Page Industries slips 3% post Q1 results

Page Industries slips 3% post Q1 results


Shares of Page Industries declined around 3 per cent in Thursday’s afternoon trade after the company reported a net loss of Rs 39.55 crore for the quarter ended June 30 and on reports that Speedo will probe possible human rights violations against the company. It had reported a profit of Rs 110.67 crore in the corresponding quarter last year.
The scrip traded nearly 3 per cent down at Rs 19,106 at around 2.40 pm (IST), while the benchmark BSE Sensex traded 0.05 per cent lower at 39,065.

Revenue of the company slipped 65.89 per cent YoY to Rs 284.80 crore.

In a BSE filing, Page Industries said that June quarter witnessed the full impact of Covid-19 lockdowns. As of now, more than 80 per cent of its multi brand outlets, 96 per cent of EBOs and 90 per cent of large format stores are fully functional.

According to Reuters, Speedo International said that it will investigate a report of possible human rights violations by Page, which Norway’s wealth fund dropped from its portfolio this week.

Norway’s $1 trillion sovereign wealth fund, the world’s largest, on Monday said that “unacceptable risk” due to human rights violation led to exclusion of some companies including Page, which is the exclusive licensee for Speedo and innerwear maker Jockey International in India.

Commenting on the results, Sunder Genomal, Managing Director, Page Industries said, “While this quarter saw a significant impact of the Covid-19 lockdowns, the operations partially resumed from May.”

“We are confident of getting back on track to the previous year’s level of sales and operations as soon as the pandemic is behind us. We continue to remain confident of the medium-term given our strong business model, product portfolio and healthy balance sheet,” he added.

Credit: Stocks-Markets-Economic Times

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