On standalone basis
Quarter ended December 2023 compared
with Quarter ended December 2022.
Net sales (including other operating income) of Page Industries has increased
2.40% to Rs 1,228.77 crore.
Operating profit margin has jumped
from 16.06% to 18.69%, leading to 19.14% rise in operating profit to Rs 229.65
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 26.46% to 26.56%. Purchase of finished
goods cost fell from 27.31% to 13.20%. Employee cost increased from
15.50% to 18.00%. Other expenses rose from 16.83% to 21.02%.
Other income up 237.80% to Rs 5.54
crore. PBIDT rose 20.98% to Rs 235.19 crore. Provision
for interest up 5.42% to Rs 10.5 crore.
PBDT rose 21.82% to Rs 224.69
crore. Provision for depreciation rose 13.22% to Rs 22.61
crore.
Profit before tax grew 22.87% to Rs
202.08 crore. Provision for tax was expense of Rs 49.73 crore,
compared to Rs 40.74 crore. Effective tax rate was 24.61% compared
to 24.77%.
Profit after tax rose 23.13% to Rs
152.35 crore.
Promoters’ stake was 45.11% as of 31
December 2023 ,compared to 46.12% as of 31 December 2022 .
For year-to-date (YTD) results
analysis
Net sales (including other operating income) of Page Industries has declined
4.39% to Rs 3,586.32 crore.
Operating profit margin has jumped
from 19.42% to 19.66%, leading to 3.21% decline in operating profit to Rs
705.06 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 25.77% to 26.84%. Purchase of finished
goods cost fell from 26.20% to 14.24%. Employee cost increased from
15.32% to 18.50%. Other expenses rose from 15.82% to 18.95%.
Other income up 19.58% to Rs 9.1 crore. PBIDT
fell 2.97% to Rs 714.16 crore. Provision for interest up 24.48% to
Rs 34.43 crore.
PBDT fell 4.04% to Rs 679.73
crore. Provision for depreciation rose 20.18% to Rs 68.26
crore.
Profit before tax down 6.15% to Rs
611.47 crore. Provision for tax was expense of Rs 150.48 crore,
compared to Rs 158.67 crore. Effective tax rate was 24.61% compared
to 24.35%.
Profit after tax fell 6.47% to Rs
460.99 crore.
Promoters’ stake was 45.11% as of 31
December 2023 ,compared to 46.12% as of 31 December 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.
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 witnessed a 4.6% YoY growth in sales volumes, amounting to 55.2 million
pieces in Q3FY2024.
Dividend: The
Board of Directors of the company has declared 3rd interim dividend for FY2023-24
of Rs 100/- per equity share.
Management Commentary:
Commenting on the results, Managing
Director, Mr. V. S. Ganesh said, “I am pleased to share that the
Company has successfully navigated the complexities of mixed demand trends in
the retail sector, a landscape marked by a significant shift in consumer
spending patterns. Our strategic commitment to sustainable sales practices and
meticulous inventory management has been instrumental in robust margins and
enhanced profitability. We have seen early signs of stabilizing revenue in Q3
on the back of our adaptive strategies in response to the market`s evolving
demands. Our concerted efforts to optimise operational efficiency, have been
pivotal in enabling us to achieve an impressive 23.1% growth in PAT for Q3.
With
continued investments in expanding the distribution network and enhanced
e-commerce capabilities, we are geared to seize long-term growth opportunities.
We are well-positioned to continue this trajectory of growth, leveraging
operational efficiencies and strategic investments to deliver value to our
stakeholders.”
