Page Industries Ltd

Page Industries is engaged in manufacturing, distribution and marketing of Jockey products.(Source : 201903 Annual Report Page No: 88)

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Pros:

Company has a good return on equity (ROE) track record: 3 Years ROE 46.08%

Company has been maintaining a healthy dividend payout of 60.03%

Cons:

Stock is trading at 30.18 times its book value

Peer Comparison Sector: Readymade Garments/ Apparells // Industry: Textiles - Products

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Detailed Comparison with:

	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019
	497	696	626	621	608	815	691	738	608	835	775	794
	400	560	497	492	462	626	548	573	488	648	626	655
Operating Profit	97	136	128	129	147	189	143	165	120	187	149	139
OPM %	20%	20%	21%	21%	24%	23%	21%	22%	20%	22%	19%	17%
Other Income	10	4	5	5	7	7	11	9	9	6	6	3
Interest	6	4	4	4	4	4	4	4	4	8	8	9
Depreciation	7	7	7	7	8	7	8	8	8	14	15	16
Profit before tax	95	129	123	123	142	185	142	163	116	170	132	117
Tax %	30%	34%	32%	32%	34%	33%	35%	37%	36%	35%	13%	26%
Net Profit	67	85	84	83	94	124	93	102	75	111	115	87
EPS in Rs	59.88	76.47	75.36	74.77	84.48	111.56	83.05	91.35	67.23	99.22	102.66	78.02
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	192	255	339	492	697	876	1,188	1,543	1,796	2,129	2,551	2,852	3,012
	156	203	274	400	547	695	931	1,223	1,419	1,714	2,010	2,234	2,418
Operating Profit	37	52	65	92	150	181	256	320	376	415	542	618	594
OPM %	19%	20%	19%	19%	22%	21%	22%	21%	21%	19%	21%	22%	20%
Other Income	5	7	6	12	5	8	6	8	10	24	22	36	23
Interest	3	4	4	7	10	12	15	18	19	19	18	17	29
Depreciation	4	7	9	10	11	11	14	18	24	25	28	31	53
Profit before tax	34	47	59	88	134	166	233	293	343	395	518	606	535
Tax %	31%	32%	32%	33%	33%	32%	34%	33%	33%	33%	33%	35%
Net Profit	24	32	40	59	90	113	154	196	232	266	347	394	387
EPS in Rs	19.66	25.48	31.96	48.21	74.70	92.78	127.68	161.83	191.08	224.07	311.08	353.18	347.13
Dividend Payout %	47%	60%	59%	50%	46%	50%	44%	41%	41%	41%	42%	97%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Sep 2019
	11	11	11	11	11	11	11	11	11	11	11	11	11
Reserves	66	76	88	113	155	202	278	376	519	655	836	764	842
Borrowings	37	42	55	115	76	101	163	157	95	88	69	85	171
	59	85	67	102	134	163	237	283	331	412	509	503	488
Total Liabilities	174	213	221	341	376	477	689	827	956	1,166	1,424	1,363	1,512
	41	55	78	93	108	132	173	217	217	236	238	301	406
CWIP	2	12	5	1	3	10	4	0	0	24	59	7	11
Investments	30	5	3	3	2	1	0	0	0	52	218	0	0
	100	141	136	244	264	334	512	609	739	853	910	1,055	1,095
Total Assets	174	213	221	341	376	477	689	827	956	1,166	1,424	1,363	1,512

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	11	33	30	-0	123	87	75	167	219	274	453	230
	-36	-3	-21	-27	-25	-42	-49	-53	-26	-108	-238	192
	-5	-20	-16	27	-97	-44	-27	-113	-189	-154	-188	-443
Net Cash Flow	-30	10	-7	-0	1	1	-1	1	4	12	27	-22

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %	36%	42%	44%	48%	60%	64%	64%	62%	62%	60%	64%	69%
Debtor Days	17	24	22	19	23	24	22	21	21	19	21	16
Inventory Turnover	4.10	4.06	4.18	3.78	4.09	4.25	3.96	3.83	3.65	3.66	4.29	4.33