Page Industries Ltd

Page Industries Ltd

₹ 36,101 0.02%
23 Feb - close price
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]

  • Market Cap 40,271 Cr.
  • Current Price 36,101
  • High / Low 43,599 / 34,953
  • Stock P/E 74.7
  • Book Value 1,372
  • Dividend Yield 0.69 %
  • ROCE 53.8 %
  • ROE 46.4 %
  • Face Value 10.0

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 47.2%
  • Company has been maintaining a healthy dividend payout of 69.2%
  • Company's median sales growth is 18.5% of last 10 years

Cons

  • Stock is trading at 26.3 times its book value
  • Promoter holding has decreased over last 3 years: -3.21%
  • Working capital days have increased from 43.4 days to 79.8 days

* 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.

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Quarterly Results

Figures in Rs. Crores

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
927 881 502 1,084 1,190 1,111 1,341 1,228 1,200 969 1,232 1,125 1,229
701 711 467 851 939 844 1,043 990 1,007 835 991 892 999
Operating Profit 226 170 34 233 251 267 298 238 193 134 242 234 230
OPM % 24% 19% 7% 22% 21% 24% 22% 19% 16% 14% 20% 21% 19%
4 6 4 5 7 5 3 3 2 7 2 2 6
Interest 7 7 7 7 8 10 9 9 10 14 13 11 10
Depreciation 16 16 16 17 17 16 18 19 20 21 21 25 23
Profit before tax 207 153 15 215 233 246 275 213 164 107 210 199 202
Tax % 26% 24% 25% 25% 25% 23% 25% 24% 25% 26% 25% 25% 25%
154 116 11 160 175 191 207 162 124 78 158 150 152
EPS in Rs 137.80 103.61 9.82 143.89 156.51 170.81 185.62 145.36 110.93 70.24 141.98 134.73 136.59
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
697 876 1,188 1,543 1,796 2,129 2,551 2,852 2,946 2,833 3,886 4,789 4,555
547 695 931 1,223 1,419 1,714 2,010 2,234 2,412 2,305 3,099 3,925 3,716
Operating Profit 150 181 256 320 376 415 542 618 533 528 787 864 839
OPM % 22% 21% 22% 21% 21% 19% 21% 22% 18% 19% 20% 18% 18%
5 8 6 8 10 24 21 36 25 19 21 15 16
Interest 10 12 15 18 19 19 18 17 34 30 34 43 48
Depreciation 11 11 14 18 24 25 28 31 61 63 65 78 90
Profit before tax 134 166 233 293 343 395 518 606 462 453 709 758 718
Tax % 33% 32% 34% 33% 33% 33% 33% 35% 26% 25% 24% 25%
90 113 154 196 232 266 347 394 343 341 537 571 539
EPS in Rs 80.67 100.89 137.87 175.74 207.57 238.73 311.08 353.19 307.71 305.35 481.02 512.15 483.54
Dividend Payout % 46% 50% 44% 41% 41% 41% 42% 97% 52% 82% 77% 49%
Compounded Sales Growth
10 Years: 19%
5 Years: 13%
3 Years: 18%
TTM: -7%
Compounded Profit Growth
10 Years: 18%
5 Years: 11%
3 Years: 19%
TTM: -21%
Stock Price CAGR
10 Years: 21%
5 Years: 11%
3 Years: 8%
1 Year: -5%
Return on Equity
10 Years: 48%
5 Years: 47%
3 Years: 47%
Last Year: 46%

Balance Sheet

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 11 11 11 11 11 11 11 11 11 11 11 11 11
Reserves 155 202 278 376 519 655 836 764 809 874 1,077 1,360 1,519
76 101 163 157 95 88 69 85 176 127 110 406 186
132 160 233 279 321 401 497 491 517 688 908 915 926
Total Liabilities 374 475 686 823 946 1,154 1,412 1,351 1,513 1,700 2,107 2,693 2,642
108 132 173 217 217 236 238 301 406 386 402 485 497
CWIP 3 10 4 0 0 24 59 7 29 28 65 150 198
Investments 2 1 0 0 0 52 218 0 0 0 0 0 0
262 331 509 606 729 842 898 1,043 1,079 1,286 1,639 2,057 1,948
Total Assets 374 475 686 823 946 1,154 1,412 1,351 1,513 1,700 2,107 2,693 2,642

Cash Flows

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
123 87 75 167 219 274 453 230 517 696 327 -2
-25 -42 -49 -53 -26 -108 -238 192 -27 -401 119 31
-97 -44 -27 -113 -189 -154 -188 -443 -378 -366 -396 -174
Net Cash Flow 1 1 -1 1 4 12 27 -22 113 -71 49 -145

Ratios

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 23 24 22 21 21 19 21 16 9 18 16 11
Inventory Days 220 239 337 317 288 264 191 229 200 160 208 269
Days Payable 47 48 54 59 50 47 46 37 26 72 77 48
Cash Conversion Cycle 196 216 305 279 259 236 166 207 183 106 146 231
Working Capital Days 64 74 85 81 71 62 40 61 47 14 36 80
ROCE % 60% 64% 64% 62% 62% 60% 64% 69% 53% 48% 67% 54%

Shareholding Pattern

Numbers in percentages

1 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
48.32% 47.91% 47.91% 47.19% 47.19% 46.12% 46.12% 46.12% 46.12% 46.12% 45.11% 45.11%
25.89% 23.62% 23.73% 25.07% 25.21% 25.18% 25.29% 24.66% 22.38% 21.99% 21.98% 21.78%
15.44% 18.00% 18.20% 17.33% 17.06% 18.21% 18.87% 19.00% 21.26% 21.41% 22.92% 23.92%
0.74% 0.62% 0.62% 0.62% 0.62% 0.62% 0.61% 0.61% 0.61% 0.61% 0.63% 0.71%
9.61% 9.84% 9.54% 9.79% 9.92% 9.87% 9.10% 9.60% 9.61% 9.88% 9.35% 8.49%
No. of Shareholders 66,80573,01870,87672,43075,72780,25980,71686,41690,8551,02,33798,08292,192

* 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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