Total revenue of the company came in at Rs 1,125.13 crore, falling 8.39 percent.
Given the improving earnings trajectory and strong prospects in the long run, the stock is likely to re-rate.
The market gained a percent to close at a five-month high. About 1,878 shares advanced, 1,503 declined and 139 remained unchanged
Morgan Stanley is overweight on Page Industries with a target price of Rs 43,068 a share. The firm believes that Q4 numbers were weaker than management expectations and missed consensus.
PIL's revenue from operations in the July-September quarter of FY22 stood at Rs 1,084.01 crore.
While second wave of COVID-19 will impact the operations of Page Industries in the near term, we expect significant recovery from Q2FY22 as the restrictions ease
Revenue from operations rose 16.78 percent to Rs 927.06 crore during the quarter under review as against Rs 793.82 crore in the corresponding period of the previous fiscal.