Overall results:

• Revenue down ‐7.5% YoY.
• EBITDA down ‐18.8% YoY.
• PAT down ‐23.6% YoY.

Observations from Investor Presentation:

• There has been build-up of excess inventory impacting the overall ecosystem and resulting in unsustainable business practices.
• On ARS: “4086+ distributor accounts, the complete adoption & transformation to a pull-based
  process will require some time”
• E-com business has witnessed growth of 43% YoY.
• 22,239 Employees | My remarks: Further reduction compared to Q4FY23 (was was 23,853).

Notes from the Q1FY24 conference call:

• Q1FY23 had highest ever sales and not a good base to compare.
• How to think about ongoing volume de-growth? Demand still subdued | Not in a position to judge whether volume de-growth will not repeat in the coming Qtr. | Hope that upcoming festive season will be buoyant.
• Which part of other expense was controlled? Extreme focus to cut unnecessary cost | Cost savings on logistics and travel.
• Too much ongoing offers/schemes in the marketplace by competitors to liquidate their inventory | Page inventory is 3+ months whereas competitors inventory ranges from 9~12 months
• Could Jockey become a full-fledged apparel brand (observations from SKUs such as jeans)? Look at adjacencies to the brand signature
• Distributor count used to be 4800+ but now 4000+? No attrition. Result of consolidation.
• On employee count reduction: Allowing normal attrition in operations. Could hire back with business momentum. Added people in sales and distribution
• Why women’s and kid’s segment have not scaled up like men’s segment? Highly unorganized market | Investing with focus to communicate and improve market penetration | Nothing shall stop us.