Campus Activewear shares were flat at Rs 299.8 at 11.30 am after its Chief Operating Officer (COO) Piyush Singh resigned from his designation citing personal reasons. Singh will serve the notice period for three months before completely relieving from his duties on December 2, the company said in a regulatory filing at the exchanges.
“Despite the challenging macroeconomic conditions like heightened inflation and lower discretionary spending during the year, our core target audience, comprising 18 to 34-year-olds, continued to exhibit strong demand for our products,” said the company's CEO Nikhil Aggarwal in it's annual report.
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In FY23, the company significantly enhanced its product innovation and design capabilities, to introduce premium offerings at higher price ranges, said Aggrawal. He further said that a focus on premiumisation has yielded positive results, positioning Campus as a brand of choice among consumers.
The share has lost 27 percent since January 1 and 38 percent in the last one year.
Net profit for the company remained unchanged year-on-year (YoY) at Rs 31 crore in the April-to-June quarter. Revenue for Campus Activewear increased 4.7 percent at Rs 354 crore in the same.
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