19 August 2023, Mumbai
Lux Industries Ltd reported a notable 67% surge in net profit, reaching Rs 17 crore ($2.1 million) for Q1 ending June 30.
This contrasts with the Rs 51 crore net profit in the previous year's corresponding period. The company's total income for the quarter exhibited an 8% increase, totaling Rs 525 crore compared to Rs 572 crore in the previous year.
Adapting to changing landscape
Pradip Kumar Todi, Managing Director at Lux Industries Ltd, addressed the results, recognizing the industry's near-term hurdles, and stressed the company's dedication to adjusting to evolving consumer preferences and industry patterns. Stable raw material prices have instilled optimism in Lux, projecting increased demand and profitability for the latter half of FY24.
Strengthening brand equity
Lux Industries is optimistic about bolstering its brand equity, leveraging successful brand endorsements that have contributed to market share gains. The company anticipates a surge in overall volume, driven by the approaching festive season.
A key player in the hosiery business
Operating renowned brands such as Genx, Lyra, and Onn, Lux Industries Limited stands as a prominent figure in the hosiery business. Amidst industry challenges, the company's strategic approach and brand strength continue to drive growth.
