Indian hosiery giant Lux Industries reported a 12 per cent increase in net profit to Rs 20 crore ($2.5 million) during the third quarter ended December 31, 2023, compared to Rs 18 crore in the same period last year. This positive profit growth came despite a 3 per cent decline in total income, from Rs 463 crore to Rs 450 crore year-on-year.
Lux's womenswear brand Lyra saw impressive volume growth of 53 per cent Y-o-Y indicating strong demand in this segment. Its core men’s innerwear brand Lux Cozi maintained a stable growth of 2 per cent. The company experienced a sluggish export demand coupled with a delayed winter season and general economic slowdown during the quarter.
To drive future growth, Lux Industries plans to expand its product portfolio with a focus on athleisure clothing and the womenswear segment to drive future growth. The company aims to strengthen its online presence and generate Rs 100 crore in revenue from e-commerce sales within the next three years.
Lux Industries operates several popular brands like Genx, Onn, and the eponymous Lux, making it a major player in the Indian hosiery market. The company’s strategic focus on womenswear and athleisure, coupled with its e-commerce expansion plans, could position it for continued success in the future.
