Key Points
Shares of Page Industries fell 15% in early trade after the clothing company reported a 59% YoY drop in net profit for Q4 2022-23..
Brokers had mixed opinions on the stocks outlook with Morgan Stanley maintaining its 'Overweight' stance and setting a price target of INR43,068, Kotak Institutional Equities recommending a 'Sell' rating and a price target of INR33,000 and Nuvama downgrading the stock from 'Hold' to 'Reduce' and setting a price target of INR36,800..
After Page Industries reported a 59% year-on-year (YoY) fall in net profit for the quarter ended March 31, 2023, the stock tumbled 15% in Friday's early trade...
On Thursday, Page Industries reported a net profit of Rs 78 crore for the January-March quarter which was down 59% from Rs 190 crore posted in the same period last year..
We downgrade Page Industries (Page) from HOLD to REDUCE as the recent stock run-up is not commensurate with its feeble Q4FY23 performance (revenue/EBITDA down 13%/50%; 35% consensus EBITDA miss)..
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