Page Industries Ltd, headquartered in Bengaluru, is the exclusive licensee of JOCKEY International Inc. (USA) for manufacturing, distribution, and marketing in India, Sri Lanka, Bangladesh, Nepal, UAE, Oman, and Qatar. Renowned for its premium innerwear and leisurewear products for men, women, and children, the company has also acquired the license for the Speedo brand in India. With a strong retail presence and robust brand equity, Page Industries has established itself as a leader in the Indian apparel market, driven by a focus on quality, innovation, and customer satisfaction.
This article presents an overview of Page Industries Ltd’s Q3 FY25 performance, along with key insights from the management commentary shared during the earnings conference call held on February 5, 2025.
Market Commentary
In Q3, the operating environment faced challenges due to subdued demand conditions.
Although early Q3 festivities suggested a resurgence in growth, this momentum did not persist in the subsequent months.
Despite all these obstacles, the company achieved satisfactory revenue growth through strategic management of operating expenses and targeted investments in personal technology and processes aligned with its strategic objectives.
The company’s modern retail including exclusive brand stores and e-commerce exhibited impressive growth, significantly enhancing consumer reach and experience.
Category-wise Insights
Our premium innerwear category gained strong consumer acceptance of enhanced products and improved fits.
- Men’s penetration at 18-20% (addressable market); women’s at 6-8% (panties higher than bras).
Similarly, our move range and athleisure demonstrated a very encouraging growth supported by effective market penetration.
- Recovery post-pandemic correction; growth better than FY24 but smaller volume contributor.
Our unwavering focus on optimizing operating expenses and maintaining good health as far as the inventory is concerned, contributed to robust profitability and profit growth.
Key Financial Metrics (YoY Comparison)
| Metric | Q3 FY25 | Q3 FY24 (YoY % Change) | 9M FY25 | 9M FY24 (YoY % Change) |
|---|---|---|---|---|
| Revenue (₹ mn) | 13,131 | +7.1% | 38,368 | +7.3% |
| EBITDA (₹ mn) | 3,025 | +33.6% | 8,273 | +19.0% |
| EBITDA Margin (%) | 23.0% | +460 bps | 21.6% | +210 bps |
| PAT (₹ mn) | 2,047 | +34.3% | 5,651 | +22.6% |
| Sales Volume (mn pieces) | 57.8 | +4.7% | 170.4 | +4.6% |
Retail Touch Points
As of the end of December, Page Industries had built a strong and widespread retail presence. Their distribution network includes:
- Over 110,000 MBOs (Multi-Brand Outlets): These are stores that sell products from multiple brands, including Jockey and Speedo. Having a presence in so many MBOs shows the brand’s extensive market reach across urban and rural areas.
- 1,400+ EBOs (Exclusive Brand Outlets): These are dedicated Jockey or Speedo stores that exclusively showcase the company’s products, helping reinforce brand identity and customer experience.
- 1,212 LFS (Large Format Store) outlets: These are branded sections within big retail chains or department stores, offering visibility in high-footfall shopping destinations.
The company’s strategic focus includes both metropolitan areas and Tier-2 and Tier-3 cities.
The e-commerce channel continues to experience significant growth compared to the previous year.
CAPEX for Orissa plant and Mysore sewing facility
Orissa Plant
- for the Orissa plant, the company has an outlay of around Rs. 254 crores, but it is infrastructure, land, buildings, those kinds of things and another Rs. 60, Rs. 70 crores is moved towards machinery in phases.
- The CAPEX is likely to end before March.
Mysore sewing facility
- The outlay has been around Rs. 30 crores, which is again more for the expansion, more for the infrastructure. There are slight delays in the projects. So, it will phase out in next year.
Outlook & Guidance
Margins:
- FY25 EBITDA margin guidance retained at 19-21% (Q4 IT/marketing spends may offset Q3 highs).
- The company prioritized Long-term margin stability over short-term expansion.
Growth Drivers:
- Revival in consumer demand (post-budget tax cuts may aid disposable income).
- Expansion in underpenetrated categories (women’s innerwear, athleisure).
Pricing:
- No price hikes in FY25; FY26 strategy under review during budgeting.