Page Industries share price rises over 6% after ICRA reaffirms long-term ratings

Page Industries share price rose in trade today after ratings agency ICRA reaffirmed the long-term rating of the company at ICRA AA (stable) while the short term rating was reaffirmed at ICRA A1+.

ICRA also reaffirmed the long term and short term un-allocated bank facilities of Page Industries at ICRA AA (stable) and ICRA A1+, respectively. Share price of Page Industries rose up to 6.59% to Rs 23,758 compared to the previous close of Rs 22,288 on BSE. The large cap stock has gained over 7% in last two days. However, the stock has lost 1.12% during last one year and fallen 6.26% since the beginning of this year.

The inner wear firm logged a 23.63% rise in Q2 net profit to Rs 114.51 crore compared to Rs 92.62 crore  in the corresponding quarter of previous fiscal. Earnings per share rose to Rs 102.66 crore in Q2 compared to EPS of Rs 83.05 in the corresponding  period of previous fiscal. Net sales rose 12.3% to Rs 775.40 crore in Q2 of September 2019 compared to Rs 690.76 crore in the second quarter of preceding fiscal.

However, its performance was not that strong in Q1 of the current fiscal. The company logged a 11 percent fall in Q1 net profit at Rs 110.6 crore against Rs 124.4 crore in Q1 of previous fiscal.

Revenue rose 2.4 percent YoY at Rs 835 crore in Q1 against Rs 815.3 crore  in the corresponding quarter of previous fiscal. Earnings before interest, tax, depreciation and amortisation (EBITDA) fell to Rs 186.6 crore and margins contracted to 22.3 percent.

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