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Systematix Research Report
Page Industries Ltd.'s reported lower than expected revenue growth while operating performance was marginally above our expectations. Company reported revenue/ Ebitda/profit after tax growth of 3.9%/ 2%/ 4.3% YoY respectively.
Volume grew 2.6% to 57.4 million pieces. Growth in consumption and demand remained subdued in Q1 however early signs of recovery are now visible. Gross margin expanded 90 basis points to 54.1%. Stable raw material costs have contributed to healthy margins.
Operating margin contracted 36 bps to 19% impacted due to higher investments on marketing and technology. PAT grew 4.3% to Rs 1,652 million. Other key highlights were 32% growth in the online channel, reduction in the multi brand outlet count led by network consolidation and rationalization, and healthier inventory availability at distribution network giving impetus to secondary sales and higher return on investment.
Company announced interim dividend of Rs 300 per share for FY25.
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