Page Industries Ltd, which licenses innerwear and loungewear brand Jockey International’s products in India, reported a near 60% fall in quarterly profit on Thursday, hurt by weak demand as inflation pinched consumers.

The company, known for manufacturing and distributing sports and athleisure wear, posted a profit of 783.5 million rupees ($9.5 million) for the fourth quarter ended March 31, compared to 1.91 billion rupees a year earlier.

Higher inventory levels and low capacity utilization during the quarter also affected the company’s profitability, it said.

However, the company said it considers the impact to be “temporary” and maintains a positive demand outlook on demand.

The Bengaluru-based company, which also licenses the Speedo swimwear brand in India, reported a 12.8% fall in its revenue from operations.

Input costs rose 4% to 3.08 billion rupees, while employee costs rose nearly 10% to 2.2 billion rupees, the company said.

Earlier this week, Aditya Birla Fashion and Retail Ltd, reported its first quarterly loss in nearly two years, as surging expenses outweighed demand for its apparel and lifestyle products.