Page Industries, which makes and sells inner and sportswear under Jockey and Speedo brands, posted its first quarter profit for the financial year 2023-24 at Rs 158.36 crore, down 23.5 per cent in comparison to Rs 207.04 crore during the same period last year. It posted revenue from operations at Rs 1240.03 crore, down 7.5 per cent as against Rs 1341.27 crore during the corresponding quarter of FY23. The company EBITDA stood at Rs 241.80 crore. Meanwhile, cash and cash equivalents was at Rs 77.3 crore.
The board also declared its first interim dividend for FY 2023-24 of Rs 75 per equity share. “The record date for the payment of interim dividend is 19 August 2023. The date fixed for payment of dividend is on or before 7 September 2023,” the company said.
“I am pleased to share that the initiatives taken have led to a substantive margin recovery and the company has reported 31 per cent sequential volume growth in Q1. While our year-on-year revenues and volume growth remain challenged on the back of prevailing market conditions, we remain steadfast in our conviction that this is merely a transient phase. Our proactive approach involves continued investment in shaping the future, thereby ensuring that we capitalize on the promising prospects that lie ahead,” said VS Ganesh, Managing Director, Page Industries.
Page Industries further betted on India’s projected economic growth in FY24 to have a positive impact on the country’s apparel and retail industry, which is expected to grow on the back of the country’s rising population, strong purchasing power, internet penetration, and evolving fashion trends. “This trend is accompanied by the accelerated growth of the middle-income population, rapid urbanization, and the increased organization of retail and online sales. An integral factor contributing to this sustained growth is the increasing migration of economy brand consumers towards premium brands,” the company added.
Page Industries is the exclusive licensee of Jockey International for manufacture, distribution and marketing of the Jockey brand in India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan and UAE. Page Industries is also the exclusive licensee of Speedo International for the manufacture, marketing and distribution of the Speedo brand in India. Jockey is distributed in 2,849+ cities and towns and available in 120,461+ Multi Brand Outlets, 1,332+ Exclusive Brand Stores(EBS) with extensive presence in 2,843+ Large Format Stores, as also online. Speedo brand is available in 962+ stores and 36 EBOs, spread across 90+ cities.