Footwear major Khadim India reported a 62 percent decline in net profit to Rs 2 crore ($2,40,981) for the third quarter ended December 2023, as against Rs 5 crore in the year-ago period.
The company’s revenue for the quarter rose by 5 percent to Rs 156 crore, as against Rs 149 crore posted in the previous quarter ended December 2022.
“The main reason for the said de-growth was profit on disposal of immovable properties amounting to Rs 32 million included in Q3FY24 and 9MFY23. Store network has grown by addition of 79 retail stores as on 9M FY24, taking the total retail presence to 864 stores. Our distribution network continues to grow strong as we added 69 distributors as on 9M FY24, taking total count to 747,” Khadim India said in its investor presentation.
On the growth strategy, the company said that it will expand its store network pan-India with focus on premiumisation, asset light model and optimum capacity utilisation.
Khadim retails its own brand value footwear and runs the brands Cleo, British Walkers, Lazard, Turk, Sharon, Bonito, and Pro. Beginning its journey in the 1960s in Kolkata, Khadim India became listed on India’s stock exchanges in 2017.
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