On standalone basis
Quarter ended September 2023
compared with Quarter ended September 2022.
Net sales (including other operating income) of Page Industries has declined
8.39% to Rs 1,125.13 crore.
Operating profit margin has jumped
from 19.37% to 20.76%, leading to 1.81% decline in operating profit to Rs
233.54 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 25.17% to 27.95%. Purchase of finished
goods cost fell from 28.44% to 14.43%. Employee cost increased from
15.25% to 18.75%. Other expenses rose from 15.38% to 17.38%.
Other income fell 37.45% to Rs 1.67
crore. PBIDT fell 2.21% to Rs 235.21 crore. Provision for
interest up 22.05% to Rs 11.18 crore. Loan funds rose to Rs 186.16
crore as of 30 September 2023 from Rs 153.22 crore as of 30 September
2022. Inventories rose to Rs 1,361.90 crore as of 30 September 2023
from Rs 1,359.22 crore as of 30 September 2022. Sundry debtors were
lower at Rs 153.70 crore as of 30 September 2023 compared to Rs 205.52 crore as
of 30 September 2022. Cash and bank balance rose to Rs 120.63 crore
as of 30 September 2023 from Rs 83.32 crore as of 30 September
2022.
PBDT fell 3.17% to Rs 224.03
crore. Provision for depreciation rose 30.98% to Rs 24.65
crore. Fixed assets increased to Rs 692.14 crore as of 30 September
2023 from Rs 564.27 crore as of 30 September 2022. Intangible assets
declined from Rs 2.75 crore to Rs 2.14 crore.
Profit before tax down 6.19% to Rs
199.38 crore. Provision for tax was expense of Rs 49.1 crore, compared
to Rs 50.41 crore. Effective tax rate was 24.63% compared to 23.72%.
Profit after tax fell 7.31% to Rs
150.28 crore.
Equity capital stood at Rs 11.15
crore as of 30 September 2023 to Rs 11.15 crore as of 30 September
2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 45.11% as of 30
September 2023 ,compared to 46.12% as of 30 September 2022 .
Year-to-date (YTD) results analysis
Net sales (including other operating income) of Page Industries has declined
7.58% to Rs 2,357.55 crore.
Operating profit margin has declined
from 21% to 20.17%, leading to 11.25% decline in operating profit to Rs 475.40
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 25.45% to 26.97%. Purchase of finished
goods cost fell from 25.67% to 14.75%. Employee cost increased from
15.24% to 18.75%. Other expenses rose from 15.35% to 17.93%.
Other income fell 40.37% to Rs 3.56
crore. PBIDT fell 11.57% to Rs 478.96 crore. Provision
for interest up 35.22% to Rs 23.92 crore. Loan funds rose to Rs
186.16 crore as of 30 September 2023 from Rs 153.22 crore as of 30 September
2022. Inventories rose to Rs 1,361.90 crore as of 30 September 2023
from Rs 1,359.22 crore as of 30 September 2022. Sundry debtors were
lower at Rs 153.70 crore as of 30 September 2023 compared to Rs 205.52 crore as
of 30 September 2022. Cash and bank balance rose to Rs 120.63 crore
as of 30 September 2023 from Rs 83.32 crore as of 30 September
2022.
PBDT fell 13.15% to Rs 455.04 crore. Provision
for depreciation rose 23.95% to Rs 45.65 crore. Fixed assets
increased to Rs 692.14 crore as of 30 September 2023 from Rs 564.27 crore as of
30 September 2022. Intangible assets declined from Rs 2.75 crore to
Rs 2.14 crore.
Profit before tax down 15.95% to Rs
409.39 crore. Provision for tax was expense of Rs 100.75 crore,
compared to Rs 117.94 crore. Effective tax rate was 24.61% compared
to 24.21%.
Profit after tax fell 16.39% to Rs
308.64 crore.
Equity capital stood at Rs 11.15 crore
as of 30 September 2023 to Rs 11.15 crore as of 30 September
2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 45.11% as of 30
September 2023 ,compared to 46.12% as of 30 September 2022 .
Full year results analysis
Net sales (including other operating income) of Page Industries has increased
21.36% to Rs 4,716.46 crore.
Operating profit margin has declined
from 20.21% to 18.29%, leading to 9.84% rise in operating profit to Rs 862.74
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 24.77% to 25.92%. Purchase of finished
goods cost rose from 21.71% to 26.10%. Employee cost decreased from
17.70% to 16.13%. Other expenses fell from 16.51% to 16.05%.
Other income fell 29.79% to Rs 14.73
crore. PBIDT rose 8.81% to Rs 877.47 crore. Provision for
interest up 28.20% to Rs 41.28 crore. Loan funds rose to Rs 406.40
crore as of 31 March 2023 from Rs 109.91 crore as of 31 March
2022. Inventories rose to Rs 1,595.26 crore as of 31 March 2023 from
Rs 974.87 crore as of 31 March 2022. Sundry debtors were lower at Rs
146.07 crore as of 31 March 2023 compared to Rs 165.08 crore as of 31 March
2022. Cash and bank balance declined from Rs 283.46 crore as of 31
March 2022 to Rs 8.10 crore as of 31 March 2023.
