Page Industries Reports 38.1% PAT Increase in Q4 FY 2024

On May 23, 2024, Page Industries Limited announced its financial results for the Q4 and annual year ended March 31, 2024. In Q4 FY 2024, the company reported a 38.1% increase in Profit After Tax (PAT).

Financial Performance in Q4 FY 2024

In the quarter ended March 2024, the sales volume increased 6.1% year over year, amounting to 45.3 million pieces. The company’s revenue stood at ₹9,954 million, a 3.2% increase year over year. The EBITDA was ₹1,672 million, an increase of 24.5% compared to the same period in FY 2023.

Page Industries’ PAT stood at ₹1,082 million, showcasing a substantial increase of 38.1% compared to the same period last year.

Financial Performance in FY 2024

The company’s revenue in the financial year was ₹45,817 million, a 2.8% drop. During the same year, EBITDA stood at ₹8.722 million, with a growth of 1.1%, and the PAT was ₹5,692 million, approximately 0.4% decline compared to ₹5,712 million in FY 2023.

Future Outlook

The outlook for the innerwear and athleisure industry in India remains optimistic, driven by advancements in fabric technology and an increasing trend towards health-conscious and active lifestyles. The company states that, over the next decade, significant growth in the athleisure market is anticipated. This shift towards high-quality, functional apparel is poised to boost consumer engagement and drive demand in both urban and rural markets.

They further added that they are well-placed to capitalise on these trends through their strategic investments in market expansion, technology adoption and brand building. Their focus on improving e-commerce capabilities and growing their distribution network will be essential to capturing market share.

Speaking on the results, the Managing Director of Page Industries Limited, Mr V.S. Ganesh, said, “I am pleased to share that our strategic commitment to sustainable sales practices and meticulous inventory management has been instrumental in maintaining robust margins and enhanced profitability. Focused efforts to optimise operational efficiency have also been pivotal in enabling us to achieve an impressive 38.1% growth in PAT for Q4.”

He further added, “Our adaptive strategies, including enhancing supply chain productivity and modernising our distribution management system in response to the market’s evolving demands, have shown early signs of stabilising revenue this quarter despite challenges due to generally subdued market conditions. Our e-commerce channel continues to drive substantial growth, reflecting evolving consumer purchasing behaviour. With continued investments in our strategic drivers, we are well-positioned to seize long-term opportunities for growth.”

On May 23, 2024, the share price of Page Industries Ltd opened at ₹36,690.00, touching the day’s low at ₹35,200.10, as of 3:21 PM on the NSE.

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