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 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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Detailed Comparison with:

	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

	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

	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

	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