Shares of Page Industries Ltd. tumbled 15% after its fourth-quarter profit and revenue missed analysts' estimates.
The company's net profit fell 58.88% year-on-year to Rs 78.35 crore in the fourth quarter ended March, according to an exchange filing, compared with Bloomberg's estimate of Rs 136.35 crore.
The Jockey undergarments manufacturer said that its revenue and profit increased in FY23 "despite a challenging economic climate and a general decrease in consumption".
Revenue rose 23.2% year-on-year to Rs 4,788.6 crore in the full year ended March 2023, while PAT increased 6.5% year-on-year to Rs 571.2 crore.
Page Industries Q4 FY23 (Consolidated, YoY)
Revenue down 12.78% at Rs 969.09 crore. (Bloomberg estimate: Rs 1,163.04 crore)
Ebitda down 49.71% at Rs 134.33 crore. (Bloomberg estimate: Rs 206.51 crore)
Ebitda margin at 13.86% vs 24.04% (Bloomberg estimate: 17.8%)
Net profit down 58.88% at Rs 78.35 crore. (Bloomberg estimate: Rs 136.35 crore)
The board approved fourth interim dividend of Rs 60 per share.
Shares of Page Industries fell 10.26% to Rs 4,220.75 apiece, as of 11:11 a.m., on Tuesday compared to a 0.46% advance in the benchmark, NSE Nifty 50 Index. The stock declined as much as 15% intraday, falling the most in 38 months since March 13, 2020.
Total traded volume stood at 30.3 times its 30-day average. The relative strength index was at 26.5, implying that the stock may be oversold.
Out of the 25 analysts tracking the company, eight maintain a 'buy' rating, nine recommend a 'hold' and eight suggest a 'sell' on the stock, as per the Bloomberg data.
The average 12-month consensus price target implies a potential upside of 4.7%.
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