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Consolidated Standalone

Relaxo Footwears

₹842 -1.5 | 0.2%

Market Cap ₹20961 Cr.

Stock P/E 104.5

P/B 10.5

Current Price ₹842

Book Value ₹ 80.4

Face Value 1

52W High ₹974

Dividend Yield 0.36%

52W Low ₹ 762.5

Edit Ratio

Relaxo Footwears Research see more...

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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).

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Relaxo Footwears Share Price

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Peer Comparison

Relaxo Footwears Quarterly Results

#(Fig in Cr.) Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Net Sales 744 698 667 670 681 765 739 715 713 747
Other Income 5 6 4 6 4 4 7 11 6 5
Total Income 749 704 671 675 685 769 746 726 719 752
Total Expenditure 622 587 581 610 609 647 631 624 626 627
Operating Profit 127 117 90 65 77 122 115 102 93 125
Interest 4 4 7 4 4 4 4 5 5 5
Depreciation 29 29 30 31 32 33 35 37 38 38
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 94 84 54 30 41 85 76 60 51 82
Provision for Tax 24 22 15 8 10 22 19 16 12 21
Profit After Tax 70 63 39 22 30 63 56 44 39 61
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 70 63 39 22 30 63 56 44 39 61
Adjusted Earnings Per Share 2.8 2.5 1.6 0.9 1.2 2.5 2.3 1.8 1.5 2.5

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 2914
Other Income 1 2 0 3 14 4 13 9 23 24 19 29
Total Income 1011 1215 1481 1715 1645 1946 2305 2420 2382 2677 2801 2943
Total Expenditure 900 1065 1280 1472 1400 1639 1966 1999 1862 2236 2445 2508
Operating Profit 111 149 201 243 245 307 339 420 520 441 357 435
Interest 18 23 18 23 15 9 9 19 19 17 22 19
Depreciation 25 31 40 47 51 54 62 109 110 114 125 148
Exceptional Income / Expenses 0 0 0 4 0 0 0 0 0 0 0 0
Profit Before Tax 68 96 143 178 178 244 268 292 391 311 210 269
Provision for Tax 23 30 40 57 58 83 93 65 100 78 56 68
Profit After Tax 45 66 103 120 120 161 175 226 292 233 154 200
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 45 66 103 120 120 161 175 226 292 233 154 200
Adjusted Earnings Per Share 1.9 2.7 4.3 5 5 6.7 7.1 9.1 11.7 9.3 6.2 8.1

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% -2% 14% 25%
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

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 70.78 70.78 70.78 70.78 71.02 71.25 71.27 71.27 71.27 71.27
FII 3.81 3.22 3.15 3.11 2.99 2.81 2.88 3.24 3.4 3.32
DII 7.08 6.94 7.06 7.44 7.64 7.96 8.34 8.53 8.86 9.33
Public 18.33 19.06 19 18.67 18.35 17.98 17.52 16.96 16.48 16.08
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

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 10.5 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.

Relaxo Footwears News

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