Brands
Lux Industries Q3 profit slips to Rs 13.3 crore amid labour code costs
Board also names Prathistha Dobhal as senior management personnel
KOLKATA: Lux Industries Limited said its December-quarter earnings were weighed down by regulatory costs, even as revenues held up across key brands, management told analysts during the earnings call.
The company’s board, which met on February 14, approved unaudited standalone and consolidated results for the quarter and nine months ended December 31, 2025. Standalone total income for the third quarter stood at Rs 679.02 crore, down from Rs 784.08 crore in the preceding quarter. Profit before tax came in at Rs 19.72 crore, while net profit was Rs 13.32 crore, translating into a basic earnings per share of Rs 4.43.
Management attributed the softer quarterly performance to exceptional items worth Rs 6.11 crore. These included an incremental Rs 2.76 crore impact linked to past service costs following the notification of India’s four labour codes, alongside an exceptional income of Rs 3.35 crore from the settlement of entry tax disputes under West Bengal’s Settlement of Dispute Act, 2025.
For the nine months ended December, consolidated total income reached Rs 2,076.52 crore, with profit before tax of Rs 80.86 crore and net profit of Rs 58.82 crore. Total comprehensive income attributable to shareholders stood at Rs 117.22 crore, reflecting steadier performance over the longer period despite quarterly volatility.
Segmentally, the innerwear major’s flagship portfolio: Lux Cozi, Onn and Lux Cotts’ wool, remained the largest contributor, clocking quarterly revenue of Rs 322.67 crore. Brands such as Lux Nitro and Lyra lifted nine-month revenues in the second vertical to Rs 879 crore, while the mass-market GenX and Lux Classic labels posted quarterly revenue of Rs 55.25 crore.
The company noted that certain assets and liabilities remain unallocated across verticals pending an internal review, a factor that continues to blur segment-level profitability.
Separately, the board designated Prathistha Dobhal, currently manager–legal for vertical A, as a senior management personnel with effect from 14 February, 2026, following a recommendation by the nomination and remuneration committee.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
