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

<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

External broker reports(aggregated public sources), Chola Securities

Chola Wealth Direct

<p>Background: Page Industries is the exclusive licensee of Jockey International Inc (USA) to manufacture and distribute Jockey brand in India, Sri Lanka, Nepal, Bangladesh and UAE till 2040. They broadly operate in premium men's innerwear; women's innerwear and leisure wear segments. Jockey enjoys high brand recall and they spend ~5% of their annual sales for brand building and promotional activity, which enables them to dominate most of the segments in which they operate. They are also exclusive licensee of Speedo swimwear brand in India.</p><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>

Background: Page Industries is the exclusive licensee of Jockey International Inc (USA) to manufacture and distribute Jockey brand in India, Sri Lanka, Nepal, Bangladesh and UAE till 2040. They broadly operate in premium men's innerwear; women's innerwear and leisure wear segments. Jockey enjoys high brand recall and they spend ~5% of their annual sales for brand building and promotional activity, which enables them to dominate most of the segments in which they operate. They are also exclusive licensee of Speedo swimwear brand in India.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.

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 - 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

EARNINGS UPDATE- PAGE INDUSTRIES 1QFY22

Background: Page Industries is the exclusive licensee of Jockey International Inc (USA) to manufacture and distribute Jockey brand in India, Sri...

Chola Wealth Direct

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