Page Industries Q4FY23 PAT down -58.9% yoy at Rs78 crore on sharp fall in consumption demand
Page Industries reported -12.78% fall in sales revenues for the March 2023 quarter on consolidated basis at Rs969 crore. Revenues were down sequentially by -20.78% on the back of weak consumption demand in the quarter. However, for FY23 as a whole, the company reported 23.2% growth in revenue at Rs4,789 crore while the volumes of products sold were up 13.1% at 215.6 million. There was traction on price and on volumes.
For FY23, EBITDA grew 9.8% yoy at Rs863 crore while the Ebitda margins for FY23 were lower by 200 basis points at 18.2%. On a fourth quarter basis, the operating profits fell by 30% sequentially and 49.7% on a yoy basis. EBITDA margins for the quarter also stood lower at 13.9% compared to 24% in the year ago period. Net working capital needs had also gone up due to supply chain constraints in the business.
Financial highlights for Mar-23 compared yoy and sequentially
Page Industries | |||||
Rs in Crore | Mar-23 | Mar-22 | YOY | Dec-22 | QOQ |
Total Income (Rs cr) | ₹ 969 | ₹ 1,111 | -12.78% | ₹ 1,223 | -20.78% |
Operating Profit (Rs cr) | ₹ 135 | ₹ 267 | -49.64% | ₹ 193 | -30.24% |
Net Profit (Rs cr) | ₹ 78 | ₹ 191 | -58.88% | ₹ 124 | -36.68% |
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Diluted EPS (Rs) | ₹ 70.24 | ₹ 170.81 |
| ₹ 110.93 |
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OPM | 13.88% | 24.04% |
| 15.76% |
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Net Margins | 8.08% | 17.15% |
| 10.11% |
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The company currently has a market cap of nearly Rs46,400 crore with promoters holding 46% stake in the company. While FPIs hold 22.4% stake, the mutual funds hold 16.6% in the company. The retail float is quite low in the market. ROE and ROCE of the company continue to be near the 50% mark, although these numbers tapered in the last couple of years.