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Dolat Capital Report
Page Industries Ltd.'s Q1 FY22 results came below our estimates.
The company reported 70% volume growth on a very favorable base of 69% de-growth.
The company sold 12/4/9 million pieces during April/May/June 2021. Compared to peers, the recovery in sales was very low.
In addition to raw material inflation, lower operating leverage resulted in significant contraction in Ebitda margin.
The company targets to maintain margins at ~20-21% over the long run.
Going ahead, we believe that Page Industries' focus to increase penetration, especially in the women and kid's categories would help drive growth.
Further, expected increase in operating efficiencies(with normalisation of revenues) would help to improve Ebitda margin.
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