Page Ind reports Q1 PAT at Rs 11 cr

Page Industries' standalone net profit stood at Rs 10.94 crore in Q1 June 2021 (Q1 FY22) compared with net loss of Rs 39.55 crore in Q1 June 2020 (Q1 FY21).

Revenue from operations surged 76.08% to Rs 501.53 crore in Q1 FY22 from Rs 284.82 crore in Q1 FY21. Pre-tax profit was at Rs 14.51 crore in Q1 FY22 as against a pre-tax loss of Rs 52.37 crore in Q1 FY21. The Q1 earnings were declared at the fag end of market hours yesterday, 12 August 2021.

In Q1 FY22, the EBITDA margin stood at 6.8%, declining mainly due to under absorption of wages, selling and corporate overheads. Cash and cash equivalents during the quarter, was at Rs 327.10 crore, rising 89% Y-o-Y (year-on-year) over Q1 June 2020. Liquidity continued to remain strong with robust cash flow management.

Commenting on Q1 results, Sunder Genomal, the managing director (MD) of Page Industries, said, "I am pleased to announce that despite unprecedented challenges posed by resurgence of the pandemic, we delivered Y-o-Y 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."

"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.

Meanwhile, the board at their meeting held on Thursday, 12 August 2021, declared its first interim dividend of FY2021-22 of Rs 50 per equity share.

Page Industries is an Indian manufacturer and retailer of innerwear, loungewear and socks. It is the exclusive licensee of JOCKEY International Inc. (USA) for manufacture, distribution and marketing of the JOCKEY brand in India, Sri Lanka, Bangladesh, Nepal and the UAE. Page Industries is also the exclusive licensee of Speedo International for the manufacture, marketing and distribution of the Speedo brand in India.

Shares of Page Industries declined 2.54% to Rs 31,629.90 on BSE. The stock has traded in the range of Rs 31,466.45 to Rs 32,250 so far.

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