Page Industries Q2 net profit jumps 24 percent to Rs 115 crore
Page Industries Ltd, the maker of Jockey innerwear in India, witnessed a 24 percent jump in its net profit to Rs 115 crore ($16 million) for the period ended September 30, 2019, as against Rs 93 crore it reported in the year-ago period.
The company’s sales revenue for the July-September quarter rose 11 percent to Rs 781 crore as compared to Rs.702 crore it reported in the corresponding period for the last financial year.
Page Industries had witnessed a drop in profit and revenue for the first quarter due to the slowdown in the economy, coupled with low footfalls at the company’s stores across India. In the second quarter, the company has managed to reverse the trend with strong results.
Talking about the results, K Chandrasekar chief financial officer at Page Industries said in an interview to CNBC-TV18, "We have grown 12 percent in Q2 and volumes have grown by nine percent. It is certainly a reversal of trend compared with Q1. It is a bit too early to take a call on a long-term basis including H2."
“We have close to 2,500 distributors dealing with all the categories and most of them have stayed with us for more than 10-20 years. So we have grown because of the support of not only the distributor community but the entire channel,” he added.
To further strengthen its presence in the Indian market, Page Industries Ltd plans to set up a garment factory in Odisha’s Khordha with an investment of Rs 258 crore in the coming year.
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