Lux Industries Ltd reported a 67 percent rise in net profit at Rs 17 crore ($2.1 million) for the quarter ended June 30, as against net profit of Rs 51 crore in the year-ago period.
The company’s total income for the quarter rose by 8 percent to Rs 525 crore, as against Rs 572 crore in the corresponding quarter of the previous year.
Commenting on the results, Pradip Kumar Todi, managing director at Lux Industries Ltd in a statement said, “Although the current business environment for the industry remains challenging in the short term, at Lux, we’re dedicated to adapting to changing consumer preferences and industry trends. The volatility in raw material prices has settled somewhat, giving us hope for increased demand and profitability in the latter part of FY24.”
“The company is optimistic around strengthening its brand equity and have gone for brand endorsements which has helped the company gain market share. Overall volume is expected to gain momentum with the upcoming festive season,” he added.
Lux Industries Limited operates brands like Genx, Lyra, and Onn, among many others, and is one of the largest players in the hosiery business.
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