Liberty Shoes logs 20% rise in June qtr Net

Company reported a net profit of Rs 2.14 crore in the same quarter a year ago

Footwear company Liberty Shoes Ltd today reported 20% increase in net profit at Rs 2.59 crore for the first quarter ended June 30, 2013 driven by higher sales.

The company had reported net profit of Rs 2.14 crore in the same quarter a year ago.

Liberty's net sales increased by 38.54% to Rs 104.13 crore in the quarter under review as against Rs 75.16 crore in the corresponding quarter last year.

Commenting on the company's performance in during the quarter Liberty Shoes Ltd CEO Adesh Gupta said: "It has been a tremendous year for the company in terms of overall growth. We are confident that the new product line and expansion in tier 2 cities will help us achieve more in the near future."

Overall expenses of the company were at Rs 98.48 crore in the quarter, up 38.84% compared to Rs 70.39 crore in the same period last year.

Shares of Liberty Shoes closed at Rs 78.70 apiece at the end of day's trade, down 0.13% from previous day's close.