ICICI Direct's research report on Page Industries
Page Industries is the exclusive licensee of Jockey international brand and is the market leader in premium innerwear and leisurewear category. The brand is distributed in 2,895+ cities & towns and available in 113715+ MBOs and 1144+ EBOs. It sold ~ 190 million pieces in FY22. Strong backward integration facilities having capacity of 250 million pieces • Robust business model generating 66%+ RoCE, delivering consistent EBITDA margins of 20%+ and having debt free b/s.
Outlook
We maintain HOLD recommendation on the stock. We value Page at Rs 52680 i.e. 66x FY24E EPS.
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