๐Ÿงพ Page Industries Q4 & FY25 Result Update Brand: | Profit From It
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๐Ÿงพ Page Industries Q4 & FY25 Result Update Brand:

Lesson 139/151 | Study Time: 10 Min

๐Ÿงพ Page Industries Q4 & FY25 Result Update

Brand: Jockey India
CMP: โ‚น46,800
PE Ratio: ~71.6x ๐ŸŸฅ
PBV Ratio: ~37x ๐ŸŸข
Record Date: 21 May 2025
Dividend Payment by: 13 June 2025


๐Ÿ“ˆ Financial Highlights (โ‚น in million)

Particulars

Q4 FY25

Q4 FY24

YoY %

FY25

FY24

YoY %

Revenue from Operations

โ‚น10,981

โ‚น9,925

๐ŸŸข +10.6%

โ‚น49,349

โ‚น45,692

๐ŸŸข +8.0%

Other Income

โ‚น201

โ‚น137

๐ŸŸข +46.7%

โ‚น616

โ‚น324

๐ŸŸข +90.1%

Total Income

โ‚น11,182

โ‚น10,062

๐ŸŸข +11.1%

โ‚น49,965

โ‚น46,016

๐ŸŸข +8.6%

PAT

โ‚น1,640

โ‚น1,082

๐ŸŸข +51.5%

โ‚น7,291

โ‚น5,692

๐ŸŸข +28.1%

EPS (โ‚น)

โ‚น147.04

โ‚น97.01

๐ŸŸข +51.5%

โ‚น653.71

โ‚น510.31

๐ŸŸข +28.1%

Comprehensive Income

โ‚น1,609

โ‚น1,083

๐ŸŸข +48.5%

โ‚น7,249

โ‚น5,716

๐ŸŸข +26.8%


๐Ÿš› Volume Growth & Operational Efficiency

  • ๐Ÿงต Volume Growth (Inferred from inventory shift):

    • Inventories declined from โ‚น11,703 Mn to โ‚น8,589 Mn ๐ŸŸข

    • Indicates better inventory turnover and volume offloading

  • ๐Ÿ“ฆ Trade receivables rose by 20.8% YoY ๐ŸŸข โ€“ sign of higher B2B orders

  • ๐Ÿ’ผ Capital expenditure of โ‚น7,957 Mn reflects expansion momentum


๐Ÿ’ฐ Dividend Update

  • โœ… 4th Interim Dividend: โ‚น200/share

  • ๐Ÿ’ธ Total FY25 Dividend: โ‚น900/share

  • ๐Ÿ“… Record Date: 21 May 2025

  • ๐Ÿ’ต Dividend by: 13 June 2025


๐Ÿงพ Balance Sheet Snapshot (โ‚น in million)

Particulars

FY25

FY24

Change %

Total Assets

โ‚น2,64,301

โ‚น2,68,258

๐Ÿ”ด -1.5%

Total Equity

โ‚น1,40,720

โ‚น1,59,693

๐Ÿ”ด -11.9%

Trade Receivables

โ‚น1,916

โ‚น1,586

๐ŸŸข +20.8%

Inventories

โ‚น8,589

โ‚น11,703

๐ŸŸข Efficient Ops


๐Ÿ“Š Valuation Metrics (Updated)

Metric

Value

Trend

PE Ratio

~71.6x

๐ŸŸฅ Expensive

PBV Ratio

~3.74x

๐ŸŸข Fair for a premium brand

Debt/Equity

~0.07x

๐ŸŸข Low risk

Current Ratio

~1.72x

๐Ÿ”ด Lower YoY

ICR

~21.1x

๐ŸŸข Comfortable


๐Ÿ” Cash Flow Highlights (โ‚น in million)

Flow Type

FY25

FY24

Trend

Operating Cash Flow

โ‚น12,036

โ‚น10,805

๐ŸŸข +11.4%

Investing Cash Flow

โ‚น116

๐Ÿ”ด -โ‚น3,699

๐ŸŸข Turnaround

Financing Cash Flow

๐Ÿ”ด -โ‚น10,101

๐Ÿ”ด -โ‚น6,214

๐Ÿ”ด Higher payout

Net Cash Flow

โ‚น2,051

โ‚น891

๐ŸŸข +130.2%


๐Ÿงต Sector Outlook โ€“ Innerwear & Lifestyle Apparel

  • ๐Ÿงโ€โ™‚๏ธ Rising demand for premium & comfort wear in urban and semi-urban markets

  • ๐Ÿ›๏ธ Shift from unorganised to organised innerwear & activewear retail

  • ๐Ÿ“ฆ Focus on multi-channel expansion: retail stores + e-commerce

  • ๐Ÿ“‰ Watch out for raw material volatility and competitive pricing pressure


๐Ÿš€ Long-Term Investor Perspective

โœ… Strong brand โ€“ Jockey India
โœ… Healthy cash flows + low leverage ๐ŸŸข
โœ… โ‚น900/share dividend = ๐Ÿ’ธ consistent payout
๐Ÿ”ด Premium valuation could cap near-term upside
๐Ÿ›’ Store expansion and new category growth will drive long-term value

๐Ÿ“Œ 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.

๐Ÿ“Œ 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.

Piyush Patel

Piyush Patel

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