Monte Carlo Fashions Ltd. shares gained more than 3 percent in intraday trade on Friday after the company reported an approximately 20 percent rise in sales for the first quarter of the ongoing financial year.

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According to the company’s latest business update released on Friday, July 14, Monte Carlo Fashions witnessed a strong demand across its segments in terms of revenue for the June ended quarter.

Monte Carlo attributed the revenue growth to strong brand equity among consumers, superior quality due to solid end-of-season sales, the latest fashion products, and impressive wedding as well as festive seasons across the country.

The popular clothing and apparel brand strengthened its retail presence across India by opening 11 new Exclusive Brand Outlets (EBOs) in the June quarter, with five of them in the Northern Region, two in Central region, two in Eastern region, one in the Southern region, and one in the Western region.

With the addition of 11 new EBOs, the overall count of its brand outlets across India has increased to 366 spread over 21 states and four Union Territories.

Monte Carlo Fashions has planned to open around 50-55 EBOs in the country in the current financial year and is on track to achieving this number.

“The company is happy to share that we have a strong order booking for the next winter season via the recently held order booking exhibition held,” Monte Carlo Fashions stated in an exchange filing on Friday.

Shares of Monte Carlo Fashions, after gaining as much as 4 percent post the business update announcement gave up all the gains to trade 0.3 percent higher to Rs 806.20.