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Page Industries: Near-term headwinds; long-term story intact

Page expects the ongoing subdued demand to be temporary and is bullish on the long-term growth prospects.

May 26, 2023 / 10:57 AM IST
Page Industries: Near-term headwinds; long-term story intact

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights: Weak Q4FY23 results Demand pressure to sustain in near term Company bullish on long-term growth prospects Expect margins to revert to historical averages in FY25 Page Industries (Page; CMP: Rs 41,125; Market cap: Rs 45,870 crore) posted lower-than-expected Q4FY23 results as volumes declined in double digits. This also affected margins and profitability. The ongoing ARS (auto replenishment system) implementation to clear excess dealer inventory is bottoming out. The current demand environment is subdued but Page is hopeful of a recovery from H2FY24. Page expects the...

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