On standalone basis
Quarter ended March 2024 compared
with Quarter ended March 2023.
Net sales (including other operating income) of Page Industries has increased
3.19% to Rs 995.35 crore.
Operating profit margin has jumped
from 13.93% to 16.80%, leading to 24.48% rise in operating profit to Rs 167.21
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 25.99% to 27.17%. Purchase of finished
goods cost fell from 25.95% to 14.53%. Employee cost increased from
19.28% to 20.18%. Other expenses rose from 17.08% to 20.68%.
Other income up 52.53% to Rs 10.86
crore. PBIDT rose 25.89% to Rs 178.07 crore. Provision
for interest fell 23.18% to Rs 10.47 crore. Loan funds declined from
Rs 406.40 crore as of 31 March 2023 to Rs 184.85 crore as of 31 March
2024. Inventories declined from Rs 1,595.26 crore as of 31 March
2023 to Rs 1,170.30 crore as of 31 March 2024. Sundry debtors were
higher at Rs 158.64 crore as of 31 March 2024 compared to Rs 146.07 crore as of
31 March 2023. Cash and bank balance rose to Rs 321.05 crore as of
31 March 2024 from Rs 8.10 crore as of 31 March 2023.
PBDT rose 31.12% to Rs 167.6
crore. Provision for depreciation rose 6.01% to Rs 22.57
crore. Fixed assets increased to Rs 722.34 crore as of 31 March 2024
from Rs 633.04 crore as of 31 March 2023. Intangible assets
increased from Rs 2.59 crore to Rs 4.14 crore.
Profit before tax grew 36.14% to Rs
145.03 crore. Provision for tax was expense of Rs 36.83 crore,
compared to Rs 28.18 crore. Effective tax rate was 25.39% compared
to 26.45%.
Profit after tax rose 38.10% to Rs
108.20 crore.
Equity capital stood at Rs 11.15
crore as of 31 March 2024 to Rs 11.15 crore as of 31 March 2023. Per
share face Value remained same at Rs 10.00.
Promoters’ stake was 45.11% as of 31
March 2024 ,compared to 46.12% as of 31 March 2023 .
Full year results analysis
Net sales (including other operating income) of Page Industries has declined
2.81% to Rs 4,581.67 crore.
Operating profit margin has jumped
from 18.30% to 19.04%, leading to 1.10% rise in operating profit to Rs 872.26
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 25.53% to 26.72%. Purchase of finished
goods cost fell from 26.32% to 14.42%. Employee cost increased from
16.21% to 18.94%. Other expenses rose from 16.14% to 19.36%.
Other income up 35.51% to Rs 19.96
crore. PBIDT rose 1.68% to Rs 892.22 crore. Provision for
interest up 8.75% to Rs 44.89 crore. Loan funds declined from Rs
406.40 crore as of 31 March 2023 to Rs 184.85 crore as of 31 March
2024. Inventories declined from Rs 1,595.26 crore as of 31 March
2023 to Rs 1,170.30 crore as of 31 March 2024. Sundry debtors were
higher at Rs 158.64 crore as of 31 March 2024 compared to Rs 146.07 crore as of
31 March 2023. Cash and bank balance rose to Rs 321.05 crore as of
31 March 2024 from Rs 8.10 crore as of 31 March 2023.
PBDT rose 1.33% to Rs 847.33
crore. Provision for depreciation rose 16.31% to Rs 90.83
crore. Fixed assets increased to Rs 722.34 crore as of 31 March 2024
from Rs 633.04 crore as of 31 March 2023. Intangible assets
increased from Rs 2.59 crore to Rs 4.14 crore.
Profit before tax down 0.21% to Rs
756.50 crore. Provision for tax was expense of Rs 187.31 crore,
compared to Rs 186.85 crore. Effective tax rate was 24.76% compared
to 24.65%.
Profit after tax fell 0.36% to Rs
569.19 crore.
Equity capital stood at Rs 11.15
crore as of 31 March 2024 to Rs 11.15 crore as of 31 March 2023. Per
share face Value remained same at Rs 10.00.
Promoters’ stake was 45.11% as of 31
March 2024 ,compared to 46.12% as of 31 March 2023 .
Cash flow from operating activities
has turned positive Rs 1,080.47 crore for year ended March 2024 from negative
Rs 1.61 crore for year ended March 2023. Cash flow used in acquiring
fixed assets during the year ended March 2024 stood at Rs 96.09 crore, compared
to Rs 165.65 crore during the year ended March 2023.
Operational highlights: Sales
volume grew 6.1% YoY, amounting to 45.3 million pieces.
Dividend: The
Board of Directors of the company has declared 4th interim dividend
for FY2023-24 of Rs 120/- per equity share.
Management Commentary:
Commenting on the results, Managing
Director, Mr. V. S. Ganesh said, “I am pleased to share that our
strategic commitment to sustainable sales practices and meticulous inventory management
has been instrumental in maintaining robust margins and enhanced profitability.
