Relaxo Footwear, a leading footwear manufacturer in India, reported a slight dip in standalone net sales and profit for the March 2024 quarter.
The company’s net sales stood at Rs 747.21 crore, down 2.32% from Rs 764.94 crore in March 2023.
Net profit also decreased by 3.02% to Rs 61.39 crore from Rs 63.30 crore last year. Despite these declines, EBITDA rose by 2.54% to Rs 125.41 crore from Rs 122.30 crore.
Earnings Per Share (EPS) fell to Rs 2.46 from Rs 2.55 in March 2023.
Relaxo’s shares closed at Rs 851.30 on May 10, 2024 and as of today June 3, 2024, the share price has fallen down to Rs.793.00
The company attributes this performance to increased competition, fluctuating raw material costs, and changing consumer preferences.
However, Relaxo is focusing on product innovation, expanding its distribution network, and leveraging technology to drive future growth.
The management is optimistic about a rebound in consumer demand as economic conditions stabilize, positioning Relaxo for future success.
| Financial Metric | March 2024 | March 2023 | Change |
|---|---|---|---|
| Net Sales | Rs 747.21 crore | Rs 764.94 crore | -2.32% |
| Net Profit | Rs 61.39 crore | Rs 63.30 crore | -3.02% |
| EBITDA | Rs 125.41 crore | Rs 122.30 crore | +2.54% |
| Earnings Per Share (EPS) | Rs 2.46 | Rs 2.55 | -3.53% |
Despite a challenging quarter, Relaxo Footwear’s strategic initiatives and focus on innovation provide a positive outlook for future growth in the competitive footwear market.
