Page Industries lost 10.27% to Rs 19,715 at 11:23 IST on BSE after net profit fell 20.4% to Rs 74.98 crore on 0.1% rise in total income to Rs 616.56 crore in Q4 March 2019 over Q4 March 2018.
The result was announced after market hours on Friday, 24 May 2019.Meanwhile, the S&P BSE Sensex was up 168.97 points or 0.43% to 39,603.69
The stock declined on higher volume. On BSE, 9,404 shares were traded, higher than its two-week average volume of 1,649 shares. The stock hit high of Rs 20,650 and low of Rs 19,550.85 in intraday trade today, 27 May 2019.
Sunder Ashok Genomal, Managing Director, Page Industries said that the company witnessed steady sales growth in both volume and value despite challenging macro and micro market conditions. The company's Q4 March 2019 net profit declined due to one-time gain from sales schemes reversals and GST transaction credits and the higher sales schemes incurred in Q4 March 2018.
Page Industries is engaged in the manufacturing, distribution and marketing of Innerwear, Athleisure, Sleepwear and Swimwear for men, women and kids. The company is the exclusive licensee of Jockey International Inc. (USA) in India, Sri Lanka, Bangladesh, Nepal, UAE, Oman and Qatar, and for Speedo International (UK) in India and Sri Lanka. As on 31 March 2019, Page Industries has 14 state-of-the-art manufacturing complexes in Bengaluru, Hassan, Mysore, Gowribidanur, Tiptur and Tirupur.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content