Page Industries announced that the Annual General Meeting (AGM) of the company will be held on 13 August 2020.

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Page Industries announced that Shahendar Genomal had vacated the office of Alternate Director to Ramesh Genomal (Original Director) since Original Director attended meeting on 23 June 2020.

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Net profit of Page Industries declined 58.63% to Rs 31.02 crore in the quarter ended March 2020 as against Rs 74.98 crore during the previous quarter ended March 2019. Sales declined 10.96% to Rs 541.26 crore in the quarter ended March 2020 as against Rs 607.86 crore during the previous quarter ended March 2019.

For the full year,net profit declined 12.88% to Rs 343.22 crore in the year ended March 2020 as against Rs 393.94 crore during the previous year ended March 2019. Sales rose 3.27% to Rs 2945.42 crore in the year ended March 2020 as against Rs 2852.20 crore during the previous year ended March 2019.

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Profit before tax stood at Rs 43.18 crore in Q4 FY20, down by 62.9% from Rs 116.28 crore in Q4 FY19. Current tax expense tumbled 73.1% to Rs 9 crore during the quarter.

Revenue was impacted by sharp volume decline in March due to retail outlets being temporarily shut on account of the nation-wide lockdown. Lower absorption of costs invested in sales and marketing, people and technology contributed to the lower PAT.

Commenting on the results, managing director, Sunder Genomal said, “The company delivered a strong year given the circumstances, with growth in revenues and a very strong return on capital employed. Despite the short-term macro situation, we continue to remain confident of the medium term given our strong business model, product portfolio and healthy balance sheet. We continue to make investments and spend in sales and marketing, particularly at the point-of-sale such as display fixtures and in-store branding. We will continue our aggressive expansion plans of new exclusive brand outlets and hope to touch the 1,000 outlet milestone by the end of this financial year. We believe that these investments are required for ensuring high growth over the next few years.”

Page Industries is the exclusive licensee of JOCKEY International Inc. (USA) for manufacture, distribution and marketing of the JOCKEY brand in India, Sri Lanka, Bangladesh, Nepal and the UAE. Page Industries is also the exclusive licensee of Speedo International for the manufacture, marketing and distribution of the Speedo brand in India.

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