Page Industries Ltd

₹ 39,872 0.04%
27 Jan - close price
pageind.com BSE: 532827 NSE : PAGEIND
About

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. [1]

Key Points

Brands & Product Portfolio
Co. sells its products under two brands Jockey and Speedo. Under the jockey brand the product portfolio includes underwear, handkerchiefs, caps, towels, etc. co. has opened 211 Exclusive Brand Outlets across India taking the total number of EBO’s to 1,131 including 48 ‘Jockey Woman’ EBOs and 71 Jockey Juniors EBOs. [1]
Product portfolio under the speedo brand includes swimwear, equipment, footwear, etc and the Speedo brand is available in 1,340+ stores, 26 EBOs, and 12 Large Format Stores spread across 230+ cities. [2]

Website BSE NSE
  • Market Cap ₹ 44,457 Cr.
  • Current Price ₹ 39,872
  • High / Low ₹ 54,349 / 37,807
  • Stock P/E 60.6
  • Book Value ₹ 1,179
  • Dividend Yield 0.93 %
  • ROCE 67.2 %
  • ROE 54.4 %
  • Face Value ₹ 10.0
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Pros

  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 46.3%
  • Company has been maintaining a healthy dividend payout of 70.4%
  • Company's median sales growth is 18.5% of last 10 years

Cons

  • Stock is trading at 33.8 times its book value

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Readymade Garments/ Apparells Industry: Textiles - Products

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Quarterly Results

Figures in Rs. Crores

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
775 794 541 285 740 927 881 502 1,084 1,190 1,111 1,341 1,255
626 655 483 320 575 701 711 467 851 939 844 1,043 1,017
Operating Profit 149 139 58 -35 165 226 170 34 233 251 267 298 238
OPM % 19% 17% 11% -12% 22% 24% 19% 7% 22% 21% 24% 22% 19%
6 3 10 6 4 4 6 4 5 7 5 3 3
Interest 8 9 9 8 8 7 7 7 7 8 10 9 9
Depreciation 15 16 16 16 16 16 16 16 17 17 16 18 19
Profit before tax 132 117 43 -52 146 207 153 15 215 233 246 275 213
Tax % 13% 26% 28% 24% 24% 26% 24% 25% 25% 25% 23% 25% 24%
Net Profit 115 87 31 -40 111 154 116 11 160 175 191 207 162
EPS in Rs 102.66 78.02 27.81 -35.46 99.40 137.80 103.61 9.82 143.89 156.51 170.81 185.62 145.36
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Profit & Loss

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
492 697 876 1,188 1,543 1,796 2,129 2,551 2,852 2,946 2,833 3,886 4,897
400 547 695 931 1,223 1,419 1,714 2,010 2,234 2,412 2,305 3,099 3,844
Operating Profit 92 150 181 256 320 376 415 542 618 533 528 787 1,053
OPM % 19% 22% 21% 22% 21% 21% 19% 21% 22% 18% 19% 20% 22%
12 5 8 6 8 10 24 21 36 25 19 21 18
Interest 7 10 12 15 18 19 19 18 17 34 30 34 35
Depreciation 10 11 11 14 18 24 25 28 31 61 63 65 70
Profit before tax 88 134 166 233 293 343 395 518 606 462 453 709 967
Tax % 33% 33% 32% 34% 33% 33% 33% 33% 35% 26% 25% 24%
Net Profit 59 90 113 154 196 232 266 347 394 343 341 537 734
EPS in Rs 52.49 80.67 100.89 137.87 175.74 207.57 238.73 311.08 353.19 307.71 305.35 481.02 658.30
Dividend Payout % 50% 46% 50% 44% 41% 41% 41% 42% 97% 52% 82% 77%
Compounded Sales Growth
10 Years: 19%
5 Years: 13%
3 Years: 11%
TTM: 44%
Compounded Profit Growth
10 Years: 20%
5 Years: 15%
3 Years: 12%
TTM: 67%
Stock Price CAGR
10 Years: 28%
5 Years: 13%
3 Years: 17%
1 Year: -5%
Return on Equity
10 Years: 48%
5 Years: 46%
3 Years: 46%
Last Year: 54%

Balance Sheet

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
11 11 11 11 11 11 11 11 11 11 11 11 11
Reserves 113 155 202 278 376 519 655 836 764 809 874 1,077 1,304
115 76 101 163 157 95 88 69 85 176 127 110 153
101 132 160 233 279 321 401 497 491 517 688 908 996
Total Liabilities 340 374 475 686 823 946 1,154 1,412 1,351 1,513 1,700 2,107 2,464
93 108 132 173 217 217 236 238 301 406 386 402 451
CWIP 1 3 10 4 0 0 24 59 7 29 28 65 116
Investments 3 2 1 0 0 0 52 218 0 0 0 0 0
243 262 331 509 606 729 842 898 1,043 1,079 1,286 1,639 1,897
Total Assets 340 374 475 686 823 946 1,154 1,412 1,351 1,513 1,700 2,107 2,464

Cash Flows

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-0 123 87 75 167 219 274 453 230 517 696 327
-27 -25 -42 -49 -53 -26 -108 -238 192 -27 -401 119
27 -97 -44 -27 -113 -189 -154 -188 -443 -378 -366 -396
Net Cash Flow -0 1 1 -1 1 4 12 27 -22 113 -71 49

Ratios

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 19 23 24 22 21 21 19 21 16 9 18 16
Inventory Days 316 220 239 337 317 288 264 191 229 200 160 208
Days Payable 48 47 48 54 59 50 47 46 37 26 72 77
Cash Conversion Cycle 288 196 216 305 279 259 236 166 207 183 106 146
Working Capital Days 105 64 74 85 81 71 62 40 61 47 14 36
ROCE % 48% 60% 64% 64% 62% 62% 60% 64% 69% 53% 48% 67%

Shareholding Pattern

Numbers in percentages

2 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
48.32 48.32 48.32 48.32 48.32 47.91 47.91 47.19 47.19 46.12 46.12 46.12
29.18 25.53 25.21 25.34 25.89 23.62 23.73 25.07 25.21 25.18 25.29 24.66
10.02 13.35 14.75 15.53 15.44 18.00 18.20 17.33 17.06 18.21 18.87 19.00
0.28 0.74 0.74 0.74 0.74 0.62 0.62 0.62 0.62 0.62 0.61 0.61
12.21 12.06 10.99 10.07 9.61 9.84 9.54 9.79 9.92 9.87 9.10 9.60

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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