Hold Page Industries, target price Rs 51770: ICICI Direct

ICICI Direct has hold call on Page Industries with a target price of Rs 51770. The current market price of Page Industries is Rs 41058.45.

Page Industries, incorporated in the year 1994, is a Large Cap company (having a market cap of Rs 45799.48 Crore) operating in Apparels sector.

Page Industries key Products/Revenue Segments include Innerwear & Leisurewear, Scrap & Others, Other Operating Revenue and Duty Drawback for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-09-2022, the company has reported a Standalone Total Income of Rs 1257.69 Crore, down -6.46 % from last quarter Total Income of Rs 1344.56 Crore and up 15.45 % from last year same quarter Total Income of Rs 1089.37 Crore. Company has reported net profit after tax of Rs 162.13 Crore in latest quarter.

The company’s top management includes Mr.Sandeep Maini, Mr.Rohan Genomal, Mr.Sanjeev Genomal, Mr.Varun Berry, Mr.Vikram Shah, Ms.Rukmani Menon, Mr.B C Prabhakar, Mr.G P Albal, Mr.Mark Fedyk, Mr.Ramesh Genomal, Mr.Nari Genomal, Mr.V S Ganesh, Mr.Shamir Genomal, Mr.Sunder Genomal, Mr.Arif Vazirally. Company has S R Batliboi & Associates LLP as its auditors. As on 30-09-2022, the company has a total of 1 Crore shares outstanding.

Investment Rationale
The brokerage anticipates Page will report YoY revenue growth of 8%to | 1283 crore in Q3FY23E mainly driven by realisation growth of 10% YoY while volumesare expected to decline 2% YoY. The brokerage expects gross margins to improve 280 bps YoY to 56%(55.8% in Q2FY23).

Promoter/FII Holdings
Promoters held 46.12 per cent stake in the company as of 30-Sep-2022, while FIIs owned 25.18 per cent, DIIs 18.84 per cent.