Page Industries, the licensee for Jockey International’s innerwear and loungewear products in India, faced a 7.3 per cent decline in second-quarter profits.

The Bengaluru-based company, which extends its operations to countries like Sri Lanka and the United Arab Emirates, disclosed a profit dip from Rs. 1.62 billion to Rs. 1.5 billion for the quarter ended 30th September compared to the previous year.

During the quarter, India experienced a reduction in footfall across malls and high streets due to rising inflation, prompting consumers to tighten their spending. The intensified competition from foreign brands offering substantial discounts to stimulate consumer spending further contributed to Page Industries’ earnings decline.

The company, which also holds the license for the Speedo swimwear brand in India, reported an 8.4 per cent decrease in revenue from operations, totalling Rs. 11.25 billion.

Despite these challenges, Page Industries expressed optimism about a potential sales turnaround during the ongoing festive season. However, the company’s EBITDA margin contracted to 20.8 per cent, marking a 1.8 per cent decrease compared to the previous year.

In contrast, rival Tata-owned Trent reported a significant three-fold surge in quarterly profit earlier in the week.

The company remains hopeful that improved sales during the festive season will positively impact its financial performance in the coming quarters.