Financials
H1-2015: Havas revenue up 19% as India, China, Oz lead APAC growth
MUMBAI: Even as Havas’ operations in Asia Pacific felt the effects of the downturn caused by China’s economic difficulties, the biggest contributors to H1 growth were India, China and Australia in the region.
The Group revenue in the first half (H1) of 2015 were 19.2 per cent up at €1034 million on an unadjusted basis, from €867 million in H1 2014.
The agency’s Europe ops maintained sound growth of +5.1 per cent in Q2 2015, resulting in a highly satisfactory first half driven by strong performances from France, Spain, Germany and Italy in particular.
The North America region continued its strong growth, driven mainly by healthcare communications and creative agencies, whereas Latin America region reported satisfactory growth of 3.2 per cent for H1 2015. However, the pace of growth is now slowing due to a downturn in the economies of key countries such as Brazil and Mexico.
Havas CEO Yannick Bolloré said, “We are pleased to note satisfactory progress across all our regions.”
The Group’s organic growth (excluding exchange rate variations and changes in the scope of consolidation) was +5.5 per cent in Q2 2015 and +6.3 per cent for H1 2015.
Exchange rate variations had a positive exchange rate impact of €85.6 million over the half year.
Havas’ income from operations for H1 2015 was €137 million, an increase of 21.7 per cent over €113 million for H1 2014. Income from operations margin for H1 2015 was 13.3 per cent compared to 13 per cent for the corresponding period in 2014, an increase of 30 basis points.
Operating income rose by 22.4 per cent to €128 million, compared to €104 million for the corresponding period in 2014.
The effective tax rate was 30.4 per cent, compared to 29 per cent in H1 2014.
Net income, Group share of €77 million in H1 2015 was up 27.6 per cent on H1 2014, representing 7.4 per cent of H1 2015 revenue. Net earnings per share (basic and diluted) increased by 23 per cent to €0.18.
Bolloré added, “Havas reported strong growth in its interim results, with revenue up by 19.2 per cent and income from operations margin up again, by 30 basis points to 13.3 per cent, driven by a powerful commercial dynamic and continued execution of our “Together” strategic plan. Our strategy to create the industry’s most agile and integrated Group continues to deliver strong results because it is focused on supporting our clients through their process of transformation.”
“We also believe the macroeconomic movements of recent days may offer opportunities for Havas to win new clients attracted to an innovative agency model that offers a better response to their changing needs. This strong first-half performance gives us every confidence that our annual targets will be met. I would like to thank all our clients for placing their trust in us, and our 17,500 employees for their excellent work,” he said.
MUMBAI: It’s time to brief the markets: Page Industries is showing that even when regulations tighten, it can still keep its footing in the innerwear business. The Bengaluru-based apparel major has reported its financials for the quarter ended 31 December 2025, delivering a performance that remains steady and well put together.
The company’s top line showed plenty of elasticity this quarter. Revenue from operations stretched to Rs 1,38,675.71 lakhs, a healthy jump from the Rs 1,29,085.82 lakhs reported in the preceding quarter. Compared to the same period last year, which stood at Rs 1,31,305.10 lakhs, it’s clear the brand’s grip on the market isn’t loosening. Total income for the quarter, including other finance gains, reached a comfortable Rs 1,39,919.03 lakhs.
However, it wasn’t all smooth silk. The Government of India’s new unified Labour Codes, covering everything from wages to social security, officially kicked in on 21 November 2025. This regulatory shift forced Page Industries to account for a one-time “exceptional item” cost of Rs 3,500.42 lakhs to cover incremental employee benefits and related obligations. Despite this Rs 35-crore legislative snag, the underlying business remained robust. Profit before tax stood at Rs 25,625.35 lakhs after the exceptional hit, and without that one-off cost, the figure would have been a more muscular Rs 29,125.77 lakhs. Net profit for the quarter came in at Rs 18,953.64 lakhs.
Total expenses rose to Rs 1,10,793.26 lakhs, driven largely by raw material consumption of Rs 30,162.65 lakhs and employee benefits of Rs 23,310.66 lakhs. Even so, the company’s operational strength ensured the bottom line remained firmly stitched together.
For shareholders, the news is particularly “fitting.” The Board has declared a third interim dividend for 2025-26 of Rs 125 per equity share. The record date has been set for 11 February 2026, with the payment scheduled on or before 6 March 2026. This follows two previous interim dividends of Rs 150 and Rs 125 declared earlier in the financial year, reinforcing the company’s commitment to sharing the spoils of its success.
Looking at the nine-month stretch ending December 2025, Page Industries has amassed total income of Rs 4,04,090.59 lakhs, with total comprehensive income of Rs 58,231.49 lakhs. While the basic earnings per share for the quarter dipped slightly to Rs 169.93, compared to Rs 183.48 in the same quarter last year, the year-to-date EPS remains a solid Rs 524.57.
Auditors at S.R. Batliboi & Associates LLP have given the results a “limited review” thumbs up, reporting no material misstatements. It seems that, as far as Page Industries is concerned, the business remains as well-constructed as its famous Jockey briefs.
