Page Industries on Thursday posted fiscal fourth quarter profit at Rs 78.35 crore, down 58.9 per cent as against Rs 190.52 crore in the corresponding quarter of last year. The company that manufactures and markets products under brands, Jockey and Speedo, clocked revenue from operations at Rs 969.09 crore, down 12.8 per cent in comparison to Rs 1111.11 crore in the fourth quarter of FY22. The Board also recommended its fourth interim dividend of Rs 60 per equity share. “The date fixed for payment of dividend is on or before 23 June 2023,” it said in a regulatory filing. The company’s total income for the quarter was at Rs 976.21 crore, and the total expense was at Rs 869.68 crore. The EBITDA stood at Rs 134.3 crore.
“We consider this impact to be temporary and maintain a positive outlook on demand. 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 took several steps to address these issues,” said VS Ganesh, Managing Director, Page Industries Limited, adding that the measures including 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, will ultimately help the company.
Page Industries, during the financial year 2023, added 9,512 MBOs (including 1,222 in Q4FY23) which takes the present MBO presence to 1,20,060+ stores and 2,850+ cities and towns. In terms of exclusive brand outlets (EBOs), Page Industries added 158 stores in FY23 (including 61 in Q4FY23) which takes the number to 1,289+ stores and 431+ cities. Further, in terms of large format stores (LFS), Page Industries is present with 24 partners in 3,062+ stores. “We have confidence in our growth prospects, thanks to our efforts in expanding trade distribution, opening more exclusive brand outlets (EBOs), leveraging e-commerce, improving customer experience, strengthening our product portfolio and enhancing our supply chain,” said VS Ganesh.
Going forward, the company trusts India’s economic growth and said that it will act as a catalyst towards accelerated growth of the middle-income population, rapid urbanisation and retail and online sales getting more organised. “The current market correction and softening of demand is temporary and the company will continue to build for the future in terms of products, teams, distribution, and technology,” it said.