Lehar Footwears Ltd reported a 29 percent decline in net profit to Rs 1.22 crore ($1,46,717) for the fourth quarter ended March 2024, as against Rs 1.71 crore in the year-ago quarter.
The company’s revenue for the quarter was down by 24 percent to Rs 38 crore, as against Rs 50 crore in the corresponding quarter of the previous fiscal year.
For the full financial year, the company’s net profit stood at Rs 7 crore with a revenue of Rs 194 crore.
Commenting on the results, Raj Kumar Agarwal, chairman managing director of Lehar Footwears Limited in a statement said, “The company witnessed encouraging business opportunity in export market and held its ground in the domestic retail distribution segment in a stagnant demand scenario. The government sales channel slowed down during the last 6 months of the financial year due to imminent central & state elections.”
“We saw demand scenario in low ticket discretionary consumption items stagnating, particularly in rural & semi-urban markets, due to inflationary pressure and uncertain climatic conditions. We took this opportunity to focus on innovating and strengthening our systems and process to get ready for the next phase of growth, as we foresee a positive shift in momentum on back of uptick in rural demand,” he added.
Founded in 1995, Lehar Footwears is a regional mass-footwear manufacturer with a production capacity of 2 crore pairs per year. The company also exports footwear to Asian, African and Middle East nations.
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