Page Industries finally breaks profit slump as margins shine in Q3
After five consecutive quarters of decline, the exclusive licensee of Jockey in India, Page Industries, finally saw resurgence in profitability, thanks to a 23 per cent Y-o-Y increase in net profit to Rs 1.52 billion ($18.3 million) during Q3 FY24.
This positive turnaround by Page Industries was primarily driven by higher margins, despite facing a slightly challenging market. The company[s ability to control costs and optimise pricing helped it achieve a notable profit bump, signifying potential improvements in market conditions.
During the third quarter, Page Industries’ revenues increased by 2.4 per cent to Rs 12.29 billion while EBITDA margins improved y from 16.1 per cent to 18.7 per cent, reflecting effective cost management and pricing strategies. The company’s total expenses declined by 0.5 per cent on account of reduced cotton prices. The sports and athleisurewear segment of the company witnessed growth while innerwear and loungewear segments declined.
This performance of Page Industries stands in contrast to its competitor, Tata-owned Trent, which reported a much stronger 100 per cent jump in profit, buoyed by increased festive season demand.
