Page Industries shares crack 7% post Q3 results

Shares of Page Industries cracked over 7 per cent in Friday’s trade after the company on Thursday posted a 14.59 per cent year-on-year fall in net profit at Rs 87.02 crore for the quarter ended December 31, mainly due to higher expenditure.

Total expenditure of the company increased by 16.24 per cent YoY to Rs 680.38 crore during the quarter under review. Total revenue grew 6.61 per cent YoY to Rs 797.28 crore in Q3FY20 over Rs 747.81 crore in Q3FY19.

EBITDA declined 16.50 per cent YoY to Rs 135.30 crore during the quarter, while margin slipped to 17 per cent against 22 per cent YoY.

“A temporary dip in PAT is entirely due to enhanced investments in sales and marketing, people and technology, which will drive sustainable growth in the years to come,” Page Industries said.

The board also declared an interim dividend of Rs 58 per share. The record date for the payment of the same is February 22. The date fixed for payment is on or before March 6.

The consolidated net worth of the company stood at Rs 869.8 crore as of December 31 with zero net debt.

Commenting on the financial results, Sunder Genomal, MD, Page Industries said, “Aware of the robustness of our business and balance sheet, our ethos has always been to remain positive and not allow the short-term macro situation to lessen our ambitions for the long term. We continue to expand our capacity in a calibrated manner, modernise our factories to increase productivity and also look at optimising costs, wherever necessary.”

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 and the UAE.

The shares of the company closed 4.70 per cent lower at Rs 22,422.45 on BSE.