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 Q1FY24 results were below our estimates.</li><li>Revenue declined 8% YoY as volume declined ~11.5% YoY owing to weak demand, a high base, and increased competitive intensity.</li><li>Gross margins were 52.9%, down 159bps YoY, while EBITDA declined 19% YoY and EBITDA margins declined 270bps YoY to 19.5%. </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 Q1FY24 results were below our estimates.Revenue declined 8% YoY as volume declined ~11.5% YoY owing to weak demand, a high base, and increased competitive intensity.Gross margins were 52.9%, down 159bps YoY, while EBITDA declined 19% YoY and EBITDA margins declined 270bps YoY to 19.5%. 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>Revenue declined 13% on a YoY basis as volume declined ~14% YoY owing to a sharp fall in demand and implementation of the Auto Replenishment Shipment (ARS) which impacted the primary sales.</li><li>Gross margins stood at 56.6%, down 280bps YoY owing to high- cost raw material inventory.</li><li>EBITDA declined 50% YoY while EBITDA margins stood at 13.9%, down from 24% in Q4FY22 on account of higher marketing spends and negative operating leverage.</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>

Revenue declined 13% on a YoY basis as volume declined ~14% YoY owing to a sharp fall in demand and implementation of the Auto Replenishment Shipment (ARS) which impacted the primary sales.Gross margins stood at 56.6%, down 280bps YoY owing to high- cost raw material inventory.EBITDA declined 50% YoY while EBITDA margins stood at 13.9%, down from 24% in Q4FY22 on account of higher marketing spends and negative operating leverage.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 with Bleak Outlook; Maintain HOLD

<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.

<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

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

Revenue declined 8% YoY as volume declined ~11.5% YoY owing to weak demand, a high base, and increased competitive intensity.

Axis Direct

Page Industries Ltd - Subdued Performance with Bleak Outlook; Maintain HOLD

EBITDA declined 50% YoY while EBITDA margins stood at 13.9%, down from 24% in Q4FY22 on account of higher marketing spends and negative operating...

Axis Direct

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

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