Page Industries Q4 net profit slumps 59 percent to Rs 31 crore
Page Industries Ltd, the maker of Jockey innerwear in India, witnessed a 59 percent slump in its net profit to Rs 31 crore ($4.1 million) for the fourth quarter ended March 2020, as against Rs 75 crore it posted in the year-ago period.
The company’s sales revenue dropped 11 percent to Rs 541 crore in the quarter, as against Rs 608 crore it had reported in the corresponding period last year.
For the fiscal year 2019-20, the company’s net profit was down 13 percent to Rs 343 crore, as against Rs 394 crore during the previous year, while its sales grew 3 percent to Rs 2,945 crore, as against Rs 2,852 crore last year.
Commenting on the results, managing director of Page Industries, Sunder Genomal, in a statement said: “The company delivered a strong year given the circumstances, with growth in revenues and a very strong return on capital employed. Despite the short-term macro situation, we continue to remain confident of the medium-term given our strong business model, product portfolio, and healthy balance sheet.
“We are already seeing encouraging signs of sales post the partial lifting of lockdown in May. We are confident that we will come out of this crisis stronger than ever and continue on our aggressive growth path as soon as things return to normal. We will continue our aggressive expansion plans of new exclusive brand outlets and hope to touch the 1,000 outlet milestone by the end of this financial year,” he added.
Page Industries is the exclusive licensee of Jockey International Inc and Speedo International Ltd in India. The company has over 750 exclusive-brand outlets for Jockey and around 40 outlets for Speedo, spread across 150 cities in India.
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