‘Jockey’ maker Page Industries' net halves
1 min read 25 May 2023, 06:41 PM ISTThe company's income declined 12.8% to ₹969 crore during the quarter as compared to ₹1,111 crore in the corresponding period of last year
PremiumMUMBAI : Due to higher inventories Bangalore-based Page Industries Ltd., which makes and sells sports and inner-wears under “Jockey" and “Speedo" brands, on Thursday, saw its net profit more than halving at Rs. 78.4 crore for the March quarter from Rs. 190 crore in the same period of last year.
The company's income declined 12.8% to ₹969 crore during the quarter as compared to ₹1,111 crore in the corresponding period of last year, said the firm in an exchange filing, while declaring a fourth interim dividend of ₹60 per equity share for FY23.
“We consider this impact to be temporary and maintain a positive outlook on demand," said V.S. Ganesh, managing director, Page Industries.
Due to lower capacity utilization, the firm’s fourth quarter's operating profit fell by 49.7% to ₹134.5 crore from ₹267.1 crore in the same period of FY2022.
“Although the company experienced some impact on profitability due to higher inventory levels acquired during an inflationary period and lower than optimal capacity utilization, we have taken several steps to address these issues. These measures include transitioning to a pull-based auto replenishment system, which allows for better management of inventory levels, and strengthening the supply chain planning to effectively manage the situation," said Ganesh, whose company is opening more exclusive brand outlets and leveraging e-commerce to enhance sales.
For FY2023, the company reported a net profit of ₹571.2 crore, a 6.5% increase compared to ₹536.5 crore in the previous fiscal year. The company’s revenues grew 23% to ₹4,788.6 crore during the fiscal from ₹3886.5 crore in FY2022.
Page Industries closed down 0.32% at ₹41,120.75 apiece on NSE.
