Page Industries Ltd Q3 net profit slumps 15 percent to Rs 87 crore
Page Industries Ltd, the maker of Jockey innerwear in India, witnessed a 15 percent decline in its net profit to Rs 87 crore ($12.2 million) for the quarter ended December 2019, as against Rs 102 crore it had reported during the previous quarter ended December 2018.
The company’s sales revenue for the quarter was up 7 percent to Rs 794 crore, as compared to Rs 738 crore it had reported in the corresponding quarter of the previous fiscal year.
The company’s tax expenses for the quarter were down 49 percent to Rs 31 crore, while its EBITDA dropped 17 percent to Rs 135 crore.
Commenting on the third-quarter earnings, Sunder Genomal managing director of Page Industries, in a statement said: “Aware of the robustness of our business and balance sheet, our ethos has always been to remain positive and not allow the short‐term macro situation to lessen our ambitions for the long term. Given the potential market for our products and our confidence that we are best‐positioned to take advantage of this potential, we have always continued to invest in our brands, making ourselves future-ready and strengthen the foundation for the company.”
“We continue to expand our capacity in a calibrated manner, modernize our factories to increase productivity and also look at optimizing costs, wherever necessary. We will continue our aggressive expansion plans of new exclusive brand outlets,” Genomal added.
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