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Last Updated : May 14, 2019 03:32 PM IST | Source: Moneycontrol.com

Buy Relaxo Footwears; target of Rs 969: Sharekhan

Sharekhan is bullish on Relaxo Footwears has recommended buy rating on the stock with a target price of Rs 969 in its research report dated May 13, 2019.

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Sharekhan's research report on Relaxo Footwears


Relaxo Footwears Limited (Relaxo) posted strong volume-led revenue growth in Q4FY2019, but pressure on raw-material led to flat gross margins. Input costs expected to soften going ahead; operational efficiencies will keep margins at 14-15%. Better product mix, increase in distribution reach and shift in consumer preference will improve growth prospects in the long run. We have marginally reduced our earnings estimates for FY2019 and FY2020 to factor in lower-than-expected OPM.


Outlook


We maintain our Buy recommendation with a revised price (PT) target of Rs. 969.


For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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First Published on May 14, 2019 03:32 pm
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