Q3 2024 Page Industries Ltd Earnings Call Transcript
Key Points
- Page Industries Ltd (BOM:532827) recorded a robust profit after tax growth of 23.1% in Q3 FY24.
- The company achieved a 4.6% increase in sales volume year-on-year, reaching 55.2 million pieces.
- E-commerce channel witnessed substantial growth of 28% year-to-date December and 39% in Q3.
- Improved inventory health within the distribution network, with inventory days reduced from 122 to 95 days.
- Investments in digital transformation and marketing initiatives have been balanced with favorable fabric costs and operational expenses optimization.
- Subdued demand in the innerwear and athleisure industry led to a decline in sales volume.
- Year-to-date December figures indicate a decrease in revenue and volume by 4.6% and 5.8%, respectively.
- Accumulation of excess inventory in the sector, particularly in athleisure, remains a challenge.
- Operating margins were slightly below the desired 19% to 21% range due to subdued demand and less-than-expected top line.
- The market continues to be lukewarm, with apparel growth in low single digits and overall consumer expenditure shifting towards travel and leisure.
Ladies and gentlemen, good day, and welcome to Q3 and nine-month FY24 earnings conference call of Page Industries Limited. (Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Mr. V.S. Ganesh, Managing Director, Page Industries, for his opening remarks. Thank you, and over to you, sir.
Thank you. Thank you so much. Ladies and gentlemen, a very good afternoon to all of you. On behalf of my team at Page Industries, it is my pleasure to welcome you to our Q3 and nine-month FY24 earnings call. I hope you have had a chance to review the numbers and presentation uploaded on the exchanges.
Let me begin by contextualizing our discussion against the broader backdrop of the textile and apparel industry and then focus on specific company's performance. The industry has navigated through a period marked by mixed demand trends, with the overall demand for the retail industry being subdued as consumer expenditure has shifted towards
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