Page industries Q4 earnings: Shares crash as net profit falls 59%

Shares of Page Industries, crashed 15% on Friday, a day after the company posted its Q4 earnings. However, the stock saw some recovery and closed the day 9% lower.

The company that manufactures and markets products under brands, Jockey and Speedo posted a disappointing set of numbers which led to the stock hitting a 52-week low on Friday.

Page Industries Q4 result

The company reported a 58.87 per cent decline in net profit at Rs 78.35 crore for the fourth quarter ended March 31, on account of higher cost of inventory and lower capacity utilisation.

The company had posted a net profit of Rs 190.52 crore during the January-March period a year ago, Page Industries Ltd (PIL) said in a regulatory filing on Thursday.

Its revenue from operations was down 12.78 per cent to Rs 969.09 crore during the quarter under review, as against Rs 1,111.11 crore in the corresponding period of the previous fiscal.

The total expenses of the company were at Rs 869.68 crore in Q4/FY23, as against Rs 870.04 crore in the corresponding period a year ago.