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Dolat Capital Report
Page Industries Ltd.'s Q4 FY24 results were below our estimates. Adjusted profit after tax grew by 38.1% supported by focus on driving operational efficiencies. On four-year compound annual growth rate basis, Page reported 16.5% revenue growth.
During the quarter, the company reported a mere 6.1% volume growth despite favorable base of 14.7% de-growth. However, management believes that growth rate will improve significantly post revamp in the industry as the company remains dominant player.
We have reduced our FY25/26E EPS estimates by 23.5/11.1% at Rs 557/713 to factor in Q4 performance. Going ahead, though the base is favorable, we believe that volume growth will pick up gradually and margins will take time to normalize.
Downgrade to ‘Reduce' rating from Accumulate with target price of Rs 37,048 valuing at 52 times FY26E earnings per share.
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