Page Industries Plummets 15% to New 52-Wk Low on Poor Q4 Show

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Page Industries Plummets 15% to New 52-Wk Low on Poor Q4 Show
Credit: © Reuters.

By Malvika Gurung -- Shares of Page Industries (NS: PAGE ) tumbled 15% on Friday and hit a new 52-week low of Rs 34,952.65 apiece following disappointing results for the quarter ended March 31, 2023. 

The innerwear and socks manufacturer Page Industries reported an almost 59% fall in profit after tax for the March quarter at Rs 78.4 crore compared to Rs 19.05 crore in the same period last year and slashed 36.7% sequentially.

In terms of revenue, the company’s topline declined 12.8% YoY and 20.8% quarter-on-quarter to Rs 969 crore in the fourth quarter of the financial year 2023.

Page Industries’ EBITDA also shed almost 50% on a YoY basis in the March-ended quarter to Rs 134.5 crore and declined 30.2% sequentially during the period. 

The EBITDA margin contracted significantly to 13.9% in Q4 FY23 from 14% in Q4 FY22 and 15.8% in the preceding quarter, while Page’s PAT margin slashed to 8.1% in the period from 17.1% in the corresponding quarter of last year and 10.1% quarter-on-quarter.

The company’s management has initiated a positive outlook on demand going ahead. Page Industries' MD V.S. Ganesh said that even though the company experienced some impact on profitability due to higher inventory levels acquired during an inflationary period and lower than optimal capacity utilization, several steps were taken to address such issues.

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