Lehar Footwears Ltd Q2 net profit declines 37 percent to Rs 1 crore

Footwear maker Lehar Footwears Ltd reported a 37 percent decline in net profit to Rs 1.27 crore ($1,50,554) for the second quarter ended September 30, as against Rs 2 crore in the year-ago quarter.

The company’s revenue for the quarter was down by 32 percent to Rs 38 crore, as against Rs 56 crore in the corresponding quarter of the previous fiscal year.

“In line with industry trend, retail sales were flat during the quarter on account of extended monsoons and subdued rural demand impacted by high inflation. Government sales was deeply impacted by central & state elections,” Lehar Footwears said in a statement.

“Government sales to pick up in 2nd half with overhang of elections behind us. Addition of new business segment pertaining to supply of vocational tool kits under PM Vishwakarma Scheme. The company to service orders worth Rs 298 crore over the next 6 quarters,” it added.

Founded in 1995, Lehar Footwears is a regional mass-footwear manufacturer with a production capacity of 2 crore pairs per year. It sells through trade distribution channel, retail multi-brand outlets, export markets, government schemes and e-commerce marketplaces.