India's Campus Activewear extends losses, hits 11-month low

Campus Activewear

31/05/2023 10:04

** Shares of Campus Activewear Ltd  CAMU.NS  fall as much as
8% to 305.15 rupees, lowest since June 20, 2022
    ** Co reported flat PAT in Q4 at 229.5 mln rupees; Motilal
Oswal says PAT was a 48% miss compared to their expectations
    ** Says decline in EBITDA and margin contraction was due to
50% rise in selling, general, and administrative (SG&A) expenses
    ** Adds half of SG&A jump due to higher ad spends, while
some increase can be attributed to doubling of stores and
warehouse rent
    ** Stock closed 7.6% lower on Tuesday after posting Q4
results on Monday
    ** Stock on track to fall for third straight session, if
losses hold
    ** More than 2.5 mln shares change hands as of 2:30 p.m.
IST, over 4.5x the 30-day moving average
    ** Avg rating of analysts around equivalent of 'buy;' median
PT is 385.00 rupees - Refinitiv data
    ** Including day's fall, stock extends YTD decline to 25.3%

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))