Page Industries Ltd Share Price – NSE  /  BSE

Readymade Garments/ Apparells, Small Cap

Page Industries announced that the Board of Directors of the Company at its meeting held on 09 November 2023, has recommended a Second Interim dividend of Rs.75 per share (i.e.750%), subject to the approval of the shareholders.

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Page Industries has fixed 18 November 2023 as record date for 2nd interim dividend of Rs 75 per equity share for FY 2023-24. The dividend will be paid on or before 06 December 2023.

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Page Industries announced that Gagan Sehgal has submitted his resignation from the position of Chief Operating Officer. The resignation will be effective from 08 March 2024.

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Profit before tax slipped 6.19% year on year to Rs 199.38 crore in the quarter ended 30 September 2023.

EBITDA in Q2 FY24 was at Rs 233.5 crore, down 1.8% from Rs 237.9 crore posted in Q2 FY23. EBITDA margin improved to 20.8% in the September quarter, despite sluggish demand as reflected in YoY lower sales volume and value by 8.8% and 8.4% respectively.

The company’s sales volume was at 51.8 million pieces during the quarter.

Meanwhile, the company's board has declared a second interim dividend of Rs 75 per equity share for FY24. The record date for the same is fixed on 18 November 2023 and the dividend will be paid on or before 6 December 2023.

V.S. Ganesh, managing director, Page Industries, said, “Despite prevailing macro headwinds and market conditions, operational efficiency and stable raw material costs have ensured robust EBITDA margin of 20.8% in Q2. We firmly believe these challenges are transient and continue to invest in technology, enhancing brand awareness, and expanding our market presence, while ensuring a healthy operating margin. We continue to focus on sustainable sales practices while taking measures to optimise inventory.”

With respect to its outlook, Page Industries said, “We are committed to fortifying our marketshare and maintaining operational margins through disciplined expense management and supply chain optimization. Our expansion plans for the distribution network are on track, with a strategic focus on metros, tier 2 and 3 cities. Additionally, our dedication to strengthening our online presence via the E‐Commerce channel will continue, aligning with evolving consumer buying patterns.”

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, Oman, Qatar, Maldives, Bhutan and UAE. Page Industries is also the exclusive licensee of Speedo International for the manufacture, marketing and distribution of the Speedo brand in India.

The scrip shed 0.56% to Rs 3,7650 on the BSE.

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