This jewellery retailer stock is trending on bourses today!

The stock is up 4.6% on the day.

On October 28, the market is trading green. At 11:40 am, the S&P BSE Sensex is trading at 59901, up 0.24%, while NIFTY50 is 0.17% up on the day and trading at 17,766.35. About sectoral performance, Energy and Oil & Gas are among the top gainers, while Metal is the top loser for the day. Regarding stock-specific action, Vaibhav Global Ltd is among the top gainers.

Shares of Vaibhav Global Ltd have surged 4.6% and are trading at Rs 358.25, as of 11:40 am. The stock opened at Rs 341.05 and so far, has made an intraday high and low of Rs 369.55 and Rs 340.7, respectively.

Today, before the market opened, the company announced its September quarterly results.

For Q2FY23, its consolidated net revenue came in at Rs 646.26 crore against Rs 634.79 crore in Q2FY22. However, EBITDA declined by 25.39% YoY to Rs 49.85 crore in Q1FY23 from Rs 66.81 crore in Q2FY23. PAT declined 45.32% on a YoY basis to Rs 23.04 crore from Rs 42.13 crore in Q2FY22. In Q1FY23, EBIDTA margins reduced by 625 basis points YoY from 20.75% to 14.5%. The PAT margin remained poor at 0.47% in Q1FY23. 

Vaibhav Global Ltd operates in the international retail market dealing in diamonds, jewellery, watches, and other consumer goods. It operates 32 private label brands and is well-known in the UK and US markets. 

About the shareholding pattern, 57.90% of the stake is owned by the promoters, 20.74% by the FIIs, 6.58% by DIIs, and the rest 14.78% by the non-institutional investors. There is a significant increase in the FIIs position from 10.71% in the June quarter ending to 20.74% in the September quarter ending. 

The company has a market capitalisation of Rs 6000 crore and belongs to BSE group A. It is trading at a PE multiple of 45.2x. The scrip has a 52-week high and low of Rs 650 and Rs 288, respectively.