Liberty Shoes Ltd Q4 net profit jumps to Rs 7 crore
Footwear major Liberty Shoes Ltd witnessed a significant rise in its net profit to Rs 7 crore ($1 million) for the fourth quarter ended March 2021, as against a net profit of Rs 2 crore it reported in the year-ago period.
The company’s revenue for the quarter was down by 19 percent to Rs 163 crore, as against a net profit of Rs 200 crore it reported in the corresponding period of the previous fiscal year.
For the financial year 2020-21, the company reported a revenue of Rs 458 crore down 30 percent as compared to the previous fiscal’s Rs 652 crore, while its net profit dropped by 98 percent to Rs 0.23 crore as against a net profit of Rs 11 crore it reported last year.
“The results were hit due to the outbreak of the second wave of Covid-19 which resulted in significant disruptions to the company’s business due to the lockdowns. To achieve pre-Covid sales level, the overall consumer and economic sentiments need to improve with the much-needed government stimulus,” Liberty Shoes said in its earnings report.
Liberty Shoes currently has a total of over 400 flagship stores across India and is present in over 5,000 multi-brand outlets. It also retails from its e-commerce store.
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