Financials
STB duties waived, duty on convergence products cut to 5%
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NEW DELHI: In the 2008-09 budget, the Union Finance Minister P Chidambaram has no major giveaway to the media and entertainment sector except in the areas of convergence and digitalisation. The budget has waived duties on the set-top boxes, giving a boost to the cable TV, direct-to-home (DTH) and IPTV operators. Chidambaram has also reduced duty on convergence products from 10 per cent to 5 per cent. Presenting the budget, Chidambaram said specific parts of STBs and specified raw materials for use in IT and electronic hardware industry have been fully exempted from customs duty.  The minister also announced that to establish parity between devices used in the information/communication sector and the entertainment sector, he was reducing the customs duty on convergence products by half. While the announcement partly meets the demand by the Indian Broadcasting Foundation relating to STBs, it has failed to meet the long-standing demands of the film industry articulated through various organisations including Ficci and representations to the Information and Broadcasting ministry. Noting that India‘s music, literature, dance, art, cuisine and especially films are attracting huge interest around the world, Chidambaram announced a provision of Rs 750 million to the Indian Council of Cultural Relations to design and implement a programme to project these in a sophisticated and subtle manner. He described this as the ‘soft power‘ of India. In a move that may help the printing and newspaper industry, Chidambaram announced reduction of the excise duty from 12 to 8 per cent on “paper, paper board and articles made therefrom manufactured out of non-conventional raw materials by units not having an attached bamboo/wood pulp making plant.” There would be a further reduction on clearances up to 3,500 tonnes from 8 per cent to nil. Furthermore, the excise duty on certain varieties of writing, printing and packing paper will be reduced from 12 per cent to 8 per cent. |
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.
