Page Industries surges 10% despite disappointing March quarter results

Despite a challenging FY20, the company generated healthy cash flow from operation worth Rs 517 crore

Shares of inner-wear maker Page Industries rallied 10 per cent to Rs 21,086 on the BSE on Wednesday despite the company reporting a disappointing set of numbers for the quarter ended March 2020 (Q4FY20).

Revenue for the quarter de-grew 11 per cent year on year (y-o-y) at Rs 541 crore, owing mainly to volumes declining 18.7 per cent to 30 million pieces. Sharp volume impact in March was the result of retail outlets being temporarily shut on account of the nation-wide lockdown due to the Covid-19 outbreak.

The company's profit after tax (PAT) declined 58.6 per cent y-o-y