Page Ind spurts after robust Q3 results

Page Industries surged 5.47% to Rs 31,995.85 after the apparel maker's net profit jumped 76.65% to Rs 153.7 crore on a 16.78% rise in net sales to Rs 927.06 crore in Q3 FY21 over Q3 FY20.

Page Industries said it saw resilient performance as the economy started to show signs of recovery. As of now, more than 94% of multi brand outlets, 100% of EBOs and 93% of the company's large format stores are fully functional.

Profit before tax grew by 77.3% to Rs 207.26 crore in Q3 FY21 from Rs 116.9 crore in Q3 FY20. Total tax expense spiked 79% year on year to Rs 53.56 crore in Q3 FY21 over Q3 FY20.

EBITDA spurted 63% to Rs 226.10 crore in Q3 FY21 over Q3 FY20. EBITDA margins improved to 24.4% in Q3 FY21, higher than 17.5% in Q3 FY20.

Commenting on the results, Sunder Genomal, MD of Page Industries said, "I am delighted to share that we have registered all-time high Revenue and Profit in third quarter. 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. 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. 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."

The company said it repaid all outstanding borrowings during the quarter and it is completely debt-free. The cash & cash equivalent has increased by 23% quarter on quarter to Rs 494.10 crore.

Meanwhile, the company has announced a second interim dividend of Rs 150 per share. The record date is set on 19 February 2021.

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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