Page Industries Limited, which is India’s leading apparel manufacturer, is out with its financial results for the third quarter and 9 months that ended 31 December 2020.
Q3 saw the company post a quarter-over-quarter (Q-o-Q) revenue increase of 25 per cent and 17 per cent year-over-year (Y-o-Y) jump to Rs. 9,271 million.
The report distinctly showed that its cost optimisation efforts were maintained, while the operating costs were reduced by 5 per cent to Rs. 1,417 million. Notably, it was achieved without any layoffs or salary cuts.
The EBITDA margin too saw a rise from 17 per cent to 24 per cent during the quarter. The profit after tax (PAT) jumped by 39 per cent Q-o-Q and 77 per cent Y-o-Y at 1,537 million. Importantly, the company has repaid all outstanding borrowings and is debt-free.
The cash and cash equivalent saw a Q-o-Q rise of 23 per cent to 4,941 million.
For the 9-month period, the Y-o-Y revenue fell to 19,522 million. However, the company is happy to witness steady recovery with a pick-up in sales momentum. The operating cost too fell by 31 per cent to Rs. 3,058 million.
Pleased over all-time high revenue, Sunder Genomal, MD, Page Industries, said “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.”
He added “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.”
Page Industries Limited is the exclusive licensee of JOCKEY International Inc. (USA) for manufacturing, distribution and marketing of the JOCKEY® brand in India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan and UAE.
