Page Industries (PAGE.NS), the company that holds the licenses for the Jockey and Speedo brands in India, exceeded its first-quarter profit estimates thanks to lower costs and continued underwear demand. The company’s net profit increased by 21.5% year-over-year to 2.01 billion Indian rupees ($22.92 million). This was slightly above the average estimate of analysts.
The company stated that there was a “steady monthly recovery,” noting that demand remained stable despite high living costs in major cities putting pressure on consumption.
Page Industries stated, “We have not changed our product prices; our focus and efforts have been on maintaining operational profitability.” The company stated that the decrease in costs was attributed to improvements in raw material supply, digital marketing strategies, and other cost optimization steps.
The company’s revenue increased by 3.1% to 13.17 billion Indian rupees, and sales were supported by a 2% volume increase. Costs decreased by approximately 1%. In particular, a 78% reduction in inventory costs helped the company’s EBITDA increase by 21.1%.
Page Industries, by offering premium underwear varieties for both men and women, has become India’s 2nd largest producer of this product.
and increased its sales with its expansion strategy to Tier 3 cities.
