Page Industries Q4 Review - Sales Beat, Profits In-Line; Lockdown Leads To Cut In Estimates: Motilal Oswal
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Motilal Oswal Report
While Page Industries Ltd.'s revenue and volume growth in Q4 FY21 were ahead of our estimates, lower than expected Ebitda margin resulted in Ebitda and profit before tax that were in line with our estimates.
The company has taken a 4-5% price increase in Q4 FY21 to account for higher yarn prices.
The ongoing lockdown in most parts of India has led to store closures. Key factories of the company in Bengaluru have been shut for nearly a month.
While the management is confident of a rebound in demand after a gradual return to normalcy once the lockdowns are lifted, the ongoing lockdowns have resulted in an 8.3%/3% impact to our FY22E/FY23E earnings per share forecast.
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