By Malvika Gurung
Investing.com — Stocks of Industry page (NS:) fell 15% on Friday and hit a new 52-week low at Rs 34,952.65 each after disappointing results for the quarter ended March 31, 2023.
Loungewear and sock maker Page Industries reported a nearly 59% drop in after-tax profit for the March quarter to Rs 78.4 crore from Rs 19.05 crore in the same period l last year and reduced 36.7% sequentially.
In terms of revenue, the company’s revenue declined by 12.8% YoY and 20.8% QoQ to Rs 969,000,000 in the fourth quarter of FY2023.
Page Industries’ EBITDA also fell nearly 50% on an annual basis in the quarter ended March to Rs 134.5 crore and was down 30.2% sequentially over the period.
EBITDA margin contracted significantly to 13.9% in Q4 FY23 from 14% in Q4 FY22 and 15.8% in the prior quarter, while Page’s PAT margin was reduced to 8.1% during the period, compared to 17.1% in the corresponding quarter of last year and 10.1% in the quarter-on-quarter.
The company’s management launched a positive outlook on demand going forward. Page Industries’ MD VS Ganesh said that while the business had suffered some impact on profitability due to higher inventory levels acquired during a period of inflation and less than optimum capacity utilization , several steps have been taken to address these issues.