Apparel manufacturer Page Industries Ltd on Thursday reported a decline of 7.3 per cent in its net profit at Rs 150.27 crore in the second quarter ended September 2023 on account of lower sales volume and value.

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The company had posted a net profit of Rs 162.12 crore during the July-September period a year ago, according to a filing from Page Industries Ltd (PIL).

Its revenue from operations was down 8.39 per cent to Rs 1,125.13 crore in the second quarter of this fiscal, in comparison to Rs 1,228.20 crore in the corresponding period a year ago.

"EBITDA margin achieved was 20.8 per cent despite sluggish demand as reflected in YOY lower sales volume and value by 8.8 per cent and 8.4 per cent respectively," Page Industries said in an earnings statement.

Page Industries' expenses in the September quarter were at Rs 927.42 crore, down 8.92 per cent. Total expenses of Page Industries in the September quarter were at Rs 1,126.80 crore, down 8.45 per cent.

"Despite prevailing macro headwinds and market conditions, operational efficiency and stable raw material costs have ensured robust EBITDA margin of 20.8 per cent in Q2. We firmly believe these challenges are transient and continue to invest in technology, enhancing brand awareness, and expanding our market presence, while ensuring a healthy operating margin," said Managing Director V S Ganesh.

Page Industries is the exclusive licensee of Jockey International Inc (USA) for manufacturing, distribution, and marketing in India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan, and the UAE.

It is also the exclusive licensee of Speedo International for the Indian market. Shares of Page Industries Ltd settled at Rs 37,658.90 on BSE, down 0.54 per cent from the previous close.

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