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Akshay Rajawat    

Surat, India

I am CA student and along side perusing the CFA (U.S.). I have a 6 month experience in Equity Research where i have done my internship programme in the same. I am keen to write an articles on Equity.

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Contributor since: 2022








Q3FY23 Result Analysis

Q3FY23 Earning Highlights

Revenue at Rs. 681 crores in Q3FY23 as against a revenue of Rs. 744 crores in Q3FY22, this was impacted by the subdued demand in mass segment articles and the higher volume/value base in the corresponding quarter in FY22 due to change in GST rate with effect from1st January, 2022.

EBITDA is at Rs. 72 crores in Q3FY23 as compared to an EBITDA of Rs. 122 crores in Q3FY22. EBITDA margin stood at 10.6% Q3FY23 as against 16.4% in the corresponding quarter due to aggressive price corrections in open footwear as well as the liquidation of high cost inventory in the pipeline in the current quarter. However, the margins witnessed an increase on a Q-o-Q basis,

PAT at Rs. 30 Crores in Q3FY23, as compared to profit of Rs. 70 crores in the corresponding quarter. PAT Margin stood at 4.4% as compared to 9.4%.

Highlights for 9M FY23

Revenue at Rs. 2,018 crores in 9MFY23 as compared to Rs. 1,955 crores in the corresponding period.

EBITDA at Rs. 218 crores in 9MFY23 as compared to Rs. 305 crores in 9MFY22. EBITDA Margin stood at 10.8% in 9MFY23, as compared to 15.6% in the corresponding period.

Profit after Tax at Rs. 91 crores in 9MFY23 as compared to Rs. 170 crores in 9MFY22. PAT Margin stood at 4.5% in 9MFY23 as compared to 8.7% in the corresponding period.

Management Comments

The company has reported a modest performance in Q3FY23. In spite of subdued demand due to the continuing inflationary pressures on the consumers, the Company showed marginal improvement in volumes on Q-o-Q basis. The volume growth was primarily supported by price corrections undertaken.

Market environment remains competitive & challenging. The Company made price corrections to counter the same. While we have started seeing the effect of the same on volumes, its full effect will come into play from Q4FY23 onwards. Once the major portion of the high-cost inventory gets cleared from our distribution channels coupled with the business showing signs of improvement and raw material costs stabilising, we expect improvements in margins while regaining the market share in the quarters to come. We also anticipate that our closed footwear segment will continue to show healthy growth momentum as wholesale distribution channels and online penetration improve.

Financial Highlights


Operating Highlights

Balance Sheet Highlights

Key Financial Ratios



I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Business relationship disclosure:

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Stocx Research Club). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure:

Source - Company's presentation, press release. Disc - Given stock in article is for knowledge purpose only, not an recommendation.

Disclosure legality:

I am not a SEBI Registered individual/entity and the above research article is only for educational purpose and is never intended as trading/investment advice.


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