India's Page Industries' revenue rises 16% YoY in Q2 FY23

The company’s EBITDA was at ₹2,379 million and margins at 19 per cent, up 2 per cent YoY and down 20 per cent QoQ, with investment of OPEX in advertising, warehouse capacity and manpower, Page Industries said in a media release.

Its reported profit after tax was at ₹1,621 million in Q2 FY23; up 1 per cent YoY and down 22 per cent QoQ. PAT margin was at 12.9 per cent, compared with 14.8 per cent YoY and 15.4 per cent QoQ.

The company’s cash and cash equivalents were at ₹833 million down from ₹3,144 million at the end of Q1 FY23, with investment in inventory, which was under strain during the pandemic, liquidity continues to remain strong with robust cash flow.

Commenting on the results, managing director V S Ganesh said, “We are pleased to report that historically, this has been the best Q2 for the company in terms of revenue. We are well in line with our guidance of delivering robust growth on the back of strong levers such as increased shift in organised retail, increased branded innerwear demand and growing aspirations for global brands. The company will continue to invest in capacity building, manpower, business process re-engineering, digital outreach and advertising while building inventory. With a strong focus in the fast-growing tier 2-3-4 markets and with new product introductions to further strengthen our product portfolio, we see a huge opportunity for retail expansion and growth as we move forward.”

Fibre2Fashion News Desk (KD)