Bengaluru: Page Industries Ltd, which licenses innerwear and loungewear model Jockey International‘s merchandise in India, reported a close to 60% fall in quarterly revenue on Thursday, damage by weak demand as inflation pinched customers.
The corporate, identified for manufacturing and distributing sports activities and athleisure put on, posted a revenue of 783.5 million rupees ($9.5 million) for the fourth quarter ended March 31, in comparison with 1.91 billion rupees a yr earlier.
Greater stock ranges and low capability utilization in the course of the quarter additionally affected the corporate’s profitability, it stated.
Nonetheless, the corporate stated it considers the influence to be “momentary” and maintains a constructive demand outlook on demand.
The Bengaluru-based firm, which additionally licenses the Speedo swimwear model in India, reported a 12.8% fall in its income from operations.
Enter prices rose 4% to three.08 billion rupees, whereas worker prices rose practically 10% to 2.2 billion rupees, the corporate stated.
Earlier this week, Aditya Birla Fashion and Retail Ltd, reported its first quarterly loss in practically two years, as surging bills outweighed demand for its apparel and life-style merchandise.
Shares of Web page Industries have fallen 4% up to now this yr. They closed 0.32% decrease on Thursday.
