The company, which also licenses the Speedo swimwear brand in India, said its profit fell to 1.58 billion rupees ($19.09 million) for the quarter ended June 30 from 2.07 billion rupees a year earlier.

The Bengaluru-based company which also manufactures and distributes athleisure wear reported a 7.5% fall in its revenue from operations at 12.40 billion rupees.

However, the company's profit amplified by 102% sequentially on the back of a 31% sequential gain in its sales volume.

Its profit margins fell to 12.8% in the quarter from 15.4% last year but saw an improvement from the previous quarter's 8.1%.

"There has been a build-up of excess inventory impacting the overall ecosystem and resulting in unsustainable business practices," the company said.

"With on-line platforms becoming a preferred avenue for shopping, the e-commerce segment is poised for accelerated growth," it added.

Rival Trent on Wednesday beat its first-quarter revenue estimates, led by an increase in footfalls and store expansion.

Shares of Page Industries rose nearly 2% after the results.

($1 = 82.7840 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; editing by Eileen Soreng)