Relaxo Footwears Ltd share Price Today

Relaxo Footwears announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

• Revenue at Rs 747 crore in Q4FY24 as compared to Rs 765 crore in Q4 FY23, a marginal decline of 2% YoY. This is attributed to a slight decline in overall volumes, which was partly offset by improved average realisation.
• EBITDA at Rs 120 crore in Q4FY24 as against Rs 118 crore in corresponding quarter of previous year, registered YoY growth of 2%. EBITDA margin stood at 16.1% during the quarter as compared to 15.4% in Q4 FY23, up by 69 bps.
• Profit after Tax at Rs 61 crore in Q4FY24 as compared to Rs 63 crore in Q4 FY23. PAT Margin stood at 8.2% in Q4FY24 as compared to 8.3% in the corresponding quarter of previous year.

FY24 Financial Highlights:

• Revenue at Rs 2,914 crore in FY24, an increase of 5% as compared to Rs 2,783 crore in FY23.
• EBITDA at Rs 407 crore in FY24, up by 21%, from Rs 336 crore in FY23. EBITDA margin stood at 14.0% in FY24 as compared to 12.1% in FY23, improved by 188 bps.
• Profit after Tax at Rs 200 crore in FY24, up from Rs 154 crore in FY23 reported an improvement of 30% YoY. PAT Margin at 6.9% in FY24 as compared to 5.6% in FY23, up by 133 bps.

Commenting on the results and performance, Ramesh Kumar Dua, Chairman and Managing Director said: “We have achieved a moderate increase in revenue for FY24, with a notable improvement in profitability. This performance was largely driven by a significant uptick in open-footwear volumes, a testament to the efficacy of our strategic initiatives to regain market share. During the quarter, the company has implemented Quality Control Orders as issued by the Bureau of Indian Standards (BIS) and now all our products are ISI marked.

This year, we have taken major sales transformation initiatives to enhance our connect with distributors, retailers and consumers. We have undertaken a major digital initiative to have our retailers directly connected with the company through our ‘Relaxo Parivaar’ app. In a short time frame, we have achieved an industry leading retailer connect through the app and expect this to grow further in the coming year. To help our distributors drive secondary sales to retailers, we have equipped them with a revamped Distributor Management System. We are also expanding our ecommerce operations by directly selling to consumers using ‘Brand as a Seller’ model on all major ecommerce platforms. These initiatives will help the company to improve our market connect and have a positive impact on growth.”

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