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Relaxo Footwears: Is it a worthy fit for your portfolio?

With mobility increasing, post the drop in COVID-19 cases and channel partners restocking inventory (as the old GST rate inventory is liquidated), we expect volume growth in FY23.

June 28, 2022 / 10:22 AM IST
Relaxo Footwears: Is it a worthy fit for your portfolio?

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

Relaxo Footwears Ltd’s (Relaxo; CMP: Rs 977; Market Cap: Rs 24,313 crore) volumes dropped last fiscal, thanks to the steep increase in raw material prices, GST rate increases as well as channel de-stocking. FY22 volumes were marginally down, compared to even the pre-COVID (FY20) levels. With mobility increasing, post the drop in COVID-19 cases and channel partners restocking inventory (as the old GST rate inventory is liquidated), we expect volume growth in FY23. Also, raw material prices have stabilised. With Relaxo...

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