Focused efforts to optimize operational efficiency has also been pivotal in
enabling us to achieve an impressive 38.1% growth in PAT for Q4.
Our
adaptive strategies including enhancing supply chain productivity and
modernizing our distribution management system in response to the market’s
evolving demands have shown early signs of stabilizing revenue this quarter,
despite challenges due to generally subdued market conditions. Our e- commerce
channel continues to drive substantial growth, reflecting evolving consumer
purchasing behavior. With continued investments in our strategic drivers, we
are well-positioned to seize long- term opportunities of growth.
| Page Industries : Standalone Results | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 995.35 | 964.59 | 3.19 | 4,581.67 | 4,714.19 | -2.81 | | OPM (%) | 16.80 | 13.93 | 287 bps | 19.04 | 18.30 | 74 bps | | OP | 167.21 | 134.33 | 24.48 | 872.26 | 862.74 | 1.10 | | Other Inc. | 10.86 | 7.12 | 52.53 | 19.96 | 14.73 | 35.51 | | PBIDT | 178.07 | 141.45 | 25.89 | 892.22 | 877.47 | 1.68 | | Interest | 10.47 | 13.63 | -23.18 | 44.89 | 41.28 | 8.75 | | PBDT | 167.60 | 127.82 | 31.12 | 847.33 | 836.19 | 1.33 | | Depreciation | 22.57 | 21.29 | 6.01 | 90.83 | 78.09 | 16.31 | | PBT | 145.03 | 106.53 | 36.14 | 756.5 | 758.1 | -0.21 | | PBT before EO | 145.03 | 106.53 | 36.14 | 756.5 | 758.1 | -0.21 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 145.03 | 106.53 | 36.14 | 756.5 | 758.1 | -0.21 | | Taxation | 36.83 | 28.18 | 30.70 | 187.31 | 186.85 | 0.25 | | PAT | 108.2 | 78.35 | 38.10 | 569.19 | 571.25 | -0.36 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 108.2 | 78.35 | 38.10 | 569.19 | 571.25 | -0.36 | | EPS (Rs)* | 97.04 | 70.27 | 38.10 | 510.48 | 512.33 | -0.36 | | | * 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-202403
|
Sales
(Rs. Crs)
|
var.(%)
|
OP
(Rs. Crs)
|
var.(%)
|
Net Profit
(Rs. Crs)
|
var.(%)
|
Share Price(Rs)
23-May-2024
|
var.(%)
over
One year
|
TTM EPS
|
TTM PE
|
|
Page Industries Ltd
|
995.35
|
3.19
|
167.21
|
24.48
|
108.20
|
38.1
|
35,663.70
|
-14.69
|
510.48
|
69.86
|
|
Acknit Industries Ltd
|
68.45
|
29.2
|
5.50
|
21.68
|
3.07
|
35.84
|
307.90
|
92.56
|
28.13
|
10.95
|
|
Alps Industries Ltd
|
0.00
|
-
|
-0.24
|
95.07
|
-13.95
|
25.24
|
3.81
|
64.94
|
-14.38
|
-
|
|
Arex Industries Ltd
|
13.48
|
24.01
|
1.32
|
-9.59
|
0.03
|
-82.35
|
164.20
|
48.87
|
6.44
|
25.50
|
|
Axita Cotton Ltd
|
221.03
|
80.98
|
7.24
|
-2.69
|
4.95
|
-11.61
|
21.92
|
2.77
|
0.78
|
28.11
|
|
Bella Casa Fashion & Retail Ltd
|
61.07
|
50.53
|
5.64
|
96.52
|
3.07
|
122.46
|
300.65
|
147.14
|
8.88
|
33.86
|
|
Bhilwara Technical Textiles Ltd
|
4.12
|
214.5
|
-0.09
|
52.63
|
0.32
|
77.78
|
49.24
|
223.95
|
0.23
|
217.75
|
|
Cantabil Retail India Ltd
|
194.12
|
11.61
|
46.93
|
11.66
|
17.16
|
1.66
|
213.25
|
-0.36
|
7.29
|
29.26
|
|
Ceenik Exports (India) Ltd
|
0.00
|
-
|
-1.03
|
-1044.44
|
1.65
|
-
|
