Page Ind slips on temporary suspension of operations in Karnataka

Page Industries fell 1.09% to Rs 29,614.80 after the company said it has temporarily suspended its manufacturing and operations in Karnataka with effect from 30 April 2021, due to the re-emergence of COVID-19 cases.

Warehouses, elastics, raw material stores and other required departments including support functions will operate with minimum required number of employees by strictly following the COVID-19 guidelines.

The duration of the temporary suspension will depend upon improvement in the situation and health advisory by the Government of India. Since, the manufacturing facilities been shut down temporarily there will be an impact on production volumes during this period, the firm said.

"We have enough inventory levels to carry us into the next couple of months. When the lockdown is lifted, Manufacturing & Operations will be commence immediately with full capacity," it added.

The apparel maker's net profit jumped 76.6% to Rs 153.70 crore on a 16.8% rise in net sales to Rs 927.06 crore in Q3 FY21 over Q3 FY20.

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 and the UAE.

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