Khadim India reports Q1 net loss of Rs 28 cr

Khadim India recorded consolidated net loss of Rs 27.76 crore in Q1 June 2020 as against net profit of Rs 3.35 crore in Q1 June 2019.

Net sales slumped 72% to Rs 60.40 crore in Q1 June 2020 over Q1 June 2019. It reported pre-tax loss of Rs 27.34 crore in Q1 June 2020 compared with pre-tax profit of Rs 5.24 crore in Q1 June 2019. The Q1 earnings were announced after trading hours yesterday, 28 August 2020.

The company said its operations during the quarter were adversely impacted by COVID-19 pandemic. However, with the gradual resumption of operations, units have started functioning though challenges still exist.

Khadim India is a branded footwear retail player in India. It has the largest presence in East India and is among the top three players in South India.

Shares of Khadim India fell 0.12% to Rs 126.60 on Friday, 28 August 2020. It traded in the range of 123.90 and 131.50 during the day.

On the technical front, the stock's RSI (relative strength index) stood at 59.320 on Friday, 28 August 2020. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading between its 50-day moving average (DMA) placed at 119.45 and its 200-day moving average (DMA) placed at 129.70.

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