| Page Industries : Standalone Results | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,228.77 | 1,200.01 | 2.40 | 3,586.32 | 3,750.89 | -4.39 | 4,716.46 | 3,886.46 | 21.36 | | OPM (%) | 18.69 | 16.06 | 263 bps | 19.66 | 19.42 | 24 bps | 18.29 | 20.21 | -192 bps | | OP | 229.65 | 192.76 | 19.14 | 705.06 | 728.42 | -3.21 | 862.74 | 785.46 | 9.84 | | Other Inc. | 5.54 | 1.64 | 237.80 | 9.10 | 7.61 | 19.58 | 14.73 | 20.98 | -29.79 | | PBIDT | 235.19 | 194.40 | 20.98 | 714.16 | 736.03 | -2.97 | 877.47 | 806.44 | 8.81 | | Interest | 10.5 | 9.96 | 5.42 | 34.43 | 27.66 | 24.48 | 41.28 | 32.2 | 28.20 | | PBDT | 224.69 | 184.44 | 21.82 | 679.73 | 708.37 | -4.04 | 836.19 | 774.24 | 8.00 | | Depreciation | 22.61 | 19.97 | 13.22 | 68.26 | 56.8 | 20.18 | 78.09 | 65.47 | 19.28 | | PBT | 202.08 | 164.47 | 22.87 | 611.47 | 651.57 | -6.15 | 758.1 | 708.77 | 6.96 | | PBT before EO | 202.08 | 164.47 | 22.87 | 611.47 | 651.57 | -6.15 | 758.1 | 708.77 | 6.96 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 202.08 | 164.47 | 22.87 | 611.47 | 651.57 | -6.15 | 758.1 | 708.77 | 6.96 | | Taxation | 49.73 | 40.74 | 22.07 | 150.48 | 158.67 | -5.16 | 186.85 | 172.24 | 8.48 | | PAT | 152.35 | 123.73 | 23.13 | 460.99 | 492.9 | -6.47 | 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 | 152.35 | 123.73 | 23.13 | 460.99 | 492.9 | -6.47 | 571.25 | 536.53 | 6.47 | | EPS (Rs)* | 136.64 | 110.97 | 23.13 | 413.44 | 442.06 | -6.47 | 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 |
|
|
Peer Comparision (Standalone)
|
Q-202312
|
Sales
(Rs. Crs)
|
var.(%)
|
OP
(Rs. Crs)
|
var.(%)
|
Net Profit
(Rs. Crs)
|
var.(%)
|
Share Price(Rs)
08-Feb-2024
|
var.(%)
over
One year
|
TTM EPS
|
TTM PE
|
|
Page Industries Ltd
|
1,228.77
|
2.4
|
229.65
|
19.14
|
152.35
|
23.13
|
36,719.45
|
-6.73
|
483.71
|
75.91
|
|
Addi Industries Ltd
|
0.00
|
-
|
-0.26
|
16.13
|
0.79
|
58
|
49.63
|
40.40
|
2.86
|
17.34
|
|
Axita Cotton Ltd
|
266.09
|
103.98
|
3.27
|
-42.63
|
3.13
|
-33.4
|
24.94
|
-49.20
|
0.80
|
31.00
|
|
Bharat Textiles & Proofing Industries Ltd
|
3.01
|
-9.34
|
0.40
|
-6.98
|
0.04
|
-33.33
|
7.28
|
21.33
|
0.24
|
30.43
|
|
Cantabil Retail India Ltd
|
174.45
|
7.47
|
53.91
|
-2.78
|
24.10
|
-10.58
|
241.90
|
4.55
|
7.44
|
32.51
|
|
Ceenik Exports (India) Ltd
|
0.00
|
-
|
-1.32
|
-238.46
|
-1.09
|
-419.05
|
190.70
|
1,605.72
|
-3.25
|
-
|
|
Dollar Industries Ltd
|
329.70
|
15.55
|
32.21
|
65.86
|
17.72
|
102.75
|
494.15
|
32.64
|
10.76
|
45.91
|
|
Fiberweb (India) Ltd
|
14.69
|
-22.77
|
1.82
|
-35
|
1.54
|
1.99
|
38.02
|
-1.25
|
-0.17
|
-
|
|
Garment Mantra Lifestyle Ltd
|
20.83
|
20.27
|
0.88
|
20.55
|
0.43
|
152.94
|
7.89
|
55.31
|
0.10
|
79.20
|
|
Garware Technical Fibres Ltd
|
268.33
|
7.53
|
45.12
|
12.52
|
35.78
|
18.95
|
3,433.60
|
8.32
|
90.65
|
37.88
|
|
