June 17, 2024
Financial Results

Page Industries Reports Strong Q4 Profit Boost, Up 38.1% YoY

Page Industries Limited, India’s leading apparel manufacturer, announced its financial results for the fourth quarter and the annual year ended March 31, 2024.

In Q4 FY24, Page Industries achieved notable financial milestones. Sales volume grew by 6.1% year-over-year (YoY), reaching 45.3 million pieces. Revenue increased by 3.2% YoY to Rs. 9,954 million. EBITDA rose significantly by 24.5% YoY to Rs. 1,672 million. Profit After Tax (PAT) saw a remarkable increase of 38.1% YoY, amounting to Rs. 1,082 million, with PAT margins at 12.4%. These gains were driven by enhanced operational efficiency, where investments in digital transformation and marketing initiatives were largely balanced by favorable input costs and optimized operational expenses.

In FY24 Page Industries navigated through various challenges to achieve notable financial results. Despite a 2.8% decline in revenue, amounting to Rs. 45,817 million, attributed to subdued performance in the first half of the fiscal year, the company demonstrated resilience. EBITDA showed a modest growth of 1.1% to reach Rs. 8,722 million. Profit After Tax (PAT) remained steady at Rs. 5,692 million, on par with FY23. Despite the revenue decline, Page Industries managed to maintain profitability and stability, indicating effective management strategies amidst market fluctuations.

Commenting on the results, V.S. Ganesh, Managing Director, Page Industries Limited, said, “I am pleased to share that our strategic commitment to sustainable sales practices and meticulous inventory management has been instrumental in maintaining robust margins and enhancing profitability. Focused efforts to optimize operational efficiency have also been pivotal in enabling us to achieve an impressive 38.1% growth in PAT for Q4.”

“Our adaptive strategies, including enhancing supply chain productivity and modernizing our distribution management system in response to the market’s evolving demands, have shown early signs of stabilizing revenue this quarter, despite challenges due to generally subdued market conditions. Our e-commerce channel continues to drive substantial growth, reflecting evolving consumer purchasing behaviour. With continued investments in our strategic drivers, we are well-positioned to seize long-term opportunities for growth.”

Outlook and Trends

The outlook for the innerwear and athleisure industry in India remains positive, driven by advances in fabric technology and a growing trend towards health-conscious and active lifestyles. Over the next decade, we expect significant growth in the athleisure market. This shift towards high-quality, functional apparel is set to enhance consumer engagement and drive demand in both urban and rural markets.

At Page Industries, we are well-positioned to capitalize on these trends through our strategic investments in brand building, market expansion, and technology adoption. Our focus on enhancing e-commerce capabilities and expanding our distribution network will be key to capturing market share.

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