External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>PAGE Q3FY23 results were below our estimates. Revenue grew a mere 3% YoY as volume declined ~11% YoY to 5.28 Cr pieces owing to weak demand, increased competitive intensity and implementation of the Auto Replenishment Shipment (ARS) which impacted primary sales.</li><li>It further reiterated that as the economy has opened up and consumers’ preferences are shifting towards formal and other categories.</li><li>EBITDA margins at 15.8% were down 532bps YoY owing to gross margin pressure (high-cost inventory) and an increase in marketing spends.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

PAGE Q3FY23 results were below our estimates. Revenue grew a mere 3% YoY as volume declined ~11% YoY to 5.28 Cr pieces owing to weak demand, increased competitive intensity and implementation of the Auto Replenishment Shipment (ARS) which impacted primary sales.It further reiterated that as the economy has opened up and consumers’ preferences are shifting towards formal and other categories.EBITDA margins at 15.8% were down 532bps YoY owing to gross margin pressure (high-cost inventory) and an increase in marketing spends.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Page Industries Ltd - Subdued Performance; Maintain HOLD

<ul><li>Page Industries (PAGE) Q2FY23 topline was in line with estimates but missed profitability.</li><li>It reported revenue of Rs 1,255 Cr (our estimates - Rs 1,288 Cr), up 16% YoY (~17% on a 3-yr CAGR).</li><li>Volumes increased by 1% YoY (~7% excluding masks) to 57.6 Mn pieces due to a richer price mix.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Page Industries (PAGE) Q2FY23 topline was in line with estimates but missed profitability.It reported revenue of Rs 1,255 Cr (our estimates - Rs 1,288 Cr), up 16% YoY (~17% on a 3-yr CAGR).Volumes increased by 1% YoY (~7% excluding masks) to 57.6 Mn pieces due to a richer price mix.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Page Industries Ltd - Miss on Margins; Retained HOLD

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<li>Page Industries (PAGE) Q1FY23 topline was a healthy beat to our and street estimates.</li>
<li>Revenue of Rs 1,341 Cr (our estimates - Rs 1213 Cr), was up 167% YoY (~17% on 3-yr CAGR) and was led by strong volume growth of 150% YoY (~10% on 3-yr CAGR) to 65 Mn pieces as well as a richer price mix.</li>
<li>The company posted Gross Margins (GM) of 54.5% vs. our expectations of 55%, down ~322bps YoY on account of higher inflation in cotton and packing materials.</li>
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<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>






Page Industries (PAGE) Q1FY23 topline was a healthy beat to our and street estimates.
Revenue of Rs 1,341 Cr (our estimates - Rs 1213 Cr), was up 167% YoY (~17% on 3-yr CAGR) and was led by strong volume growth of 150% YoY (~10% on 3-yr CAGR) to 65 Mn pieces as well as a richer price mix.
The company posted Gross Margins (GM) of 54.5% vs. our expectations of 55%, down ~322bps YoY on account of higher inflation in cotton and packing materials.





Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Page Industries - Robust Performance; Rich Valuations

<div><div><div><div><ul><li>Healthy demand outlook: Demand for consumer discretionary remains intact for PAGE even though it is tepid for others – due to value for money products with reasonable prices to hold on to consumers.</li></ul><div><div><div><div><ul><li>Margins: The management undertook price hikes by ~8% during Dec ’21 in response to input cost increases, the effect of which can be attributed to this quarter.</li></ul><div><div><div><div><ul><li>Distribution reach expansion: PAGE will continue to maintain the pace of outlet expansion both across EBOs and MBOs and is looking to reach ~1,50,000 MBO outlets in the next couple of years and double the EBO count from 1,000 EBOs in the next 4 years.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Healthy demand outlook: Demand for consumer discretionary remains intact for PAGE even though it is tepid for others – due to value for money products with reasonable prices to hold on to consumers.Margins: The management undertook price hikes by ~8% during Dec ’21 in response to input cost increases, the effect of which can be attributed to this quarter.Distribution reach expansion: PAGE will continue to maintain the pace of outlet expansion both across EBOs and MBOs and is looking to reach ~1,50,000 MBO outlets in the next couple of years and double the EBO count from 1,000 EBOs in the next 4 years.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Page Industries - Strong Set of Numbers; Long-Term Growth Visible

<ul><li>Page Industries (PAGE) Q3FY22 topline was a healthy beat to our and street estimates, EBITDA &amp; PAT were however a slight miss on account of high RM price inflation</li><li>The management’s efforts to increase distribution, product expansion across categories of men’s, women’s innerwear, athleisure, kid wear, and strong traction from the e-commerce front</li><li>Maintaining the management’s long-term target of USD1 Bn in sales over the next 5 years with a guideline to return to its historical EBITDA Margin band of 20-21%.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Page Industries (PAGE) Q3FY22 topline was a healthy beat to our and street estimates, EBITDA &amp; PAT were however a slight miss on account of high RM price inflationThe management’s efforts to increase distribution, product expansion across categories of men’s, women’s innerwear, athleisure, kid wear, and strong traction from the e-commerce frontMaintaining the management’s long-term target of USD1 Bn in sales over the next 5 years with a guideline to return to its historical EBITDA Margin band of 20-21%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Page Industries: Margin Drag Short Term Blip; Long Term Growth Visible

India

Page Industries Limited develops, produces, and distributes branded underwear for men, women, and children in India and Sri Lanka.

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Page Industries (PAG IN)

Page Industries Ltd - Subdued Performance; Maintain HOLD

It further reiterated that as the economy has opened up and consumers’ preferences are shifting towards formal and other categories.

Axis Direct

Page Industries Ltd - Miss on Margins; Retained HOLD

Page Industries (PAGE) Q2FY23 topline was in line with estimates but missed profitability. It reported revenue of Rs 1,255 Cr (our estimates - Rs...

Axis Direct

Page Industries - Robust Performance; Rich Valuations

The company posted Gross Margins (GM) of 54.5% vs. our expectations of 55%, down ~322bps YoY on account of higher inflation in cotton and packing...

Axis Direct

Page Industries - Strong Set of Numbers; Long-Term Growth Visible

Revenue of Rs 1,111 Cr (our estimates - Rs 1090 Cr), up 26% YoY, were led by volume growth of 9% YoY to 50 Mn pieces as well as a richer price mix.

Axis Direct

Page Industries: Margin Drag Short Term Blip; Long Term Growth Visible

Page Industries (PAGE) Q3FY22 topline was a healthy beat to our and street estimates, EBITDA & PAT were however a slight miss on account of high RM...

Axis Direct

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