Page Industries (PAGEIND) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 saw stable operations with some regional disruptions from floods and protests, but the festive season improved consumer sentiment and demand.

• E-commerce expansion, rural consumption recovery, and enhanced digital initiatives contributed to demand growth and strong EBITDA margin.

• Focus on inventory health, operational efficiency, and customer experience supported revenue and PAT growth.

• Unaudited financial results for Q2 FY25 were approved by the Board and reviewed by the statutory auditor with no material misstatements.

• A second interim dividend of ₹250 per equity share was declared, with payment on or before December 6, 2024.

Financial highlights

• Q2 FY25 revenue grew 11.1% YoY to ₹12,463 million; PAT up 29.9% YoY to ₹1,953 million.

• Q2 EBITDA rose 22.1% YoY to ₹2,816 million; EBITDA margin at 22.6%.

• H1 FY25 revenue up 7.3% YoY to ₹25,238 million; PAT up 16.8% YoY to ₹3,605 million.

• Sales volume in Q2 grew 6.7% YoY to 55.2 million pieces; H1 volume up 4.6% YoY to 112.6 million pieces.

• Earnings per share for Q2 FY25 were ₹175.06, up from ₹134.73 in Q2 FY24.

Outlook and guidance

• Management expects continued strong margins (19%-21%) given stable raw material and labor costs, with some quarterly margin aberrations due to IT investments.

• Festive season and online shopping festivals are expected to support further demand recovery.

• Odisha facility to start in Q4, ramping up over several months; not expected to impact inventory days.

• Interim dividends declared indicate confidence in ongoing cash flows and profitability.