Page Industries reports higher than expected results in Q3, FY25
06 February 2025, Mumbai
Official licensee of Jockey and Speedo brands in India, Page Industries reported a higher than expected profit of Rs 2.05 billion in Q3, FY25 as against Rs 1.52 billion reported in the corresponding quarter a year ago.
Analysts' had expected a profit of Rs 1.92 billion from the company during the quarter. However, rising fitness awareness, gym culture and athleisure trends drove the demand for company’s performance wear products in India, noted analysts.
Availability of Jockey products on quick commerce and e-commerce platforms also helped boost revenues from operations for the company which increased by a 7 per cent Y-o-Y to Rs 13.13 billion during the quarter. However, these still fell short of the analysts estimates of Rs 13.75 billion.
Aided by a tighter control on operating expenses, the retailer increased its earnings before interest, tax, depreciation and amortization (EBITDA) margin to 23 per cent from 18.5 per cent a year ago, while revenue growth remained consistent.
As per a report by Maximize Market Research, valued at $673 million in 2022, India’s athleisure market is projected to grow to $2 billion by 2029. Though the apparel sector faces short-term challenges due to a dampened consumer sentiment, growth in the long-term is projected to remain robust, the report says.
