Page Industries Q4 Review - Strong End To Challenging Year: ICICI Direct

Speedo’s LZR Racer swimsuits, marketed by Page Industries Ltd. in India, are displayed on mannequins at a shop. (Photographer Tomohiro Ohsumi/Bloomberg).

Page Industries Q4 Review - Strong End To Challenging Year: ICICI Direct

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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.

Click on the attachment to read the full report:

ICICI Direct Page Industries Q4FY21 Result Update.pdf

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