Khadim India records 62% decline in Q3 net profit

A prominent footwear player, Khadim India recorded a significant 62 per cent decline in net profit, amounting to Rs 2 crore ($2,40,981) for the third quarter ending December 2023, compared to Rs 5 crore in the corresponding period last year.

Despite this decline, the company's revenue witnessed a modest 5 per cent increase to Rs 156 crore for the quarter, up from Rs 149 crore in the previous quarter ending December 2022.

Khadim India attributes this to the profit gained on the disposal of immovable properties amounting to Rs 32 million included in Q3FY24 and 9MFY23. The company also highlights its expansion efforts, noting the addition of 79 retail stores in 9M FY24, bringing the total retail presence to 864 stores.

Additionally, the company’s distribution network grew with 69 new distributors, totaling 747 as of 9M FY24.

Looking ahead, Khadim India plans to expand its store network across India, with a focus on premiumisation, an asset-light model, and optimal capacity utilisation.

Known for its own brand value footwear and brands such as Cleo, British Walkers, Lazard, Turk, Sharon, Bonito, and Pro, Khadim India commenced its journey in the 1960s in Kolkata. It made its debut on India's stock exchanges in 2017.