Khadim India sees net profit drop in FY23 Q3

By

Isabelle Crossley

Published
Feb 14, 2023

Khadim India saw its consolidated net profits drop to Rs 4.82 crore in the third quarter of the 2023 financial year. The footwear business’ revenue from operations also declined in double digits during the quarter. 

In the third quarter of the 2023 financial year, Khadim India’s revenue from operations totalled Rs 148.95 crore, representing a 19% year-on-year drop from Rs 185.04 crore in the third quarter of the 2022 fiscal, ET Bureau reported. The business’ net profit had totalled Rs 8.2 crore in the year-ago period showing a significant drop, according to Khadim India’s filing on the Bombay Stock Exchange. 
 
However, the business remains confident about its performance for the financial year as a whole. “The company has achieved steady growth across both its businesses- retail and distribution during the nine months period of the current fiscal,” said Khadim India’s chief financial officer Indrajit Chaudhuri, ET Retail reported.  

Khadim India plans to continue its brick-and-mortar expansion across India during the remainder of the 2023 financial year and beyond. The business opened 15 stores during the third quarter which took its total store count to 838. Khadim India is focusing on Tier 2 and 3 cities for expansion as it sees strong demand for branded value footwear in these areas.