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Motilal Oswal Report
Page Industries Ltd. reported a strong performance in Q2 FY22, with all segments delivering a sales growth of ~40% YoY on a weak base.
With in-home consumption dominating in recent quarters, the athleisure segment has been a key driver on a two year compound annual growth rate basis.
During the same period men's innerwear has seen a tepid performance after declining sharply in H1 FY21. Two-year sales CAGR of ~18% is likely to have been led primarily by:
an extraordinary and unsustainably high growth in the athleisure segment, driven by in-home consumption during the lockdowns,
significant and ongoing expansion in distribution network,
improved growth in women's Innerwear compared to its four to five year average, and
reportedly strong traction in the small kids innerwear segment in which Page Industries has been a recent entrant.
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