Apparels & Accessories company Lux Industries announced Q1FY24 results: Income from Operations of Rs 525.4 crore in Q1FY24 compared to Rs 571.7 crore in Q1FY23, down 8% YoY. EBITDA of Rs 33.2 crore in Q1FY24 compared to Rs 77.8 crore in Q1FY23, a decrease of 57% YoY. EBITDA Margin (%) of 6.33% in Q1FY24 compared to 13.61% in Q1FY23. Profit After Tax of Rs 15.1 crore in Q1FY24 compared to Rs 50.0 crore in Q1FY23, a decrease of 70% YoY. PAT Margin (%) of 2.88% in Q1FY24 compared to 8.74% in Q1FY23. Commenting on the Industry Trends, Ashok Kumar Todi, Chairman said, "FY23, the hosiery industry faced multiple challenges arising from various factors. These challenges encompassed reduced on-ground demand, disruptions in the supply chain, and volatility in raw material prices, all contributing to decreased volumes and profit margins. These obstacles are expected to have some ripple effect even in the first half of FY24, as still there is some ongoing difference between domestic and international cotton prices. Amid this difficult industry landscape, Lux has fairly navigated these challenging market conditions with state-of-the-art manufacturing facilities, a wide range of legacy brands, and a deeply penetrated supply chain network. The Company’s Q1 FY24 financial performance was in line with the management estimates. The Company during the period reported a revenue of Rs 525.4 crore compared to Rs 571.7 crore last year. The Company remains focused on continuing to increase its market share across key geographies and channels through its legacy and power brands like Lux Cozi, Lux Venus, Lux Inferno, Lux Cottswool, Lyra, and ONN among many others. Moreover, the Company’s commitment to enhancing working capital cycles and optimizing inventory management continues to be a driving force, as it strives to fortify its competitive edge in this dynamic and evolving industry landscape.” Result PDF
Textiles and apparels company Lux Industries announced Q2FY23 results: Revenue: Rs 1,210.01 crore, growth of 15% YoY EBIDTA: Rs 145.09 crore, de-growth of 37% YoY PAT: Rs 91.07 crore, de-growth of 44% YoY Commenting on the Industry Trends, Mr. Ashok Kumar Todi, Chairman said, "For decades, the Lux brand was synonymous with mass market innerwear products. However, in the last few years, the company shifted the needle. The decisive shift was marked by two major initiatives; one, the company began to enhance its exposure to outerwear products through organic initiatives and two, the company began to market a larger proportion of value-added products. These initiatives not only represent the emergence of a new Lux but also helps the company deliver consistent growth in revenues and profitability. Revenues in H1FY23 were driven by improving traction of our legacy brands, particularly Lux Cozi, Lux Venus and ONN coupled by strong growth in the womenswear power brand Lyra. The company has delivered revenue growth of 15% in H1FY23 over the same period last year while our economy, mid-premium and premium category registered a growth 11%, 19% and 12% respectively. After gaining strong response from our dedicated television advertisement of lingerie product range under the brand ‘Lyra’, the company has launched targeted ads for its women wear and winter wear product category. These marketing initiatives have helped the company gain good traction in the market and achieve good growth under these categories. This is in line with the company’s endeavour to deliver differentiated products in the market and ensure complete satisfaction and utmost comfort for every consumer. Lux has been proactive about the changing consumer preferences and is responding by creating innovative & trendy product lines and maintaining a healthy mix between premium, mid-premium and economy category.” Result PDF