Page Industries Limited, one of India’s leading apparel manufacturers, the exclusive licensee of JOCKEY International Inc. (USA) for manufacture, distribution and marketing of the JOCKEY® brand, has announced its financial results for the third quarter and nine months ended 31st December 2023.
For Q3 FY ’24, sales volumes for the company increased by 4.6 per cent Y-o-Y to 55.2 million items. Revenue was Rs. 12,288 million, up 2.4 per cent from the previous year. With robust margins of 18.6 per cent, the quarter’s EBITDA of Rs. 2,352 million represented a 19.1 per cent increase over the same period last year. Positive input costs and optimised operating expenses more than offset the effects of marketing campaigns and investments in digital transformation.
With profit after tax (PAT) margins of 12.3 per cent, PAT totaled Rs. 1,524 million, a notable rise of 23.1 per cent over the same period in the previous year.
For 9M FY ’24, due to the muted performance in the first part of the fiscal year, the revenue came to Rs. 35,863 million, indicating a 4.4 per cent decrease. EBITDA decreased by a small 3.2 per cent to Rs. 7,051 million. Y-o-Y PAT was Rs. 4,610 million, a 6.5 per cent Y-o-Y decrease.
Commenting on the results, V.S. Ganesh, Managing Director, Page Industries Limited said, “I am pleased to share that the Company has successfully navigated the complexities of mixed demand trends in the retail sector, a landscape marked by a significant shift in consumer spending patterns. Our strategic commitment to sustainable sales practices and meticulous inventory management has been instrumental in robust margins and enhanced profitability. We have seen early signs of stabilizing revenue in Q3 on the back of our adaptive strategies in response to the market’s evolving demands.”
