Page Industries slipped 3.10% to Rs 38,150 after the company's net profit declined 29.12% to Rs 123.73 crore in Q3 FY23 as against Rs 174.57 crore posted in Q3 FY22.
Revenue from operations stood at Rs 1,223.26 crore in Q3 FY23, up 2.81% from Rs 1,189.80 crore recorded in the corresponding quarter previous year.
Profit before tax dropped 29.55% to Rs 164.47 crore in the quarter ended 31 December 2022 as against Rs 233.44 crore reported in Q3 FY22.
Total expenses rose 10.06% year on year to Rs 1,060.44 crore in Q3 FY23. Cost of materials consumed stood at Rs 389.98 crore (up 21.29% YoY) and employee benefits expense was at Rs 214.82 crore (up 13.05% YoY) during the period under review.
EBITDA tumbled 23% to Rs 192.8 crore in Q3 FY23 from Rs 250.7 crore reported in Q3 FY22. EBITDA margin reduced to 15.8% in Q3 FY23 as compared with 21.1% posted in the same period last year. The decline in the margin was primarily due to lower absorption, advertising and manpower costs.
Cash and cash equivalents stood at Rs 40.8 crore in Q3 FY23, down from Rs 83.3 crore in Q2 FY23, due to investment in inventory. The company said that the liquidity continues to remain strong with robust cash flow.
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For 9 Months FY23, the company's net profit surged 42.45% to Rs 492.9 crore on 37.62% jump in revenue to Rs 3,819.55 crore in 9M FY23 over 9M FY22.
V.S. Ganesh, managing director, said, The growth momentum through the nine months is encouraging. We are confident of our long-term growth on the back of consumption, industry and economic drivers. We continue to focus on general trade distribution, expansion of EBOs, enhancing customer experience, further strengthening the product portfolio and keeping our supply chain robust.
Meanwhile, the company's board has declared third interim dividend of Rs 60 per equity share for the financial year 2022-23. The record date for the same is fixed on 17 February 2023 and the date fixed for payment of dividend is on or before 7 March 2023.
Page Industries is the exclusive licensee of JOCKEY International Inc. (USA) for manufacture, distribution and marketing of the JOCKEY brand in India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan and UAE. Page Industries is also the exclusive licensee of Speedo International for the manufacture, marketing and distribution of the Speedo brand in India.
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