Page Industries Q2 Net Profit Drops 7.3% To Rs 150.27 Crore

Bengaluru-based apparel manufacturer, Page Industries Ltd (PIL), reported a 7.3% decline in its net profit, totaling Rs 150.27 crore in the second quarter ending September 2023. This dip is attributed to reduced sales volume and value, compared to the Rs 162.12 crore profit posted during the same period last year, as per a filing from PIL.

The company’s revenue from operations saw decrease of 8.39% to Rs 1,125.13 crore in Q2 of the current fiscal year, down from Rs 1,228.20 crore in the corresponding period a year ago. Despite sluggish demand, PIL maintained an EBITDA margin of 20.8%, even with YoY sales volume and value lower by 8.8% and 8.4%, respectively.

The expenses for Page Industries in the September quarter were Rs 927.42 crore, reflecting an 8.92% reduction. The total expenses for the quarter amounted to Rs 1,126.80 crore, down 8.45%. Managing Director Ganesh V S, commented, “Despite prevailing macro headwinds and market conditions, operational efficiency and stable raw material costs have ensured a 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.”