Page Industries (PAGEIND) Q2 24/25 earnings summary

Executive summary

• Achieved 11% year-on-year revenue growth and 29.9% PAT growth in Q2 FY25, with H1 revenue up 7.3% and PAT up 16.8%.

• Stable operating environment with some regional disruptions from floods and protests; festive season onset improved consumer sentiment.

• E-commerce channel grew 41% in H1, outpacing company average, driven by quick commerce and strong online demand.

• Continued expansion in retail presence, focusing on metros, tier 2/3/4 cities, and exclusive brand stores.

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

Financial highlights

• Q2 FY25 revenue was ₹124,627.04 lakhs, up 11.1% year-on-year; PAT was ₹19,525.93 lakhs, up 29.9% year-on-year.

• Q2 EBITDA: ₹2,816 million, up 22.1% year-on-year; EBITDA margin: 22.6%.

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

• Earnings per share (basic and diluted) for Q2 FY25 were ₹175.06, up from ₹134.73 in Q2 FY24.

• Net cash flow from operating activities for H1 FY25 was ₹79,502.11 lakhs, compared to ₹61,612.29 lakhs in H1 FY24.

Outlook and guidance

• Management expects EBITDA margins to remain strong in the 19%-21% range, supported by stable raw material and labor costs.

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

• Continued focus on inventory management, operational efficiency, and digital transformation.

• Too early to confirm sustained double-digit growth; cautious optimism as demand recovery is still uneven.