06 January 2022, Mumbai:
Kolkata-headquartered, footwear brand witnessed a healthy revival of its business in the previous quarters of the 2021-22 fiscal and is expanding the network of retail stores, he said.
ICRA downgraded its long term rating with respect to overall bank borrowings of the company to BBB from BBB+ while keeping outlook unchanged at Negative.
Footwear maker Khadim India is aiming at Rs 625-650 crore revenue in the current fiscal, despite COVID-19 challenges and a possible adverse impact on sales due to a 7 per cent GST rate hike from January 1, an official said on Thursday.
The Kolkata-headquartered company witnessed a healthy revival of its business in the previous quarters of the 2021-22 fiscal and is expanding the network of retail stores, he said.
We have maintained a 15-17 per cent growth till third quarter, and unless the fresh restrictions aggravate the business scenario, we expect revenue of Rs 625-650 crore.
We are expecting this turnover without the institutional sales of Rs 130 crore from the UP government order, Khadim CFO Indrajit Chaudhuri told PTI. The shoemaker was projecting to reach the pre-COVID level of quarterly sales run-rate of Rs 200 crore.
The revenue run-rate is a method of projecting upcoming sales over a longer time period based on previously earned turnover. We have passed on the seven per cent GST hike on the MRP from January 1 in line with other industry players after the government raised the rate from 5 to 12 per cent for footwear items up to Rs 1,000,” he said.
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