Page Industries reported a net profit to Rs 115.6 crore in Q4 FY21, steeply higher than Rs 31 crore in Q4 FY20.
Revenue increased 63% year-on-year (YoY) to Rs 880.8 crore during the quarter. EBITDA surged 192% to Rs 169.8 crore in Q4 FY21 from Rs 58.1 crore in Q4 FY20. EBITDA margin was at 19% as on 31 March 2021 compared with 11% as on 31 March 2020.
Profit before tax in the fourth quarter stood at Rs 152.6 crore as against Rs 43.2 crore in the same period last year.
The appareal maker recorded 1% drop in net profit to Rs 340.6 crore on 4% decline in revenue to Rs 2,833 crore in the year ended 31 March 2021 over the year ended 31 March 2020.
Subex Inc, (a subsidiary of Subex) received waiver for an amount of US$ 799,167 along with interest of US$ 8,302.46 received as business loan under Paycheck Protection Program from the United States Federal Government.
The US Federal government in the wake of COVID 19 pandemic has provided support to business through Paycheck Protection Program (PPP). Subex Inc. (a subsidiary of the Company) have obtained a benefit under this scheme for US$ 799,167 (equivalent to Rs. 600 Lakhs) during May 2020.
This loan is eligible for forgiveness on fulfillment of certain conditions. Subex Inc. has applied for forgiveness by making an application to Small Business Administration (SBA), United States government agency for review and approval. Based on the loan forgiveness approval received from SBA, Subex Inc is no longer required to repay the loan of US$ 799,167 and the interest amount of US$ 8,302.46 received as business loan under Paycheck Protection Program from the United States Federal Gov
Page Industries fell 1.09% to Rs 29,614.80 after the company said it has temporarily suspended its manufacturing and operations in Karnataka with effect from 30 April 2021, due to the re-emergence of COVID-19 cases.
Warehouses, elastics, raw material stores and other required departments including support functions will operate with minimum required number of employees by strictly following the COVID-19 guidelines.
The duration of the temporary suspension will depend upon improvement in the situation and health advisory by the Government of India. Since, the manufacturing facilities been shut down temporarily there will be an impact on production volumes during this period, the firm said. We have enough inventory levels to carry us into the next couple of months. When the lockdown is lifted, Manufacturing & Operations will be commence immediately with full capacity, it added.
Wipro rose 2.66% to Rs 503 after the IT major raised its flagship IT services revenue growth guidance for the June quarter to 8-10% sequentially.
In March this year, Wipro signed an agreement to acquire Capco, a global management and technology consultancy to banking and financial services industry, for $1.45 billion. London-headquartered Capco is a global management and technology consultancy providing digital, consulting and technology services to financial institutions in the Americas, Europe and the Asia Pacific.
The acquisition completed on 29 April 2021. Consequently, the IT major announced an upward revision in its revenue outlook for Q1 FY22.
For the quarter ending 30 June 2021, the IT company said that it expects revenue from IT services business to be in the range of $2,324 million to $2,367 million. This translates to a sequential growth of 8% to 10%. This does not include revenue from its recently announced acquisition of Ampion.