EBITDA in Q1 FY24 was at Rs 241.8 crore, down 18.8% from Rs 297.8 crore posted in Q1 FY23. EBITDA margin reduced to 19.5% in Q1 FY24 as compared to 22.2% reported in the corresponding quarter previous year.

Cash and cash equivalents stood at Rs 77.3 crore in Q1 FY24 as against Rs 8.1 crore in Q1 FY23.

V.S. Ganesh, managing director, Page Industries, said, “I am pleased to share that the initiatives taken have led to a substantiative margin recovery and the company has reported 31% sequential volume growth in Q1. While our year-on-year revenues and volume growth remain challenged on the back of prevailing market conditions, we remain steadfast in our conviction that this is merely a transient phase. Our proactive approach involves continued investment in shaping the future, thereby ensuring that we capitalize on the promising prospects that lie ahead.”

Meanwhile, the company's board has declared first interim dividend of Rs 75 per equity share for the financial year ending 31 March 2024. The record date is fixed on 19 August 2023 and payment of dividend will be made on or before 7 September 2023.

Page Industries is the exclusive licensee of JOCKEY International Inc. (USA) 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 for the manufacture, marketing and distribution of the Speedo brand in India.

The scrip jumped 2.83% to end at Rs 40,066.70 on the BSE.