Page Industries Q1 profit slips 4 per cent as revenue rises 7 per cent

MUMBAI: Jockey has started the year with a little less spring in its step. Page Industries, the exclusive licencee of the Jockey brand in India, reported a 7.5 per cent year-on-year rise in revenue from operations to Rs 1,420.45 crore in Q1 FY27, even as profit after tax slipped nearly 4 per cent to Rs 192.81 crore.

The company’s total income stood at Rs 1,431.06 crore for the quarter ended 30 June 2026, compared with Rs 1,331.37 crore in the corresponding quarter last year. Revenue from operations was up from Rs 1,316.56 crore in Q1 FY26.

Profit before tax stood at Rs 258.57 crore, down 4.31 per cent from Rs 270.21 crore a year earlier. After accounting for tax expenses of Rs 65.77 crore, profit for the period came in at Rs 192.81 crore, compared with Rs 200.80 crore in Q1 FY26.

The pressure on profitability came as total expenses increased to Rs 1,172.49 crore from Rs 1,061.15 crore. Employee benefits expense rose to Rs 249.57 crore from Rs 233.77 crore, while other expenses increased to Rs 274.58 crore from Rs 249.99 crore. Raw material consumption also climbed to Rs 283.55 crore from Rs 263.48 crore.

Purchases of traded goods rose to Rs 273.82 crore from Rs 233.51 crore, while depreciation and amortisation increased to Rs 28.61 crore from Rs 26.62 crore. Finance costs remained relatively stable at Rs 12.43 crore against Rs 12.66 crore in the year-ago quarter.

Despite the softer profit, Page Industries continued to generate positive comprehensive income. Total comprehensive income stood at Rs 192.86 crore for the quarter, compared with Rs 199.28 crore in Q1 FY26. Earnings per share declined to Rs 172.86 from Rs 180.02.

The company’s results also came with a dividend cheer for shareholders. The board on 13 August declared its first interim dividend for FY27 of Rs 200 per equity share. The record date has been fixed for 19 August, with the dividend scheduled to be paid on or before 11 September 2026.

Page Industries, which is primarily engaged in the manufacture, distribution and marketing of garments, operates as a single business segment under Ind AS reporting. The company had no subsidiary, associate or joint venture as of 30 June 2026.

The company also flagged the continuing implications of India’s new labour codes. It had recognised an incremental cost of Rs 34.09 crore towards employee benefits and Rs 0.92 crore towards other expenses during FY26, relating to the implementation of the new framework. The impact had been presented as an exceptional item in the previous financial year.

The unaudited results were approved by Page Industries’ board on 13 August 2026. Statutory auditor S.R. Batliboi & Associates said its limited review found nothing that caused it to believe the financial statements contained any material misstatement.