Textile and apparel manufacturer Page Industries on May 25�announced its earnings for the quarter ended March, reporting a 41 percent year-on-year jump in its net profit to Rs 94.2 crore.
The company's revenue rose 22.3 percent on year to Rs 608.4 crore. Its�operating profit or earnings before interest, tax, depreciation and amortisation (EBITDA) rose 51 percent to Rs�146.8 crore, while its EBITDA margin rose 450 bps to 24.1 percent.
Despite the seemingly positive set of numbers reported by the company, global research firm Credit Suisse has maintained an 'underperform' rating on the stock. However, it has raised its price target on it to Rs 21,300 from Rs 20,000 earlier.
The research firm said it continues to like the "structural story" of the company, driven by a gain in market share. However, it iterated that stock's valuation appears stretched.�Page Industries is�currently trading at 53�times its estimated earnings for FY20, with its growth nowhere near�its heyday of FY10-15.
At 12:00 hrs Page Industries was trading at Rs 24,307.25, down 0.65 percent, after touching an intraday high and low of Rs 25,199.95 and Rs 24,128, respectively.
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