3 September 2020 Page Industries (PAG) reported an extremely weak set of numbers in its 1QFY21 results, with a particularly stark miss on EBITDA and PAT, both of which came in at loss. Recovery has been rapid, with August nearly back at last years levels for the corresponding month. However, there is no indication that the company, which has reported flattish EPS over the past two years, has turned the corner on the path to topline and earnings growth. Maintain Employee expenses declined by 4% YoY to INR1.2b, and other expenses fell 66% YoY to INR488m. Volumes declined 69% in 1QFY21 and Average Selling Price (ASP) grew on higher athleisure sales. In 1QFY21, an INR107m provision was taken on slow-moving goods, which may be reversed later. While July had some supply chain issues, recovery was seen to near last years numbers in August.