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Footwear industry: Finding its feet back

We recommend Relaxo for investors preferring growth. Long-term investors looking for quality play can invest in Bata

February 17, 2021 / 06:32 PM IST
Footwear industry: Finding its feet back

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PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

December quarter results for Relaxo Footwears (Relaxo) (CMP: Rs 875; Market cap Rs 21,728 cr) were better than street expectations with the company posting double-digit topline growth and improvement in margins while Bata India (Bata) (CMP: Rs 1,524; Market cap: Rs 19,593 cr) lagged estimates due to slightly lower-than-expected recovery and impact on margins due to adverse mix. Organised footwear players have surpassed Pre-COVID levels and are in growth mode. Accelerated shift from unorganised players would be an added...

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