Page Industries Q4 results: Jockey, Speedo products maker misses Street forecasts
Page Industries Q4 results: Page Industries - which manufactures and markets products under brands Jockey and Speedo in India - reported a net profit of Rs 78.4 crore for the quarter ended March 2023 as against a net profit of Rs 190.5 crore for the corresponding period a year ago. Bengaluru-based Page Industries popular products include a range of innerwear, loungewear, socks, and swimwear.
Page Industries Q4 results: Page Industries — which manufactures and markets products under brands Jockey and Speedo in India — reported a net profit of Rs 78.4 crore for the quarter ended March 2023, marking a fall of 58.9 per cent compared with the corresponding period a year ago.
Page Industries' revenue came in at Rs 969.1 crore for the three-month period, as against Rs 1,111.1 crore for the year-ago period, according to a regulatory filing. Both the company's top-line and bottom-line missed analysts' estimates.
According to Zee Business research, Bengaluru-based Page Industries – whose popular products include a range of innerwear, loungewear, socks, and swimwear – was estimated to report a quarterly net profit of Rs 120 crore and revenue of Rs 1,100 crore.
“We are pleased at the company’s overall growth through the year despite a challenging economic climate and a general decrease in consumption. We consider this impact to be temporary and maintain a positive outlook on demand. Although the company experienced some impact on profitability due to higher inventory levels acquired during an inflationary period and lower than optimal capacity utilization, we have taken several steps to address these issues," said VS Ganesh, Managing Director at Page Industries.
"These measures include transitioning to a pull-based auto replenishment system, which allows for better management of inventory levels, and strengthening the supply chain planning to effectively manage the situation," he added.
Page Industries shares — traded on the bourses with the symbol PAGEIND — finished 0.3 per cent lower at Rs 41,139.5 apiece on BSE amid a volatile market ahead of the earnings announcement.
Page Industries shares: Past performance
Page Industries shares lost 11.5 per cent of their value in the March quarter, a period in which the Nifty headline index declined 4.1 per cent.
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