Globe Textiles (India) Ltd
|
92.83
|
24.09
|
5.95
|
35.23
|
1.64
|
241.67
|
4.10
|
6.49
|
0.34
|
11.89
|
|
Go Fashion (India) Ltd
|
202.13
|
15.16
|
67.52
|
13.08
|
23.40
|
-3.74
|
1,143.25
|
8.74
|
15.65
|
73.07
|
|
Gokaldas Exports Ltd
|
544.90
|
5.1
|
65.46
|
4.77
|
39.07
|
-7.53
|
901.70
|
147.65
|
25.55
|
35.30
|
|
Himatsingka Seide Ltd
|
646.77
|
17.98
|
133.32
|
70.92
|
30.89
|
2188.15
|
159.50
|
113.24
|
11.41
|
13.98
|
|
Iris Clothings Ltd
|
23.48
|
15.38
|
5.40
|
69.81
|
1.99
|
151.9
|
84.55
|
33.91
|
1.34
|
62.93
|
|
K P R Mill Ltd
|
867.38
|
-20.87
|
152.90
|
4.29
|
112.88
|
10.7
|
766.75
|
37.15
|
13.93
|
55.03
|
|
Kewal Kiran Clothing Ltd
|
200.20
|
0.56
|
38.86
|
15.76
|
33.30
|
23.42
|
744.50
|
65.00
|
24.10
|
30.89
|
|
Kitex Garments Ltd
|
164.13
|
140.59
|
33.08
|
LP
|
21.00
|
LP
|
265.40
|
51.83
|
6.98
|
38.02
|
|
Meyer Apparel Ltd
|
1.11
|
-54.13
|
-0.44
|
2.22
|
-0.37
|
13.95
|
1.81
|
47.15
|
-0.27
|
-
|
|
Monte Carlo Fashions Ltd
|
504.19
|
-2.95
|
122.79
|
-5.63
|
78.19
|
-9.41
|
681.50
|
8.37
|
48.23
|
14.13
|
|
Nandani Creation Ltd
|
10.08
|
17.21
|
1.84
|
LP
|
0.70
|
LP
|
67.20
|
-30.00
|
-0.45
|
-
|
|
Pioneer Embroideries Ltd
|
84.78
|
29.08
|
6.02
|
137.01
|
0.06
|
-66.67
|
53.75
|
40.52
|
0.98
|
54.92
|
|
Prakash Woollen & Synthetic Mills Ltd
|
48.90
|
5.43
|
4.53
|
2284.21
|
1.73
|
LP
|
38.75
|
66.67
|
0.35
|
110.44
|
|
Raymond Ltd
|
1,773.69
|
14.36
|
275.75
|
13.71
|
161.09
|
94.76
|
1,723.50
|
24.50
|
83.47
|
20.65
|
|
Rupa & Company Ltd
|
311.47
|
36.97
|
32.79
|
134.38
|
20.64
|
281.52
|
295.50
|
11.07
|
8.02
|
36.86
|
|
SBC Exports Ltd
|
47.81
|
0.15
|
3.81
|
22.12
|
2.84
|
21.89
|
24.29
|
147.60
|
0.38
|
63.47
|
|
Shoppers Stop Ltd
|
1,206.78
|
6.63
|
215.38
|
1.55
|
35.56
|
-42.7
|
760.45
|
14.57
|
6.55
|
116.17
|
|
Shri Dinesh Mills Ltd
|
17.13
|
23.86
|
89.00
|
6349.28
|
5.18
|
304.69
|
512.90
|
-9.33
|
27.43
|
18.70
|
|
Sky Industries Ltd
|
19.93
|
13.17
|
1.96
|
625.93
|
1.24
|
LP
|
86.47
|
8.56
|
4.71
|
18.34
|
|
Southern Latex Ltd
|
0.00
|
-
|
-0.05
|
0
|
0.01
|
0
|
20.85
|
22.65
|
0.30
|
69.77
|
|
Spenta International Ltd
|
6.40
|
-41.98
|
0.46
|
228.57
|
0.16
|
LP
|
139.00
|
36.27
|
5.28
|
26.32
|
|
T T Ltd
|
52.21
|
8.43
|
2.04
|
-68.57
|
-2.18
|
PL
|
113.10
|
41.38
|
-2.21
|
-
|
|
TCNS Clothing Co. Ltd
|
278.50
|
-9.03
|
-9.75
|
PL
|
-51.62
|
PL
|
436.65
|
-9.01
|
-39.99
|
-
|
|
Trident Ltd
|
1,823.28
|
12.66
|
259.43
|
-4.85
|
107.42
|
-24.37
|
44.91
|
39.91
|
0.81
|
55.23
|
|
Voith Paper Fabrics India Ltd
|
41.55
|
7.09
|
12.01
|
46.29
|
9.58
|
37.05
|
2,063.95
|
81.40
|
88.18
|
23.41
|
|
Welspun Living Ltd
|
1,630.61
|
18.32
|
176.72
|
50.06
|
94.45
|
81.7
|
148.25
|
118.34
|
5.09
|
29.11
|
|
Industry
|
12,906.11
|
9.37
|
2,062.46
|
17.61
|
963.64
|
16.61
|
1,63,757.25
|
13.08
|
|
55.33
|
|