Page Industries reverses last year quarter losses into profit of Rs10.9cr in Q1FY22; Stock slumps ~4%

Revenue in Q1FY22 stood at Rs501.5cr, up 76% yoy from 284.83cr in Q1FY21 and aided by increased footfall in stores.

Aug 13, 2021 10:08 IST India Infoline News Service

Page Industries
Page Industries Limited, India’s leading apparel manufacturer (brand Jockey), on Thursday announced its financial results for the quarter ended June 30, 2021. Revenue in Q1FY22 stood at Rs501.5cr, up 76% yoy from 284.83cr in Q1FY21, and aided by increased footfall in stores as lockdown across cities was gradually lifted.

The company’s EBITDA margin at 6.8%, lower mainly due to under absorption of wages, selling, and corporate overheads. Reported Profit After Tax at Rs10.9cr in Q1FY22; up 128% yoy from loss of Rs39.55cr in Q1FY21. PAT margin at 2.2%. Cash and cash equivalents at Rs327.1cr, up 89% yoy. Liquidity continues to remain strong with robust cash flow management, company said in a filing on Thursday.

At around 10.20 am, Page Industries Ltd was trading at Rs31185.45 per piece down Rs1268.20 or 3.91% from its previous closing of Rs32,453.65 per piece on the BSE.

“I am pleased to announce that despite unprecedented challenges posed by resurgence of the pandemic, we delivered yoy growth across all our segments. As an organization we were better prepared owing to the learnings over the last year and were more agile to handle the challenges.

Despite half of the quarter being under lockdown for most cities and states, we could successfully add 1,465 MBOs and 9 EBOs during these three months. We remain focused on profitable partnerships with our distributors while continuing expansion,” Managing Director, Sunder Genomal, said.

“Being aware of the shift of consumer preference towards e-commerce, we are well prepared and invested in our warehousing, technology and logistics support to cater to this increasing demand. During the quarter, we also saw great demand and acceptance for our kids wear business which continues to be an important area for us going forward.

With our focused approach on our core business verticals, we remain confident of maintaining growth backed by our continued efforts on innovation and investments,” Genomal added.

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