29 May 2023, Mumbai
Page Industries Ltd, the Indian licensee for Jockey International's innerwear and loungewear brand, witnessed a significant decline in quarterly profit, with a nearly 60% fall for the fourth quarter that ended March 31.
The company's profit stood at 783.5 million rupees ($9.5 million), compared to 1.91 billion rupees in the same period last year. Weak consumer demand resulting from inflationary pressures negatively impacted the company's performance. Additionally, higher inventory levels and low capacity utilization during the quarter contributed to reduced profitability.
Despite the challenging quarter, Page Industries maintains a positive outlook on demand and considers the impact to be temporary. The Bengaluru-based company, which also holds the license for the Speedo swimwear brand in India, reported a 12.8% decline in revenue from operations.
The company experienced a 4% increase in input costs, reaching 3.08 billion rupees, while employee costs rose nearly 10% to 2.2 billion rupees.
