New Delhi, March 31 -- Patience is a virtue, but that may not be the case if you are an investor in Page Industries Ltd's stock. This is because the wait for an earnings turnaround is getting longer. Weak demand, heightened competition and an inferior product mix is feared to keep its realizations muted in the March quarter (Q4FY24) as well as FY25.

Declining cotton prices have prompted competitors to give discounts and unwind inventory. But Page's firm realizations indicate it isn't following suit yet and this can be a problem. Page generally stays away from discounting, but persistent high levels of inventory (+70 days) in the market may force it to either face more volume pressures or may result in price cuts, thereby impacting realiz...