This is to inform you that the shares of Honasa Consumer have gained 20 percent on the Bombay Stock Exchange in Friday’s intraday trade. As a result of significant gain during the trade, the shares of Honasa Consumer hit an all-time high price at Rs 422.50 in intraday. The new high of Honasa Consumer share price was seen after the company posted a strong financial report in the second quarter of the current fiscal year, which ended September (Q2FY24), in which the company reported a substantial gain in its net profit of 93 percent YoY to Rs 29.4 crore. In the following sections of this article, we have given more updates about Honasa Consumer. You should fetch all the details of this share. Stick with this page and read it till the end.
Honasa Consumer Shares Gain 20% On Back Of Strong Q2 Performance
For the unversed, Honasa Consumer posted a loss of Rs 15 crore for the corresponding period in the previous fiscal year. The parent company of direct-to-consumer brands like BBlunt, The Derma Co, and Mamaearth, sustained a loss of Rs 15 crore in the second quarter of the previous fiscal year. Therefore, the net profit of Rs 24.7 crore in the second quarter of the current fiscal year, is commendable. Shift to the next section and read more details.
On November 7, 2023, the shares of Honasa Consumer were trading at their peak since the company launched its IPO. As of now, more than 10 million equity shares of Honasa Consumer have changed hands on the BSE and NSE. The data depicts the pending buy orders for the combined 1.4 million shares combined on NSE and BSE. Since Honasa Consumer debuted in the stock market early this month, the company’s first earning updates consolidated revenue from operations rose 21 percent to Rs 496.1 crore, YoY, assisted by volume growth of 27 percent year-on-year. Take a look at the next section and read more details.
The stock price of Honasa surged 65 percent in intra-day trade on the BSE from Rs 256.10 touched on November 10. The sharp rally in the stock is attributed to Jefferies’s coverage of the stock with a ‘Buy’ rating and a price target of Rs 520 per share. Honasa made a lackluster debut in the stock market with its shares listed at Rs 337.15 which was a 4 percent premium over its issue price of Rs 324 per share on the Bombay Stock Exchange. Honasa’s most popular brand, Mamaearth, is popular for catering to the essential customer desire for safe and natural products.