{"id":147373,"date":"2023-05-26T06:35:06","date_gmt":"2023-05-26T10:35:06","guid":{"rendered":"https:\/\/44.250.171.167\/?p=147373"},"modified":"2023-05-26T06:35:08","modified_gmt":"2023-05-26T10:35:08","slug":"page-industries-ltd-q4-fy23-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/page-industries-ltd-q4-fy23-earnings-conference-call-insights\/","title":{"rendered":"Page Industries Ltd Q4 FY23 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from Page Industries Ltd (PAGEIND) Q4 FY23 Earnings Concall<\/strong><\/p>\n<p><strong>Q&amp;A Highlights:<\/strong><\/p>\n<ul>\n<li>[00:09:41] Tejash Shah from Spark Capital asked about more information on the slowdown and when demand is expected to turn around despite Omicron. V.S. Ganesh MD said the subdued market and the implementation of the auto-management system impacted 4Q performance. The company is willing to endure a few quarters of tightness for the long-term benefits of this important transformation project.<\/li>\n<\/ul>\n<ul>\n<li>[00:14:08] Tejash Shah at Spark Capital enquired about the current slowdown qualitatively, if it\u2019s in higher in some category or channel. V.S. Ganesh MD replied that the company had healthy growth in the online channel but is experiencing a postponement of demand across the offline channel. The company believes it will be the first to recover.<\/li>\n<\/ul>\n<ul>\n<li>[00:14:51] Tejash Shah with Spark Capital queried if the company will take any price actions to revive demand. V.S. Ganesh MD clarified that PAGEIND is fairly priced and does not see an immediate need for price intervention as it has performed better than many other brands.<\/li>\n<\/ul>\n<ul>\n<li>[00:16:39] Gaurav Jogani of Axis Capital asked if the current demand normalization is temporary or should it be used as the right metric to look at demand. V.S. Ganesh MD said the market is subdued and it will take more time for the old demand to return. The company is patiently watching and ready to bounce back when the market recovers.<\/li>\n<\/ul>\n<ul>\n<li>[00:17:51] Ashish Kanodia from Citi asked that given the high inventory level at the end of Q3 and the current demand scenario, what is the expected inventory build-up in 4Q. V.S. Ganesh MD said the high inventory level is due to lower than anticipated demand and a high level of raw material inventory. The company converted raw material to finished goods to utilize capacities and manage operating costs and expects to see QonQ improvements in inventory levels.<\/li>\n<\/ul>\n<ul>\n<li>[00:27:08] Avi Mehta at Macquarie asked if the demand trend has weakened further from 3Q levels and should the comment on recovery be read as a sense of tax changes going into 1Q24. V.S. Ganesh MD replied that the demand has flattened further in 4Q and was not expected to be as bad as 3Q. The company has adjusted to the reality and taken necessary corrective actions.<\/li>\n<\/ul>\n<ul>\n<li>[00:29:48] Avi Mehta at Macquarie enquired about details on pricing hikes. V.S. Ganesh MD replied that PAGEIND did a price hike last year, 3.6% and the company is not seeing an immediate need for any interaction.<\/li>\n<\/ul>\n<ul>\n<li>[00:30:51] Nihal Mahesh from Nuvama asked if it\u2019s possible to gauge the impact of ARS by looking at secondary to tertiary sales and lower replenishment. V.S. Ganesh MD answered that looking at secondary sales and end-to-end visibility on the EBO side is a good way to gauge the impact of ARS. The company added that it has observed enhanced subduedness in the last 2 months.<\/li>\n<\/ul>\n<ul>\n<li>[00:34:08] Nihal Mahesh at Nuvama enquired what initiatives the company is taking to sustain growth post the COVID bump in the subdued market. V.S. Ganesh MD said the company has a bullish long-term view on the category due to nice pricing and high fitness awareness. The company is focusing on product innovation and upgrading its existing product portfolio to appeal to a cross-section of consumers.<\/li>\n<\/ul>\n<ul>\n<li>[00:38:12] Manish Poddar of Motilal Oswal asked about inventory in trade. Gagan Sehgal COO said the company typically operate at around the 50-55-day inventory at the trade level. Currently PAGEIND is maintaining at around 48-50 days of trade inventory.<\/li>\n<\/ul>\n<ul>\n<li>[00:39:38] Manish Poddar of Motilal Oswal enquired if there is any broad sales cut by category for the full year &#8217;23. V.S. Ganesh MD replied that all categories have grown at the same level and there has not been much difference in growth.<\/li>\n<\/ul>\n<ul>\n<li>[00:44:01] Devanshu Bansal from Emkay Global enquired about the launch of denim category. V.S. Ganesh MD said the company conducted a test to gauge the pulse of the market and is continuing with it. The growth product was announced to see how consumer expectations are evolving and to take the category further forward.<\/li>\n<\/ul>\n<ul>\n<li>[00:47:46] Ankit Kedia of Phillip Capital queried if the old products bought by the distributor during peak COVID time been taken back by the company or liquidated in the channel in the last 2-3 quarters. V.S. Ganesh MD replied that the company usually don&#8217;t take it back. So it gets recreated in the due course of the business in the channel.<\/li>\n<\/ul>\n<ul>\n<li>[00:49:51] Ankit Kedia of Phillip Capital asked that will PAGEIND increase A&amp;P spend for the full year or maintain it to preserve margins, considering the historically strong 1Q, improved demand, and partly resolved ARS issues. V.S. Ganesh MD said PAGEIND&#8217;s A&amp;P spend is returning to normal levels after going media dark during the pandemic. The company believes this spending is essential for growth and is not planning to cut it. PAGEIND remains bullish on its long-term outlook.<\/li>\n<\/ul>\n<ul>\n<li>[00:58:56] Varun Singh from ICICI Securities asked about the reasons for the steep decline in the top-line growth in the essential innerwear category, which has low penetration and a 10% growth rate, apart from the software implementation issue. V.S. Ganesh MD said the decline in growth is attributed to market liquidity issues and overpriced stock rather than competition intensity or brand fatigue. PAGEIND is confident in the brand\u2019s direction based on positive feedback from brand equity studies.