BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Systematix Research Report
Page Industries Ltd. reported a decent sequential recovery in Q1 FY24 with a 28% revenue and 31% QoQ volume growth, albeit it was a YoY decline of 11.5% in volume and 7.5% in revenue terms.
Men’s premium innerwear saw the fastest growth while athleisure continued to see a soft performance, which looks like a transient phase. Margin also improved (+564 basis points QoQ) on sequential basis led by cost savings and raw material moderation, but it was still down 270 bps YoY.
Other key highlights were online sales growth of 43% YoY, significant reduction in inventory days from 155 in Q4 to 105 and solid progress on ARS implementation which has stopped impacting sales now.
Profit after tax declined 23.5% YoY to Rs 1.58 billion and grew 102% on QoQ basis. The revenue number looks decent given the high base, bloated channel inventory levels and significant discounting and promotions being offered by peers.
Page Industries' management is confident of a pick-up in growth trajectory from Q3 onwards and maintaining margins in the 19-21% band. It is going slow on capacity expansion and focused on improving inventory health to improve cash flows in the ongoing sluggish environment.
Click on the attachment to read the full report:
Also Read: PI Industries Q1 Results Review - CSM Business Continues Its Healthy Growth Momentum: Dolat Capital
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
RECOMMENDED FOR YOU
![](https://images.assettype.com/bloombergquint/2024-08-10/m3onwia5/Tata_Technologies_Ltd___Source_Company_website_.png?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
Tata Technologies - ICE-To-EV Prowess, SDV, Plant Engineering To Drive Growth: ICICI Securities
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2023-03/b6f9c81c-1446-4868-b968-8b45e16efef9/Cement___Source_pexels_Rodolfo_Quir_s_.jpg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
Cement Sector Check - H2 FY25 To Witness Revival In Demand: Nirmal Bang
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2022-08/b977801a-03d4-4dfd-9468-b7efe3a47278/Close_view_of_a_printed_circuit_board___Photo_Magnus_Engo_Unsplash_.jpg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
EMS Sector Check - A Strong Q1; Management Guidance Remains Robust: Systematix
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2022-11/554c1a11-6668-47b9-be65-da5c7aa289ef/Jockey_store_exterior___Photo_Usha_Kunji_BQ_Prime_.jpg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
Page Industries Q1 - Early Signs Of Recovery But Normalisation Still Couple Of Quarters Away: Systematix
![timelogo](/images/amp-time.png)