Page Industries Ltd

About [ edit ]

Incorporated in 1995, Page Industries Limited is the exclusive licensee of JOCKEY International Inc. for manufacturing, 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 Ltd. for the manufacturing, marketing and distribution of the Speedo brand in India.

JOCKEY is the company’s flagship brand and a market leader in the innerwear category. Page Industries and Brand Jockey have pioneered the innerwear industry on many fronts. The company has established the premium segment in the innerwear category in India through brand Jockey.

In 2011, Speedo International Limited appointed Page Industries as their sole licensee for the manufacturing, marketing and distribution of the Speedo brand in India. Within just six years of its operations, the brand is present in over 1286 stores in 86 cities and towns across the country. #

Key Points [ edit ]
  • Market Cap 32,225 Cr.
  • Current Price 28,923
  • High / Low 32,372 / 17,381
  • Stock P/E 126
  • Book Value 803
  • Dividend Yield 0.86 %
  • ROCE 53.5 %
  • ROE 43.0 %
  • Face Value 10.0

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 45.44%
  • Company has been maintaining a healthy dividend payout of 63.92%
  • Company's median sales growth is 19.87% of last 10 years

Cons

  • Stock is trading at 36.03 times its book value
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Quarterly Results

Figures in Rs. Crores

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
608 815 691 738 608 835 775 794 541 285 740 927
462 626 548 573 488 648 626 655 483 320 575 701
Operating Profit 147 189 143 165 120 187 149 139 58 -35 165 226
OPM % 24% 23% 21% 22% 20% 22% 19% 17% 11% -12% 22% 24%
Other Income 7 7 11 9 9 6 6 3 10 6 4 4
Interest 4 4 4 4 4 8 8 9 9 8 8 7
Depreciation 8 7 8 8 8 14 15 16 16 16 16 16
Profit before tax 142 185 142 163 116 170 132 117 43 -52 146 207
Tax % 34% 33% 35% 37% 36% 35% 13% 26% 28% 24% 24% 26%
Net Profit 94 124 93 102 75 111 115 87 31 -40 111 154
EPS in Rs 84.47 111.57 83.05 91.35 67.22 99.22 102.66 78.02 27.81 -35.46 99.40 137.80

Profit & Loss

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
255 339 492 697 876 1,188 1,543 1,796 2,129 2,551 2,852 2,945 2,493
203 274 400 547 695 931 1,223 1,419 1,714 2,010 2,234 2,412 2,079
Operating Profit 52 65 92 150 181 256 320 376 415 542 618 533 415
OPM % 20% 19% 19% 22% 21% 22% 21% 21% 19% 21% 22% 18% 17%
Other Income 7 6 12 5 8 6 8 10 24 22 36 25 24
Interest 4 4 7 10 12 15 18 19 19 18 17 34 31
Depreciation 7 9 10 11 11 14 18 24 25 28 31 61 64
Profit before tax 47 59 88 134 166 233 293 343 395 518 606 462 344
Tax % 32% 32% 33% 33% 32% 34% 33% 33% 33% 33% 35% 26%
Net Profit 32 40 59 90 113 154 196 232 266 347 394 343 256
EPS in Rs 28.36 35.51 52.49 80.67 100.89 137.87 175.74 207.57 238.73 311.08 353.19 307.71 229.55
Dividend Payout % 60% 59% 50% 46% 50% 44% 41% 41% 41% 42% 97% 52%
Compounded Sales Growth
10 Years:24%
5 Years:14%
3 Years:11%
TTM:-17%
Compounded Profit Growth
10 Years:24%
5 Years:12%
3 Years:9%
TTM:-34%
Stock Price CAGR
10 Years:33%
5 Years:17%
3 Years:8%
1 Year:65%
Return on Equity
10 Years:49%
5 Years:46%
3 Years:45%
Last Year:43%

Balance Sheet

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
11 11 11 11 11 11 11 11 11 11 11 11 11
Reserves 76 88 113 155 202 278 376 519 655 836 764 809 884
Borrowings 42 55 115 76 101 163 157 95 88 69 85 176 143
84 66 101 132 160 233 279 321 401 497 491 517 596
Total Liabilities 212 220 340 374 475 686 823 946 1,154 1,412 1,351 1,513 1,634
55 78 93 108 132 173 217 217 236 238 301 406 382
CWIP 12 5 1 3 10 4 0 0 24 59 7 29 29
Investments 5 3 3 2 1 0 0 0 52 218 0 0 0
140 134 243 262 331 509 606 729 842 898 1,043 1,079 1,224
Total Assets 212 220 340 374 475 686 823 946 1,154 1,412 1,351 1,513 1,634

Cash Flows

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
33 30 -0 123 87 75 167 219 274 453 230 517
-3 -21 -27 -25 -42 -49 -53 -26 -108 -238 192 -27
-20 -16 27 -97 -44 -27 -113 -189 -154 -188 -443 -378
Net Cash Flow 10 -7 -0 1 1 -1 1 4 12 27 -22 113

Ratios

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 42% 44% 48% 60% 64% 64% 62% 62% 60% 64% 69% 53%
Debtor Days 24 22 19 23 24 22 21 21 19 21 16 9
Inventory Turnover 1.42 1.40 1.50 1.74 1.79 1.59 1.51 1.41 1.50 1.85 1.84 1.81

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
49.01 48.32 48.32 48.32 48.32 48.32 48.32 48.32 48.32 48.32 48.32 48.32
35.18 37.27 37.87 36.42 34.30 33.73 31.46 29.18 25.53 25.21 25.34 25.89
5.90 4.49 2.97 3.17 5.44 6.89 8.24 10.02 13.35 14.75 15.53 15.44
0.00 0.00 0.00 0.00 0.00 0.06 0.28 0.28 0.74 0.74 0.74 0.74
9.91 9.93 10.84 12.09 11.94 11.00 11.71 12.21 12.06 10.99 10.07 9.61

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