Relaxo Footwear Ltd’s revenue grew by 18.5% yoy and 21.7% qoq to Rs557cr. Revenue came below the estimate of Rs585cr. EBITDA came in at Rs97.8cr, up 70.6% yoy and 36.1% qoq. EBITDA margin expanded by 536bps yoy and 187bps qoq to 17.57% owing to lower increase in employee benefit and other expenses compared to revenue. Company’s adjusted Net profit stood at Rs53.5cr, up 68.8% yoy and 40% qoq. EBITDA and PAT came above estimate of Rs79.5cr and Rs44.1cr respectively.
• Cost of goods sold grew by 15.3% yoy and 30.5% qoq to Rs257.6cr.
• Employee benefit expenses grew by 15% yoy to Rs55.2cr. However, same has declined by 5.3% qoq.
• Other expenses grew by 3.6% yoy and 12.3% qoq to Rs146cr.
• Board has recommended a dividend at the rate of Rs1.50/share aggregating to Rs21.76cr (including Dividend Distribution Tax of Rs3.71cr).
Relaxo Footwears Ltd is currently trading at Rs. 710, up by 28.3 points or 4.15% from its previous closing of Rs. 681.70 on the BSE.
The scrip opened at Rs. 684 and has touched a high and low of Rs. 722 and Rs. 677.35 respectively. So far 10,83,063 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 50 DMA.
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