Liberty Shoes Q3 net profit declines 63 percent to Rs 2 crore

By

Maverick Martins

Published
Feb 14, 2023

Footwear major Liberty Shoes Ltd witnessed a 63 percent decline in net profit to Rs 2 crore ($241,605) for the third quarter ended December 2022, as against net profit of Rs 5 crore posted in the year-ago period.

The company’s revenue for the quarter rose by 5 percent to Rs 159 crore, as against Rs 152 crore in the corresponding period of the previous fiscal year.

Liberty’s total expenses during the October-December quarter grew to Rs 156 crore as compared to Rs 146 crore in the year-ago period.

Commenting on the results, Liberty Shoes in a statement said, “The company has seen continued demand through online and offline stores for its products. During the Q3, overall EBITDA in terms of value has decreased by Rs 3 crore as compared to the corresponding quarter of the previous fiscal mainly due to increase in overhead cost and incurring of marketing expenses as planned to maximise customer attraction during festive season, results of which are yet to be materialised in the period to come.”

“The performance of the current financial year till now has shown improvement at all fronts including profit and the company is hopeful to continue with this trend,” it added.

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.