Page Industries Ltd

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

Pros:
Company is virtually debt free.
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 27.93 times its book value

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

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Quarterly Results Figures in Rs. Crores

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
534 528 497 696 626 621 608 815 691 738 608 835
427 429 400 560 497 492 462 626 548 573 488 648
Operating Profit 107 99 97 136 128 129 147 189 143 165 120 187
OPM % 20% 19% 20% 20% 21% 21% 24% 23% 21% 22% 20% 22%
Other Income 6 2 10 4 5 5 7 7 11 9 9 6
Interest 4 4 6 4 4 4 4 4 4 4 4 8
Depreciation 6 6 7 7 7 7 8 7 8 8 8 14
Profit before tax 104 90 95 129 123 123 142 185 142 163 116 170
Tax % 34% 30% 30% 34% 32% 32% 34% 33% 35% 37% 36% 35%
Net Profit 69 63 67 85 84 83 94 124 93 102 75 111
EPS in Rs 61.57 56.38 59.88 76.47 75.36 74.77 84.48 111.56 83.05 91.35 67.23 99.22
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

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 2,872
156 203 274 400 547 695 931 1,223 1,419 1,714 2,010 2,234 2,258
Operating Profit 37 52 65 92 150 181 256 320 376 415 542 618 614
OPM % 19% 20% 19% 19% 22% 21% 22% 21% 21% 19% 21% 22% 21%
Other Income 5 7 6 12 5 8 6 8 10 24 22 36 35
Interest 3 4 4 7 10 12 15 18 19 19 18 17 20
Depreciation 4 7 9 10 11 11 14 18 24 25 28 31 38
Profit before tax 34 47 59 88 134 166 233 293 343 395 518 606 591
Tax % 31% 32% 32% 33% 33% 32% 34% 33% 33% 33% 33% 35%
Net Profit 24 32 40 59 90 113 154 196 232 266 347 394 380
EPS in Rs 19.66 25.48 31.96 48.21 74.70 92.78 127.68 161.83 191.08 224.07 311.08 353.18 340.85
Dividend Payout % 47% 60% 59% 50% 46% 50% 44% 41% 41% 41% 42% 97%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:27.33%
5 Years:19.15%
3 Years:16.68%
TTM:7.55%
Compounded Profit Growth
10 Years:28.40%
5 Years:20.36%
3 Years:18.50%
TTM:-1.54%
Return on Equity
10 Years:50.07%
5 Years:48.11%
3 Years:46.08%
Last Year:47.53%

Balance Sheet Figures in Rs. Crores

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

Cash Flows Figures in Rs. Crores

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

Ratios Figures in Rs. Crores

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