Lux Industries Q2 net profit down 58 percent to Rs 42 crore

By

Maverick Martins

Published
Nov 18, 2022

Lux Industries Ltd witnessed a 58 percent decline in its net profit to Rs 42 crore ($5.2 million) for the second quarter ended September 2022, as against Rs 100 crore reported in the year-ago period.

The company’s revenue for the quarter rose by 2 percent to Rs 631 crore, as against Rs 620 crore reported in the corresponding period of the previous fiscal year.

Commenting on the results, Pradip Kumar Todi, managing director of Lux Industries in a statement said, “Cotton and yarn prices have been quite volatile in the last few quarters leading to some pressure on margins and inventory losses. However, the prices of both cotton and yarn seems to have stabilised as the production is expected to increase offering relief to the entire cotton value chain and the hosiery industry.”

“Despite the challenges faced due to raw material volatility, revenue for H1 FY23 stood at Rs 1,210 crore as compared to Rs 1,052 crore over the same period last year. Going forward, we see ourselves growing at an attractive gallop with superior realisations and extending the brand Lux from the usual inner wear to fashionable outerwear and with a deepened brand recall,” he added.

During the quarter, as part of its marketing initiatives, Lux signed Sourav Ganguly as the brand ambassador of Lux Cozi and Salman Khan as brand ambassador for Lux Venus.

Lux Industries Limited operates brands like Genx, Lyra, and Onn, among many others, and is one of the largest players in the hosiery business.