear have fallen sharply after weak results in the September 2023 quarter. The company’s stock touched a 52-week high of Rs. is 527.10.
The company only Rs. 32 lakhs profit, profit down 98%
Campus activewear has received a major shock. In the September quarter of the current financial year, the company has made a profit of only 32 lakh rupees. Campus Activewear’s profit fell 98% compared to last year’s September quarter. Campus Activewear in the September quarter last year posted Rs. 14.5 crore profit was made. The company’s operating profit fell by 44% year-on-year. While the company’s margins have declined by nearly 400 basis points (4 percent). The company’s margin has fallen to 9.5 percent from 13.1 percent.
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There was a jump in the average selling price
Campus Activewear said revenue in the September quarter of the current fiscal was weak due to weak consumer sentiment, a challenging environment and corrections in some channel inventories. However, the company’s average selling price rose to Rs 658 in the September 2023 quarter from Rs 608 a year ago. Campus Activewear IPO Rs. 292 at the issue price and the company’s shares are currently trading at a discount of around 19% to the issue price. The company’s revenue for the July-September 2023 quarter was Rs. 258.7 crore, which was Rs. 333.2 crores.
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