Page Industries Q3 posts 76.6% increase in net profit to Rs 153.70 cr

Page Industries Ltd (PIL) on Wednesday reported a 76.64 per cent increase in consolidated net profit at Rs 153.70 crore for the third quarter ended December 2020.

The company had posted a net profit of Rs 87.01 crore during the October-December period a year ago, PIL said in a BSE filing.

Revenue from operations rose 16.78 per cent to Rs 927.06 crore during the quarter under review as against Rs 793.82 crore in the corresponding period of the previous fiscal.

"We are encouraged by the strong demand in all our product categories in all channels. The athleisure and kids categories have particularly shown very promising growth and acceptance.

"We continue to strengthen management with the best talent and invest in digital transformation, technology and innovation in product design and development, marketing and brand building," Page Industries Managing Director Sunder Genomal said.

There is also renewed focus in becoming more efficient and optimal in all aspects of the business, while at the same time taking care to eliminate any wasteful spend or activity, he added.

PIL's total expenses were at Rs 723.94 crore in Q3 FY 2020-21, up 6.39 per cent from Rs 680.41 crore in the year-ago period.

Over the outlook, Genomal said, "Given our strong and proven business model, wide product portfolio, efficient financial management and a very loyal customer base, we continue to remain very confident of our medium to long term prospects."

Bangalore-based Page Industries is the exclusive licensee of American underwear brand Jockey International for manufacture, distribution and marketing in countries such as India, Sri Lanka, Bangladesh, Nepal, UAE, Oman and Qatar.

PIL is also the exclusive licensee of Speedo International for the manufacture, marketing and distribution of the Speedo brand in India.

Shares of Page Industries Ltd on Wednesday settled at Rs 31,939.95 on BSE, up 5.29 per cent from its previous close.