Relaxo Footwears

₹904 16.2 | 1.8%

WEBSITE BSE:530517 NSE : RELAXO FOOT. 28 Nov, 16:01

Market Cap ₹22504 Cr.

Stock P/E 116.0

P/B 11.9

Current Price ₹904

Book Value ₹ 76.2

Face Value 1

52W High ₹974

Dividend Yield 0.28%

52W Low ₹ 748.5

Edit Ratio

Relaxo Footwears Research see more...

RELAXO FOOTWEARS LIMITED

Overview Inc. Year: 1984Industry: Footwear

Relaxo Footwears Ltd is engaged in the production and trading of footwear and related merchandise. The major activity of the company is the manufacturing of footwear made normally of vulcanized or molded rubber and plastic. Its manufacturers include Hawaii, Flite, Sparx, Schoolmate, Elena, Casualz and Bahamas. Under Hawaii brand, it gives its products in diverse classes, inclusive of Hi-Fashion, which includes HF-34, HF-33 and HF-31, and Kids, inclusive of Hi Lite 03 (Kids) and HFK-04. It gives various Flite slippers which are manufactured by the usage of ethylene-vinyl acetate (EVA) era. Under Flite logo, it gives its merchandise in various classes, such as Flite EVA, together with FL-259 and FL-249, and Flite Junior, which include FI 1010 and FL 1009. Under Sparx emblem, it offers its merchandise in classes, which includes Shoe, such as SM-503 and SM-502, and Sandals, together with S S-905 and S S-904. It has production centers at Bahadurgarh (Haryana), Bhiwadi (Rajasthan) and Haridwar (Uttarakhand).

Relaxo Footwears Share Price

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Peer Comparison

Relaxo Footwears Quarterly Results

#(Fig in Cr.)	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Net Sales	748	497	714	744	667	670	681	765	739	715
Other Income	7	5	7	5	4	6	4	4	7	11
Total Income	755	502	722	749	671	675	685	769	746	726
Total Expenditure	585	431	598	622	581	610	609	647	631	624
Operating Profit	170	71	124	127	90	65	77	122	115	102
Interest	5	4	4	4	7	4	4	4	4	5
Depreciation	27	27	28	29	30	31	32	33	35	37
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	138	40	92	94	54	30	41	85	76	60
Provision for Tax	35	9	23	24	15	8	10	22	19	16
Profit After Tax	102	31	69	70	39	22	30	63	56	44
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	102	31	69	70	39	22	30	63	56	44
Adjusted Earnings Per Share	4.1	1.2	2.8	2.8	1.6	0.9	1.2	2.5	2.3	1.8

Relaxo Footwears Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1010	1212	1481	1712	1631	1941	2292	2410	2359	2653	2783	2900
Other Income	1	2	0	3	14	4	13	9	23	24	19	26
Total Income	1011	1215	1481	1715	1645	1946	2305	2420	2382	2677	2801	2926
Total Expenditure	900	1065	1280	1472	1400	1639	1966	1999	1862	2236	2445	2511
Operating Profit	111	149	201	243	245	307	339	420	520	441	357	416
Interest	18	23	18	23	15	9	9	19	19	17	22	17
Depreciation	25	31	40	47	51	54	62	109	110	114	125	137
Exceptional Income / Expenses	0	0	0	4	0	0	0	0	0	0	0	0
Profit Before Tax	68	96	143	178	178	244	268	292	391	311	210	262
Provision for Tax	23	30	40	57	58	83	93	65	100	78	56	67
Profit After Tax	45	66	103	120	120	161	175	226	292	233	154	193
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	45	66	103	120	120	161	175	226	292	233	154	193
Adjusted Earnings Per Share	1.9	2.7	4.3	5	5	6.7	7.1	9.1	11.7	9.3	6.2	7.8

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	5%	5%	7%	11%
Operating Profit CAGR	-19%	-5%	3%	12%
PAT CAGR	-34%	-12%	-1%	13%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-3%	7%	19%	36%
ROE Average	9%	14%	16%	22%
ROCE Average	13%	20%	22%	25%

Relaxo Footwears Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	214	277	368	480	606	761	1105	1272	1572	1760	1855
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	150	114	145	113	71	39	0	0	0	0	0
Other Non-Current Liabilities	33	35	34	43	33	35	43	155	154	161	169
Total Current Liabilities	189	231	295	362	360	415	463	413	449	461	471
Total Liabilities	587	657	841	997	1070	1250	1611	1841	2176	2383	2495
Fixed Assets	327	366	472	531	541	525	848	981	938	987	1150
Other Non-Current Assets	39	37	14	48	83	163	36	69	158	208	151
Total Current Assets	221	254	355	419	447	562	727	791	1080	1187	1194
Total Assets	587	657	841	997	1070	1250	1611	1841	2176	2383	2495

Relaxo Footwears Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	1	2	6	4	2	4	3	2	3	6	7
Cash Flow from Operating Activities	54	125	107	159	180	154	123	319	513	56	400
Cash Flow from Investing Activities	-82	-70	-130	-130	-89	-108	-57	-116	-453	15	-258
Cash Flow from Financing Activities	29	-51	21	-31	-89	-46	-68	-203	-56	-70	-138
Net Cash Inflow / Outflow	1	4	-1	-2	1	-0	-2	1	4	1	3
Closing Cash & Cash Equivalent	2	6	4	2	4	3	2	3	6	7	10

