The stock fell 15% in early Friday trading after Page Industries reported a 59% year-over-year (YoY) decline in net profit for the quarter ending March 31, 2023.
Brokerage opinions on the stock outlook are still divided; Morgan Stanley recommends “Overweight,” while Nuvama advises “Reduce.” On the other hand, Kotak rates the stock as a “Sell.”
Page Industries announced a net profit of Rs 78 crore on Thursday, a 59% decrease from the Rs 190 crore reported during the same time last year. In comparison to the Rs 124 crore reported in the December quarter, net profit decreased by 37% on a sequential basis.
In contrast, operating revenue for the March quarter was Rs 969 crore, a 13% decrease from the previous quarter. with Rs 1,111 crore in the corresponding quarter of last year.The company’s board has also declared a fourth interim dividend of Rs 60 per equity share for the year 2022-2023.At 9.45 am, the stock was trading at Rs 36,127.95, down 12.18% on BSE. It hit the day’s low of Rs 34,968.60.