Page Industries (PAGEIND) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 delivered strong profit growth, with profit after tax up 34.3% year-over-year, supported by revenue growth and tight control over operating expenses.

• Modern retail and e-commerce channels were key growth drivers, expanding consumer reach and market position.

• Premium innovation categories and athleisure products outperformed, aided by effective market penetration and product launches.

• Inventory and working capital days improved significantly, reflecting optimized distribution and inventory management.

• Leadership transition announced, with Karthik Yathindra to assume CEO role from April 1.

Financial highlights

• Q3 FY25 revenue: INR 13,131 million (₹131,305.10 lakhs), up 7.7% year-over-year; sales volume: 57.8 million pieces, up 4.7%.

• Q3 EBITDA: INR 3,025 million (23% margin), up 33.8% year-over-year; PAT: INR 2,047 million, up 34.3% year-over-year.

• Nine months revenue: INR 38,368 million, up 7.3%; EBITDA: INR 8,273 million, up 19%; PAT: INR 5,661 million, up 22.6%.

• Earnings per share for Q3 FY25 were ₹183.48, compared to ₹136.59 in Q3 FY24.

• Inventory days reduced to 59 from 93 at FY24 end; working capital days at 65 vs. 75 at FY24 end.

Outlook and guidance

• EBITDA margin for FY25 expected to remain within 19%-21% range, despite recent quarters exceeding this due to cost control.

• Elevated IT and marketing expenses anticipated as digitalization and process reengineering initiatives ramp up.

• No major price increases planned for the remainder of FY25; FY26 pricing decisions pending budget finalization.

• Interim dividends declared in August, November, and February total ₹700 per equity share for FY25.

• Growth outlook remains cautious, with improvement dependent on consumer demand recovery.