Page Industries with Rs 391-billion market-cap at 11:10 am; was just Rs 9-billion or 2.3% away to hit 400-billion marks, the BSE data shows. The company stands at 74th position in the overall market-cap ranking. Page Industries today, surpassed the state-owned lender Bank of Baroda and drug maker Aurobindo Pharma in market-cap raking.
In past three months, Page Industries has outperformed the market by surging 53% from Rs 22,946, as compared to 10.4% rise in the S&P BSE Sensex. Since June 12, 2018, Page Industries rallied 44% after the company announced the extension of a license agreement with Jockey International till December 31, 2040.
“Page Industries’ reported a strong 8.8% volume growth on an unfavorable base of 13.3% in Q1FY18. In addition, the company has maintained its sales growth trajectory as it has implemented a price hike during the last quarter. We are encouraged by the overall operating performance (+360bps EBITDA margin expansion) and believe that the strong brand recognition would help the company to maintain volume growth, going ahead,” analysts Dolat Capital said in company update.
The continuous increase in distribution reach is helping Page to accelerate its revenues. We continue to believe that branded innerwear market present huge opportunity to grow and increase in distribution and GST would help the industry to flourish. Though RM pressures were visible, strong cost management resulted in EBITDA expansion, the brokerage firm said. The stock hit the brokerage 12-month target price of Rs 35,000.