One of the oldest underwear companies in India, engaged in the manufacture and sale of knitted apparel, including hosiery – Lux Industries Limited – reported a decline of 18 per cent to Rs. 31 crore (US $ 4.1 million) in the fourth quarter ended March 2020 as compared to Rs. 37 crore during the corresponding period last year.
The revenue of the company fell 25 per cent to Rs. 287 crore in the quarter as against Rs. 383 crore in the last year’s quarter ended March 2019.
Lux Industries’ net profit for the full year rose 24 per cent to Rs. 123 crore as compared to Rs. 99 crore during the previous fiscal.
The company’s sales rose 0.11 per cent to Rs. 1,198 crore in the year ended March 2020 as compared to Rs. 1,196 crore during the corresponding period last year.
Ashok Kumar Todi, Chairman, Lux Industries, strongly believed that the stringent lockdowns due to the COVID-19 pandemic led to stress and uncertainty across sectors and markets in the country.
“However, with the gradual lifting up of lockdown restrictions, we have been able to resume our operations in May 2020. We are seeing good traction in sales and distribution of our products since then and currently, we are operating at full capacity. We do not see a major drop in revenues in the first quarter of FY21,” he added.