Edition 19 – Trusting the jockey

Page Industries’ revenues in Q4FY23 declined by 13% YoY primarily led by a decline in volumes on account of a weak demand scenario and supply chain disruption due to ARS (Auto Replenishment System) implementation across all the product categories. EBITDA margin reduced to 13.9% (down 190 bps sequentially) due to operating deleverage along with normalized discretionary expenses i.e. advertisement expenses.