Page Industries Q4 Results: Jockey and Speedo Maker Sees Profit Drop by 58.9%

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Page Industries, the exclusive licensee of Jockey and Speedo in India, reported a disappointing performance for the quarter ending March 2023, due to the impact of the COVID-19 pandemic and the lockdowns.

Here are the key highlights of the Q4 results:

Revenue and Profit

  • The revenue from operations fell by 16.7% year-on-year (YoY) to Rs 617.6 crore in Q4 FY23, compared to Rs 741.6 crore in Q4 FY22.
  • The net profit declined by 58.9% YoY to Rs 78.4 crore in Q4 FY23, from Rs 191 crore in Q4 FY22.
  • The earnings per share (EPS) dropped by 58.9% YoY to Rs 69.72 in Q4 FY23, from Rs 169.64 in Q4 FY22.

Margins and Expenses

  • The earnings before interest, tax, depreciation and amortization (EBITDA) margin contracted by 1,040 basis points to 17.8% in Q4 FY23, from 28.2% in Q4 FY22.
  • The operating expenses increased by 2.6% YoY to Rs 507.8 crore in Q4 FY23, from Rs 494.8 crore in Q4 FY22.
  • The finance costs decreased by 38.5% YoY to Rs 3.2 crore in Q4 FY23, from Rs 5.2 crore in Q4 FY22.

Challenges and Outlook

  • The company faced challenges due to the COVID-19 pandemic and the lockdowns imposed by various state governments, which disrupted its operations for more than half of the quarter.
  • The company also faced supply chain disruptions, raw material price fluctuations, labor availability and logistics issues, which affected its production and sales.
  • The company took various measures to mitigate the impact of these challenges, such as optimizing costs, enhancing productivity, improving cash flows and strengthening its online presence.
  • The company is confident of bouncing back once the situation normalizes and the vaccination drive picks up pace.
  • The company remains focused on its long-term growth strategy of expanding its product portfolio, distribution network and brand equity.

Dividend

  • The company announced a final dividend of Rs 20 per equity share for FY23, subject to the approval of the shareholders at the ensuing annual general meeting.

Page Industries is the market leader in the innerwear segment in India, with a dominant share of over 50%. The company also manufactures and sells swimwear, leisurewear, sportswear and kids wear under the Jockey and Speedo brands. The company has a network of over 50,000 retail outlets across India and exports its products to over 20 countries.

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