Page Inds slips after Q4 PAT tumbles nearly 59%

Page Industries lost 1.06% to Rs 19165 after the company's net profit slumped 58.6% to Rs 31.02 crore on 11% decline in net sales to Rs 541.26 crore in Q4 March 2020 over Q4 March 2019.

Profit before tax stood at Rs 43.18 crore in Q4 FY20, down by 62.9% from Rs 116.28 crore in Q4 FY19. Current tax expense tumbled 73.1% to Rs 9 crore during the quarter.

Revenue was impacted by sharp volume decline in March due to retail outlets being temporarily shut on account of the nation-wide lockdown. Lower absorption of costs invested in sales and marketing, people and technology contributed to the lower PAT.

Commenting on the results, managing director, Sunder Genomal said, The company delivered a strong year given the circumstances, with growth in revenues and a very strong return on capital employed. Despite the short-term macro situation, we continue to remain confident of the medium term given our strong business model, product portfolio and healthy balance sheet. We continue to make investments and spend in sales and marketing, particularly at the point-of-sale such as display fixtures and in-store branding. We will continue our aggressive expansion plans of new exclusive brand outlets and hope to touch the 1,000 outlet milestone by the end of this financial year. We believe that these investments are required for ensuring high growth over the next few years.

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

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