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ICICI Direct Report
Page Industries Ltd. continued its upward trajectory with healthy topline growth in Q4 FY21, driven by strong demand for athleisure wear.
Revenue grew 63% YoY to Rs 927.1 crore (two year compound annual growth rate: 20.4%), with volumes increasing 54.2% to 46.2 million pieces (partially attributable to benign base).
On account of higher raw material prices, gross margins declined 122 basis points YoY to 57.6%.
Employee and other expenses increased 23% and 37% YoY, respectively.
Subsequently, Ebitda margins came in at 19.3% (our estimate: 20.5%, Q3 FY21: 24.4%, Q4 FY20: 10.7%).
Absolute Ebitda increased 80% YoY to Rs 169.8 crore.
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