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Page Industries reported 59% YoY fall in Net Profit

Page-Industries

Page Industries Ltd., founded in 1995, manufactures garments and has 15 locations, including six Jockey Exclusive Brand Outlets in the UAE and three in Sri Lanka. The company launched Jockey in the UAE, Sri Lanka, and expanded its ecommerce channel. In 2017, Jockey expanded its capacity, opened 101 Exclusive Brand Outlet (EBOs), and expanded its workforce to over 20,000 people across 15 manufacturing complexes in Karnataka. Page Industries has expanded its distribution in India, opening 50,000+ retail outlets in 1,800 cities and towns.

The garment manufacturer reported its Q4 results on 25 May 2023, reporting a net fall in net profit on a sequential basis. On q-o-q basis net profit fall from Rs. 123 cr in Dec to Rs. 78 cr in latest march quarter. On year on year basis, the company reported 59% drop in profit from Rs. 190 cr in Mar FY22. The impact on profitability as provided by the company director was due to higher inventory levels acquired during an inflationary period and lower than optimal capacity utilization.

The company reported total income for Q4 at Rs. 976 cr for latest quarter which marks 20% decline at Rs. 1224 cr on Q-o-Q basis and 12.7% decline on same quarter previous year. Total income for FY 23 reported at Rs. 4803, up 23% from FY 22 Rs. 3907. Operating margin (QoQ basis) on March 22 stands at 24% which has come down to 14% in March 23.

Comments from VS Ganesh, Managing Director, “We are pleased at the company’s overall growth through the year despite a challenging economic climate and a general decrease in consumption. We consider this impact to be temporary and maintain a positive outlook on demand despite the fact that it may experienced some impact on profitability due to higher inventory levels acquired during an inflationary period and lower than optimal capacity utilization".

The company has announced its fourth interim dividend of Rs 60/-equity share for FY23 and has fixed June 2 as the record date.

Page Industries Limited shares at the time of publishing article was down 11% at Rs. 36300.

Quarterly P/L Mar-23 Dec-22 Sep-22 Jun-22 Mar-22
Total Income 976.21 1,224.90 1,257.69 1,344.56 1,116.04
Total Income Growth -20.3% -2.61% -6.46% 20.48% -6.76%
Total Expenses 856.05 1,050.47 1,035.98 1,061.47 860.37
Total Expenses Growth -18.51% 1.4% -2.4% 23.37% -9.98%
Operating Profit 134.32 192.76 237.86 297.81 267.09
Operating margin 13.76% 15.74% 18.91% 22.15% 23.93%
EBIT 120.16 174.43 221.71 283.09 255.67
EBIT Growth -31.11% -21.32% -21.68% 10.73% 6.01%
Profit after Tax (PAT) 78.35 123.73 162.13 207.04 190.52
PAT Growth -36.68% -23.68% -21.69% 8.67% 9.14%
EBIT Margin% 12.31% 14.24% 17.63% 21.05% 22.91%
Net Profit Margin 8.03 10.1 12.89 15.4 17.07

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