PBDT rose 8% to Rs 836.19
crore. Provision for depreciation rose 19.28% to Rs 78.09
crore. Fixed assets increased to Rs 633.04 crore as of 31 March 2023
from Rs 465.70 crore as of 31 March 2022. Intangible assets increased
from Rs 1.97 crore to Rs 2.59 crore.
Profit before tax grew 6.96% to Rs
758.10 crore. Provision for tax was expense of Rs 186.85 crore,
compared to Rs 172.24 crore. Effective tax rate was 24.65% compared
to 24.30%.
Profit after tax rose 6.47% to Rs
571.25 crore.
Equity capital stood at Rs 11.15
crore as of 30 September 2023 to Rs 11.15 crore as of 30 September
2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 46.12% as of 31
March 2023 ,compared to 47.19% as of 31 March 2022 .
Cash flow from operating activities
has turned negative Rs 1.61 crore for year ended March 2023 from positive Rs
326.91 crore for year ended March 2022. Cash flow used in acquiring
fixed assets during the year ended March 2023 stood at Rs 165.65 crore, compared
to Rs 97.96 crore during the year ended March 2022.
Operational highlights:
The
company added 40 EBOs to the network during the quarter and total count is at
1372 as of September 30, 2023.
E-com
business has witnessed growth of 31% YoY in H1FY2024.
Dividend: The
Board of Directors of the company has declared 2nd interim dividend
for FY2023-24 of Rs 75/- per equity share.
Others: Mr. Gagan
Sehgal has resigned from the position of Chief Operating Officer
Management Commentary:
Commenting on the results, Managing
Director, Mr. V. S. Ganesh said, “Despite prevailing macro headwinds
and market conditions, operational efficiency and stable raw material costs
have ensured robust EBITDA margin of 20.8% in Q2. We firmly believe these
challenges are transient and continue to invest in technology, enhancing brand
awareness, and expanding our market presence, while ensuring a healthy
operating margin. We continue to focus on sustainable sales practices while
taking measures to optimise inventory.
| Page Industries : Standalone Results | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202309 | 202209 | Var.(%) | 202309 | 202209 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,125.13 | 1,228.21 | -8.39 | 2,357.55 | 2,550.88 | -7.58 | 4,716.46 | 3,886.46 | 21.36 | | OPM (%) | 20.76 | 19.37 | 139 bps | 20.17 | 21.00 | -83 bps | 18.29 | 20.21 | -192 bps | | OP | 233.54 | 237.85 | -1.81 | 475.40 | 535.65 | -11.25 | 862.74 | 785.46 | 9.84 | | Other Inc. | 1.67 | 2.67 | -37.45 | 3.56 | 5.97 | -40.37 | 14.73 | 20.98 | -29.79 | | PBIDT | 235.21 | 240.52 | -2.21 | 478.96 | 541.62 | -11.57 | 877.47 | 806.44 | 8.81 | | Interest | 11.18 | 9.16 | 22.05 | 23.92 | 17.69 | 35.22 | 41.28 | 32.2 | 28.20 | | PBDT | 224.03 | 231.36 | -3.17 | 455.04 | 523.93 | -13.15 | 836.19 | 774.24 | 8.00 | | Depreciation | 24.65 | 18.82 | 30.98 | 45.65 | 36.83 | 23.95 | 78.09 | 65.47 | 19.28 | | PBT | 199.38 | 212.54 | -6.19 | 409.39 | 487.1 | -15.95 | 758.1 | 708.77 | 6.96 | | PBT before EO | 199.38 | 212.54 | -6.19 | 409.39 | 487.1 | -15.95 | 758.1 | 708.77 | 6.96 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 199.38 | 212.54 | -6.19 | 409.39 | 487.1 | -15.95 | 758.1 | 708.77 | 6.96 | | Taxation | 49.1 | 50.41 | -2.60 | 100.75 | 117.94 | -14.58 | 186.85 | 172.24 | 8.48 | | PAT | 150.28 | 162.13 | -7.31 | 308.64 | 369.16 | -16.39 | 571.25 | 536.53 | 6.47 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 150.28 | 162.13 | -7.31 | 308.64 | 369.16 | -16.39 | 571.25 | 536.53 | 6.47 | | EPS (Rs)* | 134.78 | 145.41 | -7.31 | 276.81 | 331.09 | -16.39 | 512.33 | 481.19 | 6.47 | | | * EPS is on current equity of Rs 11.15 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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Peer Comparision (Standalone)
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Sales
(Rs. Crs)
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var.(%)
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OP
(Rs. Crs)
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var.(%)
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Net Profit
(Rs. Crs)
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Share Price(Rs)
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var.(%)
over
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