Page Industries (QoQ) revenues to decline by 47% in Q1FY22

14th July 2021,Mumbai:

Brokerage ICICI Securities anticipates Page Industries’ quarter-on-quarter (QoQ) revenues to decline by 47 per cent to Rs 459 crore in Q1FY22E. The company’s volumes are expected to decline by 49 per cent QoQ while realization is expected to be higher by 2 per cent to Rs 194 per piece, owing to change in product mix.

On account of negative operating leverage, the analyst expects Page Industries’ EBITDA margins to decline substantially from 19.3 per cent in Q4FY21 to 3.4 per cent in Q1FY22E. It expects the company to report net loss of Rs 1.7 crore (vs. net profit of Rs 116 crore in Q4FY21 and loss of Rs 40 crore in Q1FY21).

Another brokerage firm Emkay Global Financial Services expects Page Industries’ revenues in Q1 FY22 to grow to 55 per cent of pre-COVID revenues The company’s Ebitda (earnings before interest, taxes, depreciation, and amortization) margins are expected to surpass pre-COVID levels led by both better gross margins as well as lower negative operating leverage.

Page Industries is engaged in the manufacturing, distribution and marketing of innerwear, athleisure, sleepwear and swimwear for men, women and kids. The company is the exclusive licensee of Jockey International Inc for the manufacture, distribution and marketing of the Jockey brand in India, Sri Lanka, Bangladesh, Nepal, UAE, Oman and Qatar.

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Page Industries is also the exclusive licensee of Speedo International for the manufacture marketing and distribution of the Speedo brand in India consisting of swimwear apparel water shorts equipment and footwear. The company has significantly expanded its presence by opening many EBOs and MBOs across the country.

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