Page Industries rallies 7%, hits fresh 52-week high on robust Q3 results

Shares of Page Industries hit a fresh 52-week high of Rs 32,372, as the stock rallied 7 per cent on the BSE in Wednesday's session following a strong performance by the company in the December quarter.

The company reported a 77 per cent year-on-year (YoY) growth in profit after tax (PAT) of Rs 153.7 crore on the back of healthy operational performance. The stock has risen 12 per cent in the past two trading days. Jockey is the company’s flagship brand and a market leader in the premium innerwear and leisurewear category.

In Q3FY21, the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin improved by 700 basis points (bps) to 24 per cent on cost optimisation efforts and reduced operating costs. The revenue was up 17 per cent YoY at Rs 927.1 crore during the quarter under review.

The strong performance in the December quarter was aided by growth in revenues, coupled with efficient control on operating costs. The company reported a resilient performance as the economy started to show signs of recovery. As of now, more than 94 per cent of the company’s multi-brand outlets, 100 per cent of exclusive brand outlets (EBOs) and 93 per cent of large format stores are fully functional, the company said.

The company further said it has repaid all outstanding borrowings amidst challenging times and is completely debt-free. The cash and cash equivalent have increased by 23 per cent to Rs 494.1 crore sequentially, it said.