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Geojit Research Report
Page Industries Ltd. is engaged in the manufacturing, distribution and marketing of Innerwear, athleisure, sleepwear and swimwear for men, women and kids.
Robust revenue growth momentum with 17% compound annual growth rate in top-line for the last five years.
Innerwear market in India expected to grow at 12% CAGR in the next decade to Rs 743 billion from Rs 290 billion at present.
While Page Industries’ increasing penetration will provide strong potential to grow. Innerwear is evolving from being functional to a segment with a fashion quotient, also shifting from price sensitive category to a brand sensitive one.
Strong margin, debt free status and doubling of capacity by 2025 will help to tap vigorous opportunity in the sector.
Higher asset turnover ratio, healthy dividend payout and better working capital management led to consistent improvement in return on equity/ return on capital employed.
We expect most of the negatives owing to pandemic are factored in, while discretionary spending is expected to pick-up from H2 FY21.
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