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Page Industries Ltd (PAGEIND) Q4 FY23 Earnings Concall Q&amp;A Highlights: [00:09:41] Tejash Shah from Spark Capital asked about more information on the slowdown and when demand is expected to turn around despite Omicron. V.S. Ganesh MD said the subdued market and the implementation of the auto-management system impacted 4Q performance. The company [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":125416,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"Page Industries Ltd Q4 FY23 Earnings Conference Call Insights #PAGEIND #Q4 #FY23 #Earnings #Stocks","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,6351,392],"tags":[1372,10169,9793],"class_list":["post-147373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-consumer-stocks","category-earnings","tag-apparel","tag-earnings","tag-textile"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":128225,"url":"https:\/\/alphastreet.com\/india\/page-industries-ltd-q3-fy22-earnings-conference-call-insights\/","url_meta":{"origin":147373,"position":0},"title":"Page Industries Ltd Q3 FY22 Earnings Conference Call Insights","author":"Praveen","date":"March 11, 2022","format":false,"excerpt":"https:\/\/youtu.be\/w_qXjJp_B6c Key highlights from Page Industries Ltd (PAGEIND) Q3 FY22 Earnings Concall Management Update: PAGEIND commented it has been able to expand capacities in line with the increasing demand and have taken lot of measures to increase capacity, both in-house and with the chosen outsourced vendor partners. In the past\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":137648,"url":"https:\/\/alphastreet.com\/india\/page-industries-ltd-pageind-q2-fy23-earnings-concall-transcript\/","url_meta":{"origin":147373,"position":1},"title":"Page Industries Ltd (PAGEIND) Q2 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"November 10, 2022","format":false,"excerpt":"Page Industries Ltd (NSE:PAGEIND) Q2 FY23 Earnings Concall dated Nov. 10, 2022 Corporate participants: V.S Ganesh -- Chief Executive Officer Chandrasekar K. -- Chief Financial Officer Gagan Sehgal -- Chief Operating Officer Rahul Shukla -- President and Chief Retail Officer Analysts: Gaurav Jogani -- Axis Capital -- Analyst Tejash Shah\u2026","rel":"","context":"In &quot;Consumer&quot;","block_context":{"text":"Consumer","link":"https:\/\/alphastreet.com\/india\/category\/consumer-stocks\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":129648,"url":"https:\/\/alphastreet.com\/india\/pidilite-industries-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":147373,"position":2},"title":"Pidilite Industries Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"May 20, 2022","format":false,"excerpt":"https:\/\/youtu.be\/5W_i6dTxXI8 Key highlights from Pidilite Industries Limited (PIDILITIND) Q4 FY22 Earnings Concall Q&A Highlights: Abneesh Roy from Edelweiss asked about the competitive intensity in adhesives from regional players. Bharat Puri MD said that intensity over the last 1-2 years have been lesser than normal, largely due to large number of\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":141061,"url":"https:\/\/alphastreet.com\/india\/page-industries-ltd-pageind-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":147373,"position":3},"title":"Page Industries Ltd (PAGEIND) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 12, 2023","format":false,"excerpt":"Page Industries Ltd (NSE:PAGEIND) Q3 FY23 Earnings Concall dated Feb. 09, 2023. Corporate Participants: V.S. Ganesh\u00a0--\u00a0Managing Director K. Chandrasekar\u00a0--\u00a0Chief Financial Officer Gagan Sehgal\u00a0--\u00a0Chief Operating Officer Rahul Shukla\u00a0--\u00a0Chief Retail Officer Analysts: Avi Mehta\u00a0--\u00a0Macquarie Research -- Analyst Varun Singh\u00a0--\u00a0ICICI Securities Limited -- Analyst Devanshu Bansal\u00a0--\u00a0Emkay Global Financial Services Ltd. -- Analyst Gaurav\u2026","rel":"","context":"In &quot;Earnings Call Transcripts&quot;","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":130244,"url":"https:\/\/alphastreet.com\/india\/page-industries-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":147373,"position":4},"title":"Page Industries Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"May 27, 2022","format":false,"excerpt":"https:\/\/youtu.be\/pJ9mtrj_vD0 Key highlights from Page Industries Ltd (PAGEIND) Q4 FY22 Earnings Concall Q&A Highlights: Gaurav Jogani with Axis Capital asked about the price increase taken in 4Q, beyond the 8% price increase announced in Dec. VS Ganesh CEO replied that the company didn\u2019t have any further price increase other than\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":130874,"url":"https:\/\/alphastreet.com\/india\/salasar-techno-engineering-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":147373,"position":5},"title":"Salasar Techno Engineering Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 28, 2022","format":false,"excerpt":"https:\/\/youtu.be\/WLjIHDHmuFY Key highlights from Salasar Techno Engineering Ltd (SALASAR) Q4 FY22 Earnings Concall Q&A Highlights: Viral Shah of YES Securities asked about the bid pipeline. Shashank Agarwal MD replied that the company has become selective in bidding the tenders as of now as it has a good order book in\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/147373","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1767"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=147373"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/147373\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/125416"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=147373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=147373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=147373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}