Here we are sharing a piece of big news with you Mamaearth is an Indian-origin brand that specializes in natural skin and hair care outcomes that are mum-baby friendly, toxin-free, meet strict international standards & have been ultra amazing, ManaEarth was born. After a 20 % jump in the last session, shares of Mamaearth parent Honasa Consumer hit a fresh record high in intra-day deals on Friday on the back of powerful September quarter (Q2FY24) effects and international brokerage Jefferies increasing target cost. Here we have more information about the news and we will share it with you in this article, so let’s continue the article.
Reportedly, the stock enhanced by as much as 14.5% in intra-day deals today to beat its latest high of ₹484. Meantime, in just 2 sessions, it has increased 37 percent. Listing at a mere 2% premium at ₹330 to its IPO worth on 7 November, this year, the stock has already mobilized over 49% from its issue cost of ₹324. Meanwhile, it has vaulted 89% from its 52-week low of ₹256.10, hit on 10 November 2023. Scroll down to the next page for more information about the news.
The company’s net earnings doubled to ₹30 crore in September quarter earnings. This was the first quarterly result after the firm got listed on the bourses. Meantime, its income rose 21% to ₹496 crore in the quarter under review. Also, the firm stated that its earnings increased by 33% in the first half of FY24 when the median increase of the FMCG industry was 9%. Varun Alagh, Chairman and CEO, Honasa Consumer ” Honasa has been capable of delivering market-beating development and continuously enhancing the profitability portfolio of the firm. You are on the right page for more information about the news.
Meanwhile, our business has expanded of FCMG firms in India.” Our earnings grew much faster than our revenues, with profit after tax growing by 1,377% to ₹54 crore. Honasa Consumer’s Q2 EBITDA grew due to the scale-down of the Momspresso business. Adjusted for this, EBITDA increased 35% Yoy, 11% above estimates. Post the earnings, international brokerage house Jefferies also repeated its buy advice on the stock and expanded its target price to ₹530 from ₹520 earlier. The fresh target implies an upside potential of almost 10% after the recent surge. In the base possibility scenario (TP ₹530), Jefferies thinks of a 28% earnings CAGR over FY23-26E, with EBITDA margins enhancing to 11 percent in FY26E. Here we have shared all the information that we had. Stay tuned to us for more updates.