As a result of higher expenditure on high-end athleisure products, Page Industries, the company that licenses the Jockey and Speedo brands in India, reported a 30 per cent increase in second-quarter profit.
For the quarter that concluded on 30th September, the company declared a profit of US $ 23.1 million, up from US $ 17.7 million in the same period last year. From 20.5 per cent a year ago, its earnings before interest, tax, depreciation, and amortisation (EBITDA) margin increased to 22.6 per cent.
Due to growing competition and a decrease in discretionary spending following September’s spike in inflation, Indian retailers have been dealing with muted demand.
However, sales of high-end goods aimed at affluent consumers—especially those in cities—helped Page Industries and other businesses increase their revenue.
The athleisure market is growing as a result of Indian consumers’ growing emphasis on fitness and health-conscious lifestyles, according to analysts, who are also spending more money on gym-related activities.
“We expect a spike in consumer demand as the holiday season approaches,” stated V S Ganesh, Managing Director of Page Industries. Early October of this year marked the beginning of India’s month-long holiday season.
According to the corporation, increased operating profit was a result of stable input costs and enhanced operational effectiveness. The operational revenue of Page Industries increased by 11 per cent to US $ 147.68 million.
