BENGALURU, February 5, 2025 – Page Industries Limited (NSE: PAGEIND), a leading manufacturer and marketer of innerwear and leisurewear, announced its unaudited financial results for the quarter ended December 31, 2024. The company's Board of Directors also declared a third interim dividend of ₹150 per equity share, payable on or before March 7, 2025, with a record date set for February 13, 2025.
Key Financial Highlights (₹ in Lakhs)
| Particulars | Q3 FY25 | Q2 FY25 | Q3 FY24 | 9M FY25 | 9M FY24 | FY24 |
|---|---|---|---|---|---|---|
| Revenue from Operations | 1,31,305.10 | 1,24,627.04 | 1,22,555.01 | 3,83,683.93 | 3,57,675.32 | 4,56,923.10 |
| Other Income | 1,404.93 | 1,455.15 | 876.28 | 4,149.99 | 1,866.71 | 3,239.89 |
| Total Income | 1,32,710.03 | 1,26,082.19 | 1,23,431.29 | 3,87,833.92 | 3,59,542.03 | 4,60,162.99 |
| Total Expenses | 1,05,213.41 | 99,834.93 | 1,03,222.89 | 3,11,843.76 | 2,98,394.83 | 3,84,512.95 |
| EBITDA | 30,455.13 | 29,601.20 | 23,519.44 | 85,882.13 | 71,416.68 | 88,732.79 |
| Profit Before Tax (PBT) | 27,496.62 | 26,247.26 | 20,208.40 | 75,990.16 | 61,147.20 | 75,650.04 |
| Profit After Tax (PAT) | 20,465.50 | 19,525.93 | 15,235.09 | 56,513.69 | 46,099.02 | 56,919.32 |
| Earnings Per Share (₹) | 183.48 | 175.06 | 136.59 | 506.67 | 413.30 | 510.31 |
Performance Analysis
- Revenue Growth: Page Industries reported a YoY revenue increase of 7.1%, reaching ₹1,31,305.10 lakh in Q3 FY25, driven by strong demand across categories.
- Profitability: The company's profit before tax (PBT) surged by 36.1% YoY to ₹27,496.62 lakh, with a PAT of ₹20,465.50 lakh, reflecting robust operational efficiency.
- EBITDA Margin: EBITDA margins stood at 23.0%, supported by stable input costs and strategic pricing.
Segment-Wise Performance
- Garment Business: Page Industries operates under a single business segment, with its primary revenue from the manufacturing and distribution of Jockey and Speedo branded products.
- Expense Analysis:
- Raw material costs declined YoY to ₹26,881.31 lakh, down from ₹28,534.73 lakh in Q3 FY24.
- Employee benefits expenses remained stable at ₹20,624.22 lakh.
- Finance costs increased slightly to ₹1,193.90 lakh due to financial restructuring.
Corporate Announcements & Legal Update
- Dividend Declaration: The Board approved a third interim dividend of ₹150 per share, following earlier interim dividends of ₹300 and ₹250 per share declared in August and November 2024.
- Litigation Win: The Supreme Court dismissed a Customs Department appeal against Page Industries concerning a valuation dispute of imported goods worth ₹12,710.52 lakh. The ruling upheld a favorable decision by CESTAT.
- No Subsidiaries or Associates: As of December 31, 2024, Page Industries reported no subsidiary, associate, or joint venture companies.
Management Commentary
S. Ganesh, Managing Director of Page Industries, stated:"Our performance this quarter reflects the strength of our brand and operational excellence. We remain committed to sustainable growth, and our strategic investments in product innovation and distribution channels continue to drive results. The Supreme Court ruling further validates our position, reinforcing our confidence in future expansion plans."
Strategic Outlook
- Market Expansion: The company aims to strengthen its footprint in tier-II and tier-III cities, leveraging its retail network.
- E-commerce Growth: Digital and direct-to-consumer (DTC) sales remain a key focus area.
- Operational Efficiency: Continued investment in automation and supply chain optimization to sustain EBITDA margins.