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Last Updated : Aug 12, 2019 05:09 PM IST | Source: Moneycontrol.com

Buy Relaxo Footwears; target of Rs 508: Sharekhan

Sharekhan is bullish on Relaxo Footwears has recommended buy rating on the stock with a target price of Rs 508 in its research report dated August 07, 2019.

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Sharekhan's research report on Relaxo Footwears


Q1FY2020 revenue grew by 15.4% y-o-y, mainly driven by a favourable product mix and an increase in volumes, comparable OPM stood flat. The impact of shift to Ind AS 116 was lower at Rs. 2 crore, we expect the impact for the full year to be at ~Rs. 8 crore. Sustained volume growth, capacity expansion and increasing presence in the untapped markets will drive operating performance in the near to medium.


Outlook


We have broadly maintained estimates for FY2020/FY2021 and we maintain Buy recommendation with a revised price target of Rs.
508.


For all recommendations report, click here


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First Published on Aug 12, 2019 05:09 pm
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