Textile Stock Rally 5% On Positive Q3 Results, Do You Own?

In Q3FY24 results declared on Friday, Pioneer Embroideries Limited posted a total income of Rs. 85.89 crore, which is 3.15 per cent higher than the total income of Rs. 83.27 crore in Q2FY24.

On a YoY basis, the small-cap company posted a net rise of over 30 per cent in total income. The company's total income in the first nine months of the current financial year stood at Rs. 243.22 crore, which was around Rs. 225 crore in the first nine months of the previous financial year.

For the nine months, sales were Rs. 239.8 crore compared to Rs. 220.8 crore a year ago. However, due to the rise in expenses of the company, net profit dipped both sequentially and YoY.

In the last six months, the small-cap stock has delivered over 35 per cent return to its positional investors. In the last year, Pioneer Embroideries' share price has risen around 45 per cent and in the last five years, this stock has risen around 140 per cent.

In September 2023, the company initiated commercial production of Embroidery and Laces (EL) at its plant located at Shree Ganesh Integrated Textile Park (SGITPL), Degaon-Dhule in Maharashtra.

Incorporated in 1991, Pioneer Embroideries Limited is one of the largest manufacturer-exporters of Embroideries, Torchon/Bobbin laces, Raschel laces and other garment accessories. They are associated with the leading retail brand for embroidered clothing "Hakoba".

On Friday, the shares of Pioneer Embroideries ended 4.34% higher at Rs 56.50 on the NSE.