Motilal Oswal's research report on Page Industries
Page Industries (PAGE) continued to experience weakened growth due to subdued industry demand and high channel inventory levels. Revenue was up 3% YoY to INR10.0b (est. INR10.6b) in 4QFY24; recovery was visible in innerwear and athleisure-wear. Volume rose 6% YoY to 45.3m pieces. The implementation of the ARS system has led to improved inventory management and product mix at channel partners, even amid weak demand. Inventory days at channel partners were down by six days in FY24, with a reduction of three days in 4QFY24.
Outlook
While there has been a gradual recovery in demand, a meaningful recovery looks back-ended in CY24. It will be critical to monitor channel inventory management and inventory levels post-1QFY25. Reiterate Neutral with a TP of INR36,500 (based on 50x Mar’26E EPS).
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