Apparel manufacturer Page Industries Ltd on Friday became the second stock on the Indian bourses to cross the share price of ₹ 50,000 apiece on Friday’s early deals after it reported a multi-fold jump in the first quarter net profit. Its shares reached an all-time high of ₹ 50,350.
Apart from Page Industries, MRF has crossed the ₹ 50,000 apiece benchmark. In fact, its 52-week high is at ₹ 89499.90 apiece.
Page Industries on Thursday reported a multi-fold increase in its net profit to ₹207 crores for the first quarter ended June 2022 as compared to ₹10.9 crores during the April-June period a year ago. The company’s revenue from operations during the quarter under review was ₹1341 crores, up over two-fold as compared to Q1FY22.
ICICI Securities has an add rating on the shares with a target price of ₹ 52,000. The brokerage believes that from the medium to long term, the company has an operating margin expansion potential with EBITDA margins having remained in the narrow range of 18-21% for the last 10+ years. They believe that it has front-ended investments in new avenues.
Axis Securities has a hold rating on the shares with a target price of ₹ 51,900. The brokerage said that Page Industries saw increased momentum in sales across all its product categories driven by portfolio enhancement and distribution expansion. Its total MBO coverage is now at ₹ 113715 and its EBO network stands at 1,144 in Q1FY22. The company’s channels and supply chains are back to normal and expect a continued robust demand outlook in FY23.
Page Industries manufactures and sells apparel. It is the exclusive licensee of Jockey International in India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan, and the UAE. Moreover, it is the exclusive licensee of Speedo International for the Indian market.
The multibagger stock has rallied more than 18088% since its listing in March 2007. The company’s share price surged from ₹ 271.60 to the current level of ₹ 49,400.00.
Written By Simran Bafna
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