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🧾 Page Industries Q4 & FY25 Result Update
Brand: Jockey India
CMP: ₹46,800
PE Ratio: ~71.6x 🟥
PBV Ratio: ~37x 🟢
Record Date: 21 May 2025
Dividend Payment by: 13 June 2025
📈 Financial Highlights (₹ in million)
| Particulars | Q4 FY25 | Q4 FY24 | YoY % | FY25 | FY24 | YoY % |
|---|---|---|---|---|---|---|
| Revenue from Operations | ₹10,981 | ₹9,925 | 🟢 +10.6% | ₹49,349 | ₹45,692 | 🟢 +8.0% |
| Other Income | ₹201 | ₹137 | 🟢 +46.7% | ₹616 | ₹324 | 🟢 +90.1% |
| Total Income | ₹11,182 | ₹10,062 | 🟢 +11.1% | ₹49,965 | ₹46,016 | 🟢 +8.6% |
| PAT | ₹1,640 | ₹1,082 | 🟢 +51.5% | ₹7,291 | ₹5,692 | 🟢 +28.1% |
| EPS (₹) | ₹147.04 | ₹97.01 | 🟢 +51.5% | ₹653.71 | ₹510.31 | 🟢 +28.1% |
| Comprehensive Income | ₹1,609 | ₹1,083 | 🟢 +48.5% | ₹7,249 | ₹5,716 | 🟢 +26.8% |
🚛 Volume Growth & Operational Efficiency
🧵 Volume Growth (Inferred from inventory shift):
Inventories declined from ₹11,703 Mn to ₹8,589 Mn 🟢
Indicates better inventory turnover and volume offloading
📦 Trade receivables rose by 20.8% YoY 🟢 – sign of higher B2B orders
💼 Capital expenditure of ₹7,957 Mn reflects expansion momentum
💰 Dividend Update
✅ 4th Interim Dividend: ₹200/share
💸 Total FY25 Dividend: ₹900/share
📅 Record Date: 21 May 2025
💵 Dividend by: 13 June 2025
🧾 Balance Sheet Snapshot (₹ in million)
| Particulars | FY25 | FY24 | Change % |
|---|---|---|---|
| Total Assets | ₹2,64,301 | ₹2,68,258 | 🔴 -1.5% |
| Total Equity | ₹1,40,720 | ₹1,59,693 | 🔴 -11.9% |
| Trade Receivables | ₹1,916 | ₹1,586 | 🟢 +20.8% |
| Inventories | ₹8,589 | ₹11,703 | 🟢 Efficient Ops |
📊 Valuation Metrics (Updated)
| Metric | Value | Trend |
|---|---|---|
| PE Ratio | ~71.6x | 🟥 Expensive |
| PBV Ratio | ~3.74x | 🟢 Fair for a premium brand |
| Debt/Equity | ~0.07x | 🟢 Low risk |
| Current Ratio | ~1.72x | 🔴 Lower YoY |
| ICR | ~21.1x | 🟢 Comfortable |
🔁 Cash Flow Highlights (₹ in million)
| Flow Type | FY25 | FY24 | Trend |
|---|---|---|---|
| Operating Cash Flow | ₹12,036 | ₹10,805 | 🟢 +11.4% |
| Investing Cash Flow | ₹116 | 🔴 -₹3,699 | 🟢 Turnaround |
| Financing Cash Flow | 🔴 -₹10,101 | 🔴 -₹6,214 | 🔴 Higher payout |
| Net Cash Flow | ₹2,051 | ₹891 | 🟢 +130.2% |
🧵 Sector Outlook – Innerwear & Lifestyle Apparel
🧍♂️ Rising demand for premium & comfort wear in urban and semi-urban markets
🛍️ Shift from unorganised to organised innerwear & activewear retail
📦 Focus on multi-channel expansion: retail stores + e-commerce
📉 Watch out for raw material volatility and competitive pricing pressure
🚀 Long-Term Investor Perspective
✅ Strong brand – Jockey India
✅ Healthy cash flows + low leverage 🟢
✅ ₹900/share dividend = 💸 consistent payout
🔴 Premium valuation could cap near-term upside
🛒 Store expansion and new category growth will drive long-term value
📌 Final Verdict
Page Industries delivers a strong set of results in FY25 driven by higher volumes, better operational efficiency, and a high dividend payout. Premium valuation reflects its brand moat, though investors must weigh growth vs price.
📌 Conclusion
Page Industries continues to be a leader in the Indian apparel market with consistent earnings growth, strong dividend payout, and brand value. However, investors should monitor valuation sustainability and competitive risks.
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