Shares of Page Industries, the country’s largest lingerie maker, hit a 52-week low of Rs 37,650.75, down 4% on the BSE in intraday trade on Thursday after the company posted disappointing results for the quarter ended December 2022 (Q3FY23).

The company’s Ebitda margin fell 530 basis points year-over-year and 320 basis points quarter-on-quarter to 15.8%, mainly due to lower absorption, advertising and labour costs. However, management is confident in the company’s long-term growth, supported by consumer, industrial, and economic drivers.

Shares of the apparel maker fell below the previous low of Rs 37,806.60, which hit on June 22, 2022. It has underperformed the broader market over the past three months, falling nearly 25% compared with a 0.33% decline over the same period. S&P BSE Sensex.

Page Industries is the exclusive licensee of JOCKEY International Inc (USA) to manufacture, distribute and market the JOCKEY brand in India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan and UAE. Page Industries is also the exclusive licensee of Speedo International to manufacture, market and distribute the Speedo brand in India.

In Q3FY23, Page Industries’ revenue rose 3% YoY but fell 3% QoQ to Rs 1,223 crore. Profit after tax (PAT) fell 29% YoY and 24% QoQ to Rs 123.7 crore.