Showing resilient performance as the economy starts to show signs of recovery, apparel maker Page Industries reported 77 per cent rise in its profit on YoY basis and 39 per cent growth on QoQ basis at Rs 153.7 crore. The company's PAT in Q3FY20 was Rs 87 crore, the company said in a statement to exchanges.
Page's revenue grew 17 per cent YoY to Rs 927.1 crore (25% QoQ) compared to Rs 794 crore in the same quarter last year. "We continue to strengthen management with the best talent and invest in digital transformation, technology and innovation in product design and development, marketing and brand building. There is also renewed focus in becoming more efficient and optimal in all aspects of the business, while at the same time taking care to eliminate any wasteful spend or activity," Sunder Genomal, Page MD said.
The company's EBITDA for the said quarter was Rs 22.1 crore YoY compared to Rs 139 crore in Q3FY20, which is about 63 per cent growth. Page's EBITDA margins have also improved from 17 per cent in Q3FY20 to 24 per cent.
PAT margins at 17%, aided by growth in revenues, coupled with efficient control on operating costs. "As of now, more than 94% of our Multi-Brand Outlets, 100 per cent of our EBOs and 93 per cent of our Large Format Stores are fully functional," said the company.
Page maintained cost optimisation efforts and reduced operating costs by 5 per cent as compared to the same period last year to Rs 1,41.7 crore without laying-off any employee or worker or any salary cuts.
The company said it also repaid all outstanding borrowings despite challenging times. "We are completely debt-free. The cash & cash equivalent has increased by 23 per cent QoQ to Rs 4,941 million. We continue to have a strong balance sheet," the Page statement said.
For 9MFY21, Page's revenue declined 19 per cent YoY to Rs 1,952.2 crore. The company said sales were severely impacted due to Covid-19 Q121 but a steady recovery with a pick-up in sales momentum has been seen in the current quarter.
Page Industries is the exclusive licensee of JOCKEY International Inc (USA) in India, Sri Lanka, Bangladesh, Nepal, Oman, QatarMaldives, Bhutan and UAE. Page Industries is also the licensee of Speedo International in India.
Page Industries stock was up 5.47 per cent (Rs 1,657.85) at Rs 31,959.95 on the National Stock Exchange at the time of filing the report on Wednesday.