KG Denim shares soared nearly 20 per cent in the early trade on Tuesday after the company reported 481.25 per cent rise in net profit at Rs 9.30 crore for the quarter ended June 30, 2016 against Rs 1.60 crore in the corresponding quarter a year ago. However, net sales of the company fell by 1.80 per cent year-on-year to Rs 152.74 crore for the quarter under review. It had reported topline of Rs 155.54 crore in the same quarter last year.
At 11.33 am, shares of KG Denim were trading 12.90 per cent up at Rs 103.25. The scrip opened at Rs 109.70 and has touched a high and low of Rs 109.70 and Rs 100.10, respectively, in trade so far. Later, the scrip closed 7.05 per cent up at Rs 97.90.
Operating profit of the company jumped 48.08 per cent year-on-year to Rs 23.50 crore in April-June 2016 against Rs 15.87 crore in the same quarter last year. Total expenditure of KG Denim slid 8.92 per cent yoy to Rs 130.73 crore.
KG Denim is a textile company. It is engaged in manufacturing and sale of fabrics and apparels.