759.05
|
6,635.14
|
1.67
|
454.07
|
|
Dollar Industries Ltd
|
488.37
|
20.18
|
54.46
|
369.08
|
32.02
|
770.11
|
587.40
|
60.84
|
15.76
|
37.27
|
|
Fiberweb (India) Ltd
|
20.68
|
322.04
|
5.06
|
LP
|
3.52
|
LP
|
40.57
|
19.50
|
2.52
|
16.09
|
|
Go Fashion (India) Ltd
|
181.74
|
15.32
|
53.90
|
8.49
|
13.05
|
-11.71
|
1,004.40
|
-10.78
|
15.33
|
65.54
|
|
Gujarat Raffia Industries Ltd
|
7.11
|
-34.35
|
0.58
|
1833.33
|
0.13
|
-40.91
|
43.04
|
52.62
|
0.96
|
44.73
|
|
Himatsingka Seide Ltd
|
632.25
|
13.09
|
122.48
|
24.75
|
24.31
|
14.51
|
137.10
|
56.10
|
11.72
|
11.70
|
|
Hindoostan Mills Ltd
|
22.46
|
-25.95
|
-0.07
|
86
|
0.91
|
LP
|
261.55
|
23.52
|
7.65
|
34.19
|
|
Iris Clothings Ltd
|
42.12
|
12.05
|
7.08
|
34.6
|
3.49
|
56.5
|
81.25
|
7.94
|
1.50
|
54.24
|
|
K P R Mill Ltd
|
1,088.94
|
-3.78
|
159.32
|
51.96
|
184.59
|
74.27
|
798.10
|
37.64
|
16.23
|
49.16
|
|
Kitex Garments Ltd
|
173.05
|
77.11
|
34.94
|
LP
|
25.99
|
515.88
|
211.60
|
37.45
|
10.25
|
20.64
|
|
Lagnam Spintex Ltd
|
149.65
|
65.6
|
19.86
|
167.29
|
7.30
|
380.26
|
135.10
|
189.60
|
8.25
|
16.38
|
|
Manomay Tex India Ltd
|
184.67
|
9.79
|
17.46
|
47.72
|
4.05
|
-16.15
|
189.00
|
41.04
|
7.20
|
26.24
|
|
Meyer Apparel Ltd
|
1.48
|
-25.63
|
-0.36
|
50
|
-0.36
|
47.83
|
2.48
|
40.11
|
-0.23
|
-
|
|
Nandani Creation Ltd
|
19.34
|
82.97
|
3.57
|
168.42
|
2.01
|
101
|
54.95
|
-35.99
|
0.44
|
126.20
|
|
Pearl Global Industries Ltd
|
320.07
|
16.55
|
17.87
|
-66.35
|
12.33
|
-10.33
|
642.05
|
157.75
|
5.94
|
108.17
|
|
Premco Global Ltd
|
16.56
|
-0.24
|
1.46
|
-63.13
|
1.04
|
-61.05
|
416.25
|
15.63
|
17.22
|
24.18
|
|
Raymond Ltd
|
1,996.67
|
31.72
|
323.37
|
305.12
|
209.45
|
-14.59
|
2,243.15
|
41.92
|
83.37
|
26.91
|
|
Rupa & Company Ltd
|
392.72
|
-1.98
|
32.54
|
19.85
|
26.82
|
43.5
|
265.15
|
4.37
|
9.05
|
29.31
|
|
S P Apparels Ltd
|
255.12
|
8.65
|
40.38
|
-5.72
|
26.84
|
15.34
|
595.30
|
54.97
|
41.35
|
14.40
|
|
SBC Exports Ltd
|
62.62
|
-3.47
|
3.86
|
35.44
|
3.28
|
26.64
|
28.01
|
91.98
|
0.40
|
69.25
|
|
Shoppers Stop Ltd
|
999.68
|
9.08
|
160.93
|
2.46
|
22.81
|
40.37
|
766.85
|
3.15
|
7.14
|
107.38
|
|
Shri Dinesh Mills Ltd
|
18.53
|
12.71
|
-12.26
|
PL
|
2.95
|
-17.83
|
496.75
|
1.56
|
28.71
|
17.30
|
|
Sky Industries Ltd
|
21.41
|
22.06
|
2.25
|
60.71
|
1.50
|
172.73
|
91.14
|
40.43
|
5.92
|
15.40
|
|
Southern Latex Ltd
|
0.00
|
-
|
-0.12
|
-20
|
0.21
|
5
|
28.50
|
66.96
|
0.31
|
91.22
|
|
T T Ltd
|
51.39
|
-11.84
|
6.41
|
LP
|
6.23
|
LP
|
113.05
|
59.83
|
2.15
|
52.50
|
|
TCNS Clothing Co. Ltd
|
211.32
|
-21.31
|
-37.68
|
PL
|
-63.60
|
-126.17
|
485.00
|
19.49
|
-45.60
|
-
|
|
Uniroyal Industries Ltd
|
4.24
|
17.45
|
0.56
|
600
|
0.28
|
LP
|
21.03
|
58.12
|
0.94
|
22.29
|
|
Welspun Living Ltd
|
2,055.78
|
32.2
|
245.60
|
47.99
|
146.56
|
85.99
|
143.80
|
55.04
|
5.81
|
24.76
|
|
Industry
|
10,975.59
|
16.53
|
1,495.93
|
46.61
|
822.21
|
33.78
|
1,26,045.93
|
19.60
|
|
55.33
|
|