Page Industries Ltd

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

Production Capacities
Page Industries own Manufacturing Facilities spread over 2.4 million sq ft across 15 manufacturing units which has a production capacity of 260 million pieces per annum. These facilities are supported by strong backwards integration. [1]

See full details
  • Market Cap 41,668 Cr.
  • Current Price 37,370
  • High / Low 38,350 / 19,450
  • Stock P/E 107
  • Book Value 793
  • Dividend Yield 0.67 %
  • ROCE 48.2 %
  • ROE 40.0 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 43.47%
  • Company has been maintaining a healthy dividend payout of 77.17%
  • Company's median sales growth is 18.54% of last 10 years

Cons

  • Stock is trading at 47.11 times its book value
  • Promoter holding has decreased over last quarter: -0.41%
  • The company has delivered a poor sales growth of 9.55% over past five years.
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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
691 738 608 835 775 794 541 285 740 927 881 502
548 573 488 648 626 655 483 320 575 701 711 467
Operating Profit 143 165 120 187 149 139 58 -35 165 226 170 34
OPM % 21% 22% 20% 22% 19% 17% 11% -12% 22% 24% 19% 7%
Other Income 11 9 9 6 6 3 10 6 4 4 6 4
Interest 4 4 4 8 8 9 9 8 8 7 7 7
Depreciation 8 8 8 14 15 16 16 16 16 16 16 16
Profit before tax 142 163 116 170 132 117 43 -52 146 207 153 15
Tax % 35% 37% 36% 35% 13% 26% 28% 24% 24% 26% 24% 25%
Net Profit 93 102 75 111 115 87 31 -40 111 154 116 11
EPS in Rs 83.05 91.35 67.22 99.22 102.66 78.02 27.81 -35.46 99.40 137.80 103.61 9.82

Profit & Loss

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
339 492 697 876 1,188 1,543 1,796 2,129 2,551 2,852 2,946 2,833 3,050
274 400 547 695 931 1,223 1,419 1,714 2,010 2,234 2,412 2,305 2,454
Operating Profit 65 92 150 181 256 320 376 415 542 618 533 528 596
OPM % 19% 19% 22% 21% 22% 21% 21% 19% 21% 22% 18% 19% 20%
Other Income 6 12 5 8 6 8 10 24 21 36 25 19 17
Interest 4 7 10 12 15 18 19 19 18 17 34 30 29
Depreciation 9 10 11 11 14 18 24 25 28 31 61 63 63
Profit before tax 59 88 134 166 233 293 343 395 518 606 462 453 520
Tax % 32% 33% 33% 32% 34% 33% 33% 33% 33% 35% 26% 25%
Net Profit 40 59 90 113 154 196 232 266 347 394 343 341 391
EPS in Rs 35.51 52.49 80.67 100.89 137.87 175.74 207.57 238.73 311.08 353.19 307.71 305.35 350.63
Dividend Payout % 59% 50% 46% 50% 44% 41% 41% 41% 42% 97% 52% 82%
Compounded Sales Growth
10 Years:19%
5 Years:10%
3 Years:4%
TTM:27%
Compounded Profit Growth
10 Years:19%
5 Years:8%
3 Years:0%
TTM:103%
Stock Price CAGR
10 Years:31%
5 Years:18%
3 Years:10%
1 Year:81%
Return on Equity
10 Years:47%
5 Years:44%
3 Years:43%
Last Year:40%

Balance Sheet

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
11 11 11 11 11 11 11 11 11 11 11 11
Reserves 88 113 155 202 278 376 519 655 836 764 809 874
Borrowings 55 115 76 101 163 157 95 88 69 85 176 127
66 101 132 160 233 279 321 401 497 491 517 688
Total Liabilities 220 340 374 475 686 823 946 1,154 1,412 1,351 1,513 1,700
78 93 108 132 173 217 217 236 238 301 406 386
CWIP 5 1 3 10 4 0 0 24 59 7 29 28
Investments 3 3 2 1 0 0 0 52 218 0 0 0
134 243 262 331 509 606 729 842 898 1,043 1,079 1,286
Total Assets 220 340 374 475 686 823 946 1,154 1,412 1,351 1,513 1,700

Cash Flows

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
30 -0 123 87 75 167 219 274 453 230 517 696
-21 -27 -25 -42 -49 -53 -26 -108 -238 192 -27 -401
-16 27 -97 -44 -27 -113 -189 -154 -188 -443 -378 -366
Net Cash Flow -7 -0 1 1 -1 1 4 12 27 -22 113 -71

Ratios

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 22 19 23 24 22 21 21 19 21 16 9 18
Inventory Days 311 316 220 239 282 270 288 264 191 229 200 160
Days Payable 71 48 47 48 46 50 50 47 46 37 26 63
Cash Conversion Cycle 262 288 196 216 259 241 259 236 166 207 183 115
Working Capital Days 72 105 69 78 92 87 75 66 43 63 48 14
ROCE % 44% 48% 60% 64% 64% 62% 62% 60% 64% 69% 53% 48%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
48.32 48.32 48.32 48.32 48.32 48.32 48.32 48.32 48.32 48.32 47.91 47.91
37.87 36.42 34.30 33.73 31.46 29.18 25.53 25.21 25.34 25.89 23.62 23.73
2.97 3.17 5.44 6.89 8.24 10.02 13.35 14.75 15.53 15.44 18.00 18.20
0.00 0.00 0.00 0.06 0.28 0.28 0.74 0.74 0.74 0.74 0.62 0.62
10.84 12.09 11.94 11.00 11.71 12.21 12.06 10.99 10.07 9.61 9.84 9.54

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