Page Industries Q3 results: Net profit rises to Rs 205 cr, revenue up 7%

Page Industries, which licenses Jockey and Speedo products in India, reported a bigger-than-expected rise in its third-quarter profit on Wednesday, driven by strong athleisure demand.

The apparel maker reported a profit of Rs 205 crore ($23.4 million) for the quarter ended Dec. 31, 2024, compared with Rs 152 crore a year ago. 

 

Analysts' on average had expected a profit of Rs 192 crore.

Rising fitness awareness, gym culture and athleisure trends are driving demand for performance wear in India, analysts said.

Alongside this, the availability of Jockey products on quick commerce and e-commerce platforms also drove revenue higher.

The company's revenue from operations rose 7 per cent on-year to Rs 1,313 crore, but fell short of analysts' estimate of Rs 1,375 crore.

According to Maximize Market Research, India's athleisure market, valued at $673 million in 2022, is projected to approach $2 billion by 2029.

The Indian apparel sector confronts short-term headwinds due to dampened consumer sentiment, the company said, adding that in the long-term, it expects growth prospects to remain robust.

The retailer said its earnings before interest, tax, depreciation and amortization (EBITDA) margin expanded to 23 per cent from 18.5 per cent an year ago, aided by a tight lid on operating expenses, while revenue growth remained consistent.