The inner-wear maker's net profit fell 3.18% to Rs 110.86 crore on 4.52% decline in revenue from operations to Rs 740.30 crore in Q2 September 2020 over Q2 September 2019.
On a standalone basis, profit before tax (PBT) jumped 10.48% to Rs 145.90 crore in Q2 September 2020 as against Rs 132.05 crore in Q2 September 2019. Total tax expense for the quarter surged 99.71% to Rs 35.03 crore as against Rs 17.54 crore in Q2 September 2019. The Q2 result was declared during market hours today, 12 November 2020.
The board declared an interim dividend Rs 100 per share. The record date is 21 November 2020. The dividend will be paid on or before 10 December 2020.
The company said that despite the pandemic, Q2 witnessed strong revival in sales. As of now, more than 94% of the company's multi brand outlets, 100% of exclusive brand outlets (EBO) and 92% of large format stores are fully functional.
The operating cost was controlled effectively and reduced by 24% vs the same period last year to Rs 115.30 crore. This was achieved without any employee/worker lay-offs and salary cuts. EBITDA margins have improved from 19% in Q2FY20 to 22% Q2FY21.
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The cash & cash equivalent has increased by 132% QoQ to Rs 401.30 crore. The firm continues to be net debt-free, has a strong balance sheet and has not borrowed any additional funds during this period.
Shares of Page Industries advanced 2.08% to Rs 22,190.40 on BSE.
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 and the 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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