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 45.44%

Company has been maintaining a healthy dividend payout of 63.92%

Cons:

Stock is trading at 26.80 times its book value

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

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Detailed Comparison with:

	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020
	626	621	608	815	691	738	608	835	775	794	541	285
	497	492	462	626	548	573	488	648	626	655	483	320
Operating Profit	128	129	147	189	143	165	120	187	149	139	58	-35
OPM %	21%	21%	24%	23%	21%	22%	20%	22%	19%	17%	11%	-12%
Other Income	5	5	7	7	11	9	9	6	6	3	10	6
Interest	4	4	4	4	4	4	4	8	8	9	9	8
Depreciation	7	7	8	7	8	8	8	14	15	16	16	16
Profit before tax	123	123	142	185	142	163	116	170	132	117	43	-52
Tax %	32%	32%	34%	33%	35%	37%	36%	35%	13%	26%	28%	24%
Net Profit	84	83	94	124	93	102	75	111	115	87	31	-40
EPS in Rs	75.36	74.77	84.48	111.56	83.05	91.35	67.23	99.22	102.66	78.02	27.82	-35.46
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	TTM
	255	339	492	697	876	1,188	1,543	1,796	2,129	2,551	2,852	2,945	2,395
	203	274	400	547	695	931	1,223	1,419	1,714	2,010	2,234	2,412	2,084
Operating Profit	52	65	92	150	181	256	320	376	415	542	618	533	311
OPM %	20%	19%	19%	22%	21%	22%	21%	21%	19%	21%	22%	18%	13%
Other Income	7	6	12	5	8	6	8	10	24	22	36	25	25
Interest	4	4	7	10	12	15	18	19	19	18	17	34	33
Depreciation	7	9	10	11	11	14	18	24	25	28	31	61	63
Profit before tax	47	59	88	134	166	233	293	343	395	518	606	462	240
Tax %	32%	32%	33%	33%	32%	34%	33%	33%	33%	33%	35%	26%
Net Profit	32	40	59	90	113	154	196	232	266	347	394	343	193
EPS in Rs	25.48	31.96	48.21	74.70	92.78	127.68	161.83	191.08	224.07	311.08	353.18	307.71	173.04
Dividend Payout %	60%	59%	50%	46%	50%	44%	41%	41%	41%	42%	97%	52%

* Sales is net of excise duty and discounts

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
	11	11	11	11	11	11	11	11	11	11	11	11
Reserves	76	88	113	155	202	278	376	519	655	836	764	809
Borrowings	42	55	115	76	101	163	157	95	88	69	85	176
	84	66	101	132	160	233	279	321	401	497	491	517
Total Liabilities	212	220	340	374	475	686	823	946	1,154	1,412	1,351	1,513
	55	78	93	108	132	173	217	217	236	238	301	406
CWIP	12	5	1	3	10	4	0	0	24	59	7	29
Investments	5	3	3	2	1	0	0	0	52	218	0	0
	140	134	243	262	331	509	606	729	842	898	1,043	1,079
Total Assets	212	220	340	374	475	686	823	946	1,154	1,412	1,351	1,513

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
	33	30	-0	123	87	75	167	219	274	453	230	517
	-3	-21	-27	-25	-42	-49	-53	-26	-108	-238	192	-27
	-20	-16	27	-97	-44	-27	-113	-189	-154	-188	-443	-378
Net Cash Flow	10	-7	-0	1	1	-1	1	4	12	27	-22	113

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
ROCE %	42%	44%	48%	60%	64%	64%	62%	62%	60%	64%	69%	53%
Debtor Days	24	22	19	23	24	22	21	21	19	21	16	9
Inventory Turnover	1.42	1.40	1.50	1.74	1.79	1.59	1.51	1.41	1.50	1.85	1.84	1.81

Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020
49.01	49.01	49.01	49.01	48.32	48.32	48.32	48.32	48.32	48.32	48.32	48.32
36.16	36.76	36.07	35.18	37.27	37.87	36.42	34.30	33.73	31.46	29.18	25.53
5.69	5.23	5.40	5.90	4.49	2.97	3.17	5.44	6.89	8.24	10.02	13.35
0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.06	0.28	0.28	0.74
9.14	9.00	9.52	9.91	9.93	10.84	12.09	11.94	11.00	11.71	12.21	12.06