Buy Page Industries, target price Rs 51458: Centrum Broking

Centrum Broking has buy call on Page Industries with a target price of Rs 51458. The current market price of Page Industries is Rs 45749.9. Time period given by analyst is one year when Page Industries Ltd. price can reach defined target.

Page Industries Ltd., incorporated in the year 1994, is a Large Cap company (having a market cap of Rs 50967.57 Crore) operating in Apparels sector.

Page Industries Ltd. key Products/Revenue Segments include Innerwear & Leisurewear, Scrap & Others, Other Operating Revenue and Duty Drawback for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-12-2021, the company reported a Standalone Total Income of Rs 1196.94 Crore, up 9.87 % from last quarter Total Income of Rs 1089.37 Crore and up 28.54 % from last year same quarter Total Income of Rs 931.21 Crore. Company reported net profit after tax of Rs 174.57 Crore in latest quarter.

Investment Rationale
The brokerage expects sales/EBITDA/PAT to grow at CAGR of 18%/22%/26% over FY20-24E with EBITDA margins to reach 21% by FY24E. It initiates on Page with a Buy rating and TP of Rs 51,458 with target multiple of 66x. Its target multiple is in-line to its last three year PE multiple.

Promoter/FII Holdings
Promoters held 47.19 per cent stake in the company as of 31-Mar-2022, while FIIs owned 25.21 per cent, DIIs 17.06 per cent.