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Page Industries Ltd.’s Q2 FY23 results were below our estimates. The company reported satisfactory growth across most of the categories and channels. The company reported 7% volume growth – registered three-year volume compound annual growth rate of 10%.
Due to opening up of offices, athleisure sales contribution has started to moderate. However, we believe that the increase in other segments, drop in athleisure sales would be mitigated.
Page Industries reported improvement in gross margin as the raw material prices have started to ease off. However, increase in employee and other expenses hampered Ebitda margins. Management expects sequential improvement in Ebitda margins going ahead.
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