Page Industries shares hit 52-week high on strong Q1 earnings

Shares of Page Industries hit a 52-week high in morning trade on Friday after the apparel manufacturer reported a multi-fold jump in the first quarter net profit.

Shares of Page Industries opened on a strong note on BSE at Rs 49,799.95, then gained momentum to touch its 52-week high of Rs 50,338.05, registering a jump of 2.47 per cent over its previous close.

The stock witnessed a similar movement on the NSE, where it started at Rs 49,750, and then touched its 52-week high of Rs 50,350, a rise of 2.73 per cent over its last close.

Page Industries Ltd on Thursday reported a multi-fold increase in its net profit to Rs 207.03 crore for the quarter ended June 2022. The company had posted a net profit of Rs 10.94 crore during the April-June period a year ago.

Its revenue from operations during the quarter under review was Rs 1,341.26 crore, up over two-fold compared to a lower base of the pandemic-impacted Q1 FY22.

''We remain optimistic of the thriving market for our products and by banking on our pillars of quality, cost, product design and customer outreach, we will continue to deliver a wide range of premium products to our customers.

''Our strategy of introducing kid's wear across exclusive women's wear stores has shown good results and we are confident of making inroads into this nascent and fast-growing segment,'' PIL's Managing Director V S Ganesh said.

Page Industries is the exclusive licensee of Jockey International Inc (USA) for manufacture, distribution, and marketing in India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan, and the UAE. It is also the exclusive licensee of Speedo International for the Indian market.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)