Logo of Page Industries Limited
Credit: DH Pool Photo
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 2.05 billion rupees ($23.4 million) for the quarter ended Dec 31, 2024, compared with 1.52 billion rupees a year ago.
Analysts' on average had expected a profit of 1.92 billion rupees.
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% on-year to 13.13 billion rupees, but fell short of analysts' estimate of 13.75 billion rupees.
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% from 18.5% an year ago, aided by a tight lid on operating expenses, while revenue growth remained consistent.