Page industries

PAGE Industries –

Q4 and FY 24 results and concall highlights –

Q4 outcomes –

Revenues – 995 vs 964 cr, up 3 pc ( sales volumes @ at 4.53 cr pieces, up 6 pc YoY )
EBITDA – 167 vs 134 cr, up 24 pc ( margins @ 17 vs 14 pc – nice recovery in margins )
PAT – 108 vs 78 cr, up 38 pc

FY 24 outcomes –

Revenues – 4581 vs 4712 cr, down 3 pc ( due subdued H1 in FY 24. Volumes @ 20.2 cr pieces – down 2 pc YoY )
EBITDA – 872 vs 862 cr, up 1.1 pc ( margins @ 19.1 vs 18.3 pc )
PAT – 569 vs 571 cr ( largely flat )

Strong growth witnessed in the E-Comm channel – reflecting change in consumer behaviour. Retail sector continues to report subdued demand scenario

Company is continuously expanding its distribution network in tier – 2,3 cities

Company’ distribution is led by –

Company led –
1382 Exclusive brand outlets ( EBOs )
43 exclusive women outlets
64 exclusive junior outlets
17 factory outlets

Modern retail led –
Company’s products are sold via 13 Organised retail chains across their 1132 stores

Multi-Brand – general retail –
Number of Distributors @ 4123 across 2750 cities, towns. Products are available in 1.06 lakh retail outlets

Company is making disproportionate investments in the Women, Kids segments. Investing behind tailored marketing campaigns targeting younger audience

Have relaunched Jockey.in, Speedo.in – for better customer experience

Company is expecting improved demand scenario for its athleisure products

In house manufacturing @ 80 pc, Outsourced @ 20 pc. Manufacturing facilities spread across 14 locations in Karnataka and 01 location in TN. 01 new facility is under construction in Orrisa

Expecting a gradual recovery in demand for the company’s products in FY 25. Expect stronger demand in H2

Current inventory @ retail / EBO levels should be around 20 cr pieces. That’s well within routine business norms

Athleisure as a category is again starting signs of growth after a demand surge in 2020-22 ( during pandemic ) and subsequent demand slowdown in last 6-7 Qtrs. Channel inventories have also corrected significantly

E-Comm grew by 30 pc in Q4 and contributed to 8 pc of sales

Seeing lower pricing discounts from competition

Once the demand picks up, company is confident that they should be the first ones to bounce back

Will continue to spend 4-4.5 pc of sales towards brand promotion / advertisements

Opinion: As consumption demand picks up, company may be in for a turnaround

Disc: Hence initiated a tracking position, biased, not SEBI registered