Page Industries, which licenses Jockey International's products in India, reported smaller-than-expected profit and revenue on Thursday, hurt by high inventory costs and subdued demand. The company, which manufactures and distributes innerwear, sportswear and athleisure for the brand, reported a profit of 1.08 billion rupees ($13 million) for the quarter ended March 31, falling short of analysts' estimates of 1.32 billion rupees, as per LSEG data. Soaring inventory costs hit Page Industries' bottom-line even as post-COVID demand for its innerwear and athleisure collections stayed steady.
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