Relaxo Footwears Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	1.87	2.73	4.29	5.01	4.99	6.69	7.07	9.12	11.74	9.35	6.21
CEPS(Rs)	2.93	4.03	5.96	6.98	7.14	8.95	9.59	13.52	16.17	13.91	11.23
DPS(Rs)	0	0.5	1	0.6	1	1.5	1.8	1.25	2.5	2.5	2.5
Book NAV/Share(Rs)	8.93	11.52	15.32	20	25.11	31.44	44.25	50.93	63.01	70.62	74.51
Core EBITDA Margin(%)	10.8	11.99	13.38	13.84	13.98	15.5	14.24	17.07	21.07	14.92	11.37
EBIT Margin(%)	8.4	9.64	10.74	11.57	11.69	12.94	12.08	12.9	17.37	11.71	7.79
Pre Tax Margin(%)	6.66	7.79	9.51	10.25	10.78	12.5	11.69	12.1	16.58	11.1	7.06
PAT Margin (%)	4.41	5.35	6.87	6.94	7.26	8.27	7.65	9.39	12.36	8.31	5.19
Cash Profit Margin (%)	6.92	7.9	9.53	9.66	10.38	11.05	10.38	13.93	17.02	12.37	9.4
ROA(%)	8.44	10.55	13.76	13.08	11.6	13.88	12.26	13.11	14.52	10.21	6.33
ROE(%)	23.16	26.74	31.98	28.37	22.15	23.69	18.93	19.16	20.61	14	8.55
ROCE(%)	21.69	25.84	29.78	30.29	25.72	29.68	25.99	24.8	28.62	19.56	12.75
Receivable days	10.58	15.51	18.29	20.09	25.62	27.78	31.53	29.88	27.35	28.18	31.98
Inventory Days	51.69	48.15	50.21	56.28	63.64	56.58	55.45	62.85	67.29	71.42	75.91
Payable days	38.67	39.13	49.54	63.85	62.37	62.13	59.01	62.44	73.96	66.68	64.91
PER(x)	15.71	26.94	37.62	36.32	49.75	48.65	54.77	65.51	74.47	113.95	136.78
Price/Book(x)	3.28	6.39	10.54	9.1	9.89	10.36	8.76	11.73	13.87	15.08	11.39
Dividend Yield(%)	0	0.17	0.15	0.16	0.2	0.23	0.23	0.21	0.29	0.23	0.29
EV/Net Sales(x)	0.92	1.62	2.78	2.69	3.77	4.11	4.24	6.16	9.2	10	7.57
EV/Core EBITDA(x)	8.35	13.13	20.45	18.91	25.12	26.05	28.64	35.29	41.75	60.09	59.02
Net Sales Growth(%)	16.79	20.05	22.15	15.6	-4.71	19	18.08	5.17	-2.13	12.47	4.88
EBIT Growth(%)	18.26	38.41	36.33	24.42	-3.7	30.64	9.81	12.31	31.76	-20.02	-29.33
PAT Growth(%)	12.29	46.48	57	16.72	-0.27	34.28	8.92	28.96	28.87	-20.19	-33.61
EPS Growth(%)	12.29	46.49	57	16.73	-0.36	34.06	5.67	28.86	28.76	-20.36	-33.61
Debt/Equity(x)	1.05	0.72	0.65	0.49	0.3	0.2	0.1	0.02	0	0.01	0
Current Ratio(x)	1.17	1.1	1.21	1.16	1.24	1.35	1.57	1.91	2.4	2.57	2.54
Quick Ratio(x)	0.33	0.39	0.36	0.37	0.43	0.6	0.74	0.83	1.46	1.11	1.34
Interest Cover(x)	4.82	5.22	8.72	8.76	12.84	29.36	30.84	16.08	21.93	19.06	10.7
Total Debt/Mcap(x)	0.32	0.11	0.06	0.05	0.03	0.02	0.01	0	0	0	0

Relaxo Footwears Shareholding Pattern

#	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoter	70.92	70.92	70.78	70.78	70.78	70.78	71.02	71.25	71.27	71.27
FII	3.49	3.56	3.81	3.22	3.15	3.11	2.99	2.81	2.88	3.24
DII	7.34	7.17	7.08	6.94	7.06	7.44	7.64	7.96	8.34	8.53
Public	18.25	18.35	18.33	19.06	19	18.67	18.35	17.98	17.52	16.96
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoter	17.62	17.62	17.62	17.62	17.62	17.62	17.68	17.74	17.74	17.74
FII	0.87	0.88	0.95	0.8	0.78	0.77	0.74	0.7	0.72	0.81
DII	1.82	1.78	1.76	1.73	1.76	1.85	1.9	1.98	2.08	2.12
Public	4.53	4.56	4.56	4.74	4.73	4.65	4.57	4.48	4.36	4.22
Others	0	0	0	0	0	0	0	0	0	0
Total	24.84	24.84	24.89	24.89	24.89	24.89	24.89	24.89	24.89	24.89

Pros

Debtor days have improved from 66.68 to 64.91days.
Company is almost debt free.

Cons

Company has a low return on equity of 14% over the last 3 years.
Stock is trading at 11.9 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.