Page Industries, the exclusive licensee of Jockey International in India, saw its shares fall up to 15% during the early trading hours on Friday hitting a 52-week low after the company reported a 59% fall in quarterly net profit. 

Shares of Page Industries were trading at Rs 37,215.65, down 9.5% from the previous closing, at 11:50 am on Friday. The shares hit the day and the 52-week low of Rs 34,968.60 at around 9:35 am.

In the quarterly result, the company reported a 59% year-on-year (YoY) fall in net profit for the quarter ended March 31, 2023, from Rs 190 crore posted in the same period last year to Rs 78 crore for the January-March quarter. On a sequential basis, net profit declined 37% from Rs 124 crore reported in the December quarter.

Revenue from operations, meanwhile, came in at Rs 969 crore during the March quarter, down 13%, compared with Rs 1,111 crore in the corresponding quarter of last year.

The company’s board has also declared a fourth interim dividend of Rs 60 per equity share for the year 2022-2023.

According to several analysts and brokering houses, the quarterly results of the company were not up to the mark and missed their estimates. They expect revenue growth to likely be weak for the next two quarters as well due to the weak market environment. Although, they believe that Page Industries is backed by a strong team and will eventually bounce back.