Page Industries Ltd’s shares are trading 24% below 52-week highs seen in October. The company is facing two problems. One, demand is not picking up enough and two, implementation of auto replenishment system is taking longer. In this backdrop, March quarter results (Q4FY23) show growth momentum slowed further.
In Q3, Page’s revenues grew by just 3% year-on-year. But in Q4, revenues have fallen by almost 13% to Rs. 969 crore with a 14.6% drop in volume. “Volumes were impacted by muted demand and ARS implementation,” said the company’s management.
Further, high-cost inventory and lower absorption of costs weighed on operating performance. The upshot is that Page’s Ebitda halved to Rs.134 crore and margin contracted sharply
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