Campus Activewear nosedives to 52-week low on dismal Q2 earnings

Campus Activewear’s Q2 earnings reported a decline on all three fronts of revenue, profit, and profitability.

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Shares of Campus Activewear plunged 10 percent and hit a 52-week low of Rs 237.80 in early trade on November 10 after the company reported a dismal set of earnings for the July-September quarter.

At 10.03 am, shares of Campus Activewear were trading 5 percent lower at Rs 250.80 on the National Stock Exchange.

Volumes in the counter were also high as 65 lakh shares changed hands on the exchanges so far, significantly more than the one-month daily traded average of 11 lakh shares.

The company’s net profit slumped nearly twofold on-year to Rs 30 lakh in Q2, sharply down from Rs 14.50 crore clocked in the year-ago period.

The sharp downturn in net profit was due to sluggish sales and a weak operational performance in the quarter. Revenue declined 22.4 percent on year to Rs 258.7 crore as against Rs 333.2 crore in the same quarter of the previous fiscal. The company attributed the weak sales to tepid consumer sentiments coupled with a challenging macro environment.

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Likewise, operational performance remained weak as EBITDA margin eroded sharply to 9.5 percent in Q2, down from 13.1 percent in Q2 of FY23.

“Campus Activewear experienced subdued performance amid reduced sales volumes during the quarter due to a difficult macro-economic environment and some channel inventory correction,” the company’s CEO, Nikhil Agarwal said in an exchange filing.

However, the company continues to focus on its long-term business objectives in key geographies of North and Central India. “We will also, focus on making further inroads into the key Western and Southern states in India,” Agarwal added.

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