Relaxo Footwears Q4 Review - Another Quarter Of Strong Performance: IDBI Capital
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IDBI Capital Report
Relaxo Footwears Ltd.’s Q4 FY21 result was marginally above estimates on key parameters.
Strong demand traction for mass product supported sales volume in Q4, while better product mix and savings in promotional expenses as well as prudent cost management led to Ebitda margin improvement.
Net sales increased by 38.3% YoY to Rs 7,477 million, while Ebitda was higher by 69.3% YoY to Rs 1,629 million.
The company reported net profit of Rs 1,022 million, higher by 97.2% over Q4 FY20.
After a robust Q4 FY21, near term business may get impacted due to second wave of Covid-19 and statewide lockdown, however, we believe that the company will continue to outperform the organized peers given its strong presence in mass market products and extensive distribution reach.
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