Financials
FY-2015: Higher taxes, employee expenses brings Raj TV PAT down 37%
BENGALURU: The burden of higher taxes coupled with employee expenses has eaten into the profits of South Indian television network Raj TV Limited.
The company’s PAT was down 36.8 per cent in FY-2015 to Rs 8.16 crore (9.9 per cent of Total Income from Operations or TIO) as compared to PAT of Rs 12.91 crore in the previous fiscal.
Raj TV’s PAT in Q4-2015 at Rs 2.64 crore (11.5 per cent of TIO) was more than double (2.63 times) the PAT of Rs 1.01 crore (5.6 per cent of TIO) in the corresponding quarter of last year (Q4-2014) and was 26.7 per cent more than the Rs 2.09 crore in the immediate trailing quarter Q3-2015.
Note: 100,00,000 = 100 lakh = 10 million = 1 crore
The company paid higher taxes in FY-2015 at Rs 4.81 crore as compared to the Rs 2.98 crore in the previous year. Tax expense in the current quarter stood at Rs 5.09 crore as compared to a mere Rs 0.06 crore in Q4-2014 and a tax credit of Rs 1.71 crore in Q3-2015.
Raj TV’s employee benefit expense (EBE) in FY-2015 at Rs 22.9 crore (27.8 per cent of TIO) was 30.1 per cent more than the Rs 17.6 crore (22.2 per cent of TIO) in FY-2014. In Q4-2015, EBE at Rs 5.87 crore (25.5 per cent of TIO) was 24.8 per cent more than the Rs 4.74 crore (26.5 per cent of TIO) in Q4-2014 and 3.7 per cent lower than the Rs 6.09 crore (30 per cent of TIO) in Q3-2015.
The company’s trade receivables in the current year declined to Rs 58.27 crore as compared to the Rs 62.06 crore in the previous year. At the same time, the company’s trade payables have risen to almost six-fold to Rs 2.63 crore as compared to Rs 0.43 crore in the previous year.
Let us look at the other numbers reported by Raj TV:
TIO in FY-2015 at Rs 82.5 crore was 3.8 per cent more than the Rs 79.47 crore in FY-2014. TIO in Q4-2015 at Rs 22.99 crore was 28.4 per cent more than the Rs 17.91 crore in Q4-2014 and was 13.1 per cent more than the Rs 20.32 crore in Q3-2015.
Total Expenditure (TE) in FY-2015 at Rs 64.46 crore (78.1 per cent of TIO) was 7.5 per cent more than the Rs 59.97 crore (75.5 per cent of TIO) in FY-2014. TE in Q4-2015 at Rs 13.70 crore (59.6 per cent of TIO) was 11.3 per cent lower than the Rs 15.45 crore (86.3 per cent of TIO) in Q4-2014 and was 25.3 per cent less than the Rs 18.34 crore in Q3-2015.
The company’s simple EBIDTA without considering other income in FY-2015 improved four per cent to Rs 24.38 crore (29.6 per cent margin) as compared to the EBIDTA Rs 23.45 crore (29.5 per cent margin) in the previous year. EBIDTA in Q4-2015 almost tripled (2.79 times) to Rs 8.89 crore as compared to the Rs 3.19 crore in Q4-2014 and was 18.7 per cent more than the Rs 7.49 crore in Q3-2015.
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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.
