Page Industries - Core thesis remains intact; Retain Sell - Emkay

- Results above estimates; due to favourable base last year. Revenues at Rs 2.1bn, up 36% yoy; EBIDTA margins up 190bps yoy to 17.6% & APAT at Rs 236mn, up 38% yoy

- Growth across segments aided by healthy volumes & higher realizations. Revenue mix continues to improve in favour of women's & sports wear (46% in FY13 vs 42% in FY12).

- Inventory days on the rise due to mix change, while absolute debt also increases - in line with our core thesis. However, dividend payout remains strong at 57%.

- Our thesis of high working capital, debt addition and insufficient free cash flows to fund dividend remains intact. Maintain Sell with DCF Price Target of Rs3,296.

Source : Equity Bulls

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