Home / Markets / Stock Markets /  Multibagger stock hits record high of 54,000 per share

Shares of Page Industries Ltd (PIL) surged more than 2% to hit record high of 54,000 apiece on the BSE in Thursday's trading session. The stock has been in an upward momentum since the last few sessions and is up about 6% in the last five days.

Page Industries is involved in manufacturing and retailing innerwear, and has the exclusive licensee of Jockey International in India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan, and the UAE. It is also the exclusive licensee of Speedo International Ltd for the manufacture, marketing and distribution of the Speedo brand in India.

The apparel manufacturer reported a multi-fold jump in net profit during the first quarter ended June 2022 (Q1 FY23) at 207 crore from 10.9 crore during the April-June period a year ago. Its revenue from operations during the quarter under review was 1,341 crore, up over two-fold compared to a lower base of the pandemic-impacted Q1 FY22.

Page Industries Q1FY23 topline was a healthy beat to street estimates, as per analysts, as revenue was led by strong volume growth. The company's gross margins were below expectations on account of higher inflation in cotton and packing materials. The company saw increased momentum in sales across all its product categories driven by portfolio enhancement and distribution expansion.

"We remain optimistic of the thriving market for our products and by banking on our pillars of quality, cost, product design and customer outreach, we will continue to deliver a wide range of premium products to our customers. Our strategy of introducing kid's wear across exclusive women's wear stores has shown good results and we are confident of making inroads into this nascent and fast-growing segment," Oage Industries' Managing Director (MD) V S Ganesh had said.

The multibagger stock has rallied more than 19580% in 15 years since its listing in March 2007 when it was trading around 270 per share level. Page Industries shares are up about 31% in 2022 (YTD) so far.

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