Revenue from operations zoomed 167.4% to Rs 1,341.27 crore in the quarter ended 30 June 2022 as against Rs 501.54 crore posted in the corresponding quarter previous year.

The company's profit before tax surged 274.56 crore in Q1 FY23 from Rs 14.51 crore reported in the same period last year.

Total expenses climbed 118.11% year on year to Rs 1,070 crore in Q1 FY23. Cost of material consumed soared 290.2% to Rs 383.9 crore while employee benefit expenses jumped 41.44% to Rs 215.99 crore posted in Q1 FY23 over Q1 FY22.

EBITDA soared 771% to Rs 297.8 crore in Q1 FY23 as against Rs 34.2 crore posted in Q1 FY22. EBITDA margin improved to 22.2% in Q1 FY23 as compared to 6.8% reported in Q1 FY22. PAT margin also increased to 15.4% in Q1 FY23 from 2.2% recorded in the same period a year ago.

Cash and cash equivalents stood at Rs 314.4 crore up from 283.5 crore recorded in Q4 FY22. Page said liquidity continues to remain strong with robust cash flow management.

Commenting on the results, V.S. Ganesh, managing director, said, “Riding on the back of strong sales performance and robust financial planning, despite external challenges, we have successfully delivered yet another milestone performance this quarter. I am happy to report that we are well poised with a clear vision for sustainable growth through delivering affordable premium apparel to our customers. Our roadmap of capacity augmentation and retail expansion will lead us to this vision and continue this momentum. We have also significantly invested in our people.”

He further added, “We remain optimistic of the thriving market for our products and by banking on our pillars of quality, cost, product design and customer outreach, we will continue to deliver a wide range of premium products to our customers. Our strategy of introducing kids wear across exclusive womenswear stores has shown good results and we are confident of making inroads into this nascent and fast growing segment. Today, tier 2 and 3 centres are also becoming an important marketplace for us given the increased awareness of healthier lifestyle and availability of quality, functional innerwear and athleisurewear. This is in line with our retail expansion strategy across existing and new domestic and international markets.”

Page Industries is the exclusive licensee of JOCKEY International Inc. for manufacture, distribution and marketing of the JOCKEY brand in India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan and UAE. Page Industries is also the exclusive licensee of Speedo International Ltd. for the manufacture, marketing and distribution of the Speedo brand in India.