Page Industries Q4 Results: Profit Beats Estimates, Interim Dividend Of Rs 200

Page Industries Ltd., the apparel maker that markets the Jockey brand in India, reported a robust performance in the fourth quarter of fiscal 2025, with net profit beating the Street's expectations.

The company's revenue saw a growth of 11% year-on-year, reaching Rs 1,098 crore, according to a stock exchange filing on Thursday. The top line met the consensus estimates compiled by Bloomberg of Rs 1,081 crore.

Net profit witnessed a substantial surge of 52%, climbing to Rs 164 crore in the January–March quarter from Rs 108 crore in the year-ago period, beating the Bloomberg estimate of Rs 129 crore.

On an operational basis, earnings before interest, tax, depreciation and amortisation also showed strong growth, increasing 43% to Rs 235 crore, which was significantly higher than the Bloomberg estimate of Rs 199 crore. This resulted in an improved margin of 21.4%, up from 16.5% in the previous year.

Sales volume growth was 8.5% in the March quarter, amounting to 49.2 million pieces.

For the full fiscal, profit increased 28% to Rs 730 crore, despite muted demand growth through most of FY25.

"Long-term outlook for the innerwear and athleisure industry is very positive, aided by the rapid urbanisation and rising purchasing power in India," the company said in a press release. "However, there are significant uncertainties in the near term accentuated by escalated geopolitical conflict in western India."

For Page Industries, growth was more pronounced in Tier 2 and Tier 3 cities of India, outperforming Metro and Tier 1 markets.

"Government initiatives toward direct tax rationalisation, coupled with retail inflation being under control and at a six-year low, along with the forecast of a normal monsoon, are expected to show improved consumer purchasing power in the coming months," the company said.

Page Industries' board recommended a fourth interim dividend of Rs 200 per share. The record date fixed for the payment of the interim dividend is May 21. The date fixed for payment of the dividend is on or before June 13.

In FY25, the company paid interim dividends of Rs 300, Rs 250 and Rs 150.

Shares of Page Industries ended 1.12% higher at Rs 46,940 apiece on the NSE after the results, compared to a 1.6% gain in the benchmark Nifty. The stock has risen 34% in the last 12 months and fallen 2% this year.

Six out of the 22 analysts tracking Page Industries have a 'buy' rating on the stock, five recommend a 'hold' and 11 suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 7%.