Lux Industries rallies as Q4 profit doubles

NEW DELHI: Shares of hosiery producer Lux Industries soared as much as 14 per cent in early trade on Wednesday after the company had more-than-doubled net profit for the March quarter as operational income strengthened.

The company clocked a net profit of Rs 90.64 for the quarter ended March 31, 2021 against Rs 41.86 crore reported for the same quarter a year ago.

Sales rose 48.1 per cent to Rs 595.05 crore from Rs 401.58 crore in the year-ago quarter.

The scrip jumped 13 per cent this morning to scale a new 52-week high of Rs 2,630.55 rising 198 per cent from its low point of Rs 886 hit on May 26, 2020. However, it gave up some gains later to trade at Rs 2,619.05, still up 13 per cent at 10.40 am (IST). The stock had settled at Rs 2,314.60 on Tuesday.

Lux Industries is India's largest hosiery producer and exporter and the stock has delivered over 200 per cent return in the last one year.

For the full year ended March 2021, net profit surged 52.77 per cent to Rs 271.39 crore from Rs 177.65 crore a year ago. Sales rose 17.09 per cent to Rs 1942.89 crore.