Page Industries Share Price Today: Shares of Page Industries hit a 52-week high on Friday morning to hit the Rs 50,000 apiece mark for the first time as the stock surged to lifetime level of Rs 50,338 per share on the BSE after the apparel manufacturer reported a multi-fold jump in the first quarter net profit.
Page Industries shares opened on a strong note on BSE at Rs 49,799.95, then gained momentum to touch its 52-week high of Rs 50,338.05, registering a jump of 2.47 per cent over its previous close.
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The apparel manufacturer reported a multi-fold increase in its net profit at Rs 207.03 crore for the quarter ended June 2022. The company had posted a net profit of Rs 10.94 crore during the April-June period a year ago, Page Industries Ltd (PIL) said in a BSE filing.
Its revenue from operations during the quarter under review was at Rs 1,341.26 crore, up over two-fold compared to a lower base of the pandemic-impacted Q1 FY22. PIL’s revenue from operations in the April-June quarter of FY22 stood at Rs 501.53 crore. Total expenses also doubled to Rs 1,070 crore as against Rs 490.57 crore earlier.
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Commenting on the results, V.S. Ganesh, managing director, said, “Riding on the back of strong sales performance and robust financial planning, despite external challenges, we have successfully delivered yet another milestone performance this quarter. I am happy to report that we are well poised with a clear vision for sustainable growth through delivering affordable premium apparel to our customers. Our roadmap of capacity augmentation and retail expansion will lead us to this vision and continue this momentum. We have also significantly invested in our people.”
He further added, “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 kids wear across exclusive womenswear stores has shown good results and we are confident of making inroads into this nascent and fast growing segment. Today, tier 2 and 3 centres are also becoming an important marketplace for us given the increased awareness of healthier lifestyle and availability of quality, functional innerwear and athleisurewear. This is in line with our retail expansion strategy across existing and new domestic and international markets.”
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Page Industries is the exclusive licensee of Jockey International Inc (USA) for manufacture, distribution, and marketing in India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan, and the UAE. It is also the exclusive licensee of Speedo International for the Indian market.
What Should Investors Do Now?
Global brokerage Macquarie has maintained an underperform rating on Page Industries. The target per share has been increased from Rs 33,500 to Rs 37,500.
Meanwhile, Citi has a ‘Buy’ rating on the stock. The target has been increased from 47,000 to 56,000.
