Sharekhan's research report on Relaxo Footwears
Improving mobility led by opening up of corporate and educational institutes would result in faster recovery in the quarters (in the out-of-home footwear category). Medium-term outlook is intact, as focus on improving penetration in the southern markets, new product addition, and shift from non-branded to branded products remain key growth levers. Higher sales volume, better mix and price hike of 7-8% would mitigate the input cost inflation and the OPM would remain at ~20%.
Outlook
We maintain a Buy on Relaxo Footwear with a revised price target of Rs. 1350. A good financial track record, improving cash flows, and better growth prospects make it a better pick in the branded retail space.
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