Liberty Shoes dips on weak Q1 numbers

Liberty Shoes lost 6% to Rs 301 on the BSE after the company’s net profit surged 1% to Rs 3 crore on 10% decline in total income from operations to Rs 102 crore in Q1 June 2014 over the same period last year.

 

Sh. Adesh Gupta, CEO & ED of Liberty Shoes declared that the company has been able to register growth in its branded footwear which is sold through its showrooms & distributors. The growth stood at Rs 95 crore as against Rs 94 crore during corresponding quarter previous year. 

 

The overall domestic sale of the company has declined because of deferment of one of the major prestigious institutional orders worth Rs 48 crore.

 

The company in its institutional segment, due to deferment of this institutional supply, has seen decline in this quarter which has affected the sales targets of the company during this quarter. Although this supply will be made in the next quarter, Gupta added

 

The company has witnessed tremendous growth in its export which has increased substantially by 66% as against the corresponding period last year. The increase in the exports is due to tie ups with new customers and renewal of the existing contracts on better terms.

 

Liberty Shoes is one of the leading footwear manufacturers in India.

 

The shares of Liberty Shoes opened at Rs 301, touched a high of Rs 310 and a low of Rs 299 on the BSE. A total of 105,936 shares have been exchanged on the BSE so far.