Lehar Footwears Ltd recorded a 37 per cent decline in net profit for the second quarter ended 30th September, at US $ 0.15 million, compared to US $ 0.23 million in the same period last year. Revenue also fell by 32 per cent, totaling US $ 4.49 million, down from US $ 6.62 million in Q2 of the previous fiscal year.
The company attributed the decline to flat retail sales due to extended monsoons and subdued rural demand impacted by high inflation. Additionally, government sales were significantly affected by central and state elections, Lehar Footwears stated.
Looking ahead, the company expects Government sales to improve in the second half as election-related disruptions subside. It has also diversified into a new business segment by supplying vocational toolkits under the PM Vishwakarma Scheme. Lehar Footwears plans to fulfill orders worth US $ 35.26 million over the next six quarters.