Relaxo Footwears Ltd

Relaxo Footwears is a market leader in the Footwear Industry. The company has 'state of the art' manufacturing facilities at Bahadurgarh (Haryana), Bhiwadi (Rajasthan) and Haridwar (Uttarakhand).

Pros:
Company has reduced debt.
Company is virtually debt free.
Cons:
Stock is trading at 11.86 times its book value
Company might be capitalizing the interest cost

Peer Comparison Sector: Leather // Industry: Leather / Leather Products

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Quarterly Results Figures in Rs. Crores

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
390 366 470 483 460 457 550 562 543 551 636 648
338 315 412 412 398 385 453 479 470 479 540 542
Operating Profit 52 51 57 71 62 72 98 83 74 73 95 106
OPM % 13% 14% 12% 15% 13% 16% 18% 15% 14% 13% 15% 16%
Other Income 3 2 6 1 1 2 1 2 6 3 1 1
Interest 4 4 3 2 2 2 2 2 1 2 2 5
Depreciation 13 13 13 13 14 14 14 14 16 17 16 27
Profit before tax 39 36 47 56 48 58 82 69 63 57 79 76
Tax % 31% 32% 33% 33% 33% 34% 35% 34% 37% 37% 31% 35%
Net Profit 27 24 32 37 32 38 53 46 39 36 54 50
EPS in Rs 1.13 1.01 1.32 1.55 1.34 1.58 2.23 1.91 1.64 1.44 2.20 2.01
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
306 407 554 676 845 981 1,180 1,441 1,668 1,631 1,941 2,292 2,378
267 356 463 604 750 871 1,032 1,240 1,428 1,400 1,639 1,968 2,031
Operating Profit 39 51 91 72 95 110 148 201 240 231 302 324 348
OPM % 13% 13% 16% 11% 11% 11% 13% 14% 14% 14% 16% 14% 15%
Other Income 1 2 4 0 0 1 2 0 8 14 4 13 12
Interest 14 19 26 16 19 18 23 18 23 15 9 7 10
Depreciation 9 10 15 21 23 26 31 40 47 51 54 62 75
Profit before tax 17 24 54 36 53 68 96 143 178 178 244 268 275
Tax % 37% 41% 30% 25% 25% 34% 31% 28% 32% 33% 34% 35%
Net Profit 11 14 38 27 40 45 66 103 120 120 161 175 179
EPS in Rs 0.43 0.59 1.56 1.10 1.65 1.85 2.74 4.24 4.95 5.00 6.70 7.08 7.29
Dividend Payout % 9% 6% 5% 7% 5% 5% 5% 6% 6% 10% 11% 13%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:18.85%
5 Years:14.21%
3 Years:11.18%
TTM:17.21%
Compounded Profit Growth
10 Years:28.28%
5 Years:21.43%
3 Years:13.98%
TTM:5.64%
Stock Price CAGR
10 Years:54.16%
5 Years:33.46%
3 Years:34.36%
1 Year:48.27%
Return on Equity
10 Years:24.04%
5 Years:23.28%
3 Years:21.08%
Last Year:18.73%

Balance Sheet Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
6 6 6 6 6 6 6 6 12 12 12 12
Reserves 55 68 104 129 166 208 271 362 468 594 749 1,093
Borrowings 71 108 147 182 175 225 198 239 236 178 153 112
43 56 91 127 134 155 191 247 297 307 356 410
Total Liabilities 175 239 348 444 481 595 666 854 1,014 1,091 1,271 1,628
90 140 222 268 271 327 366 472 531 541 525 848
CWIP 20 19 7 1 21 24 24 2 28 62 138 11
Investments 0 0 0 0 0 0 0 0 0 1 1 0
65 80 119 175 189 245 276 380 455 487 608 768
Total Assets 175 239 348 444 481 595 666 854 1,014 1,091 1,271 1,628

Cash Flows Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
31 41 72 44 73 54 125 107 159 180 154 123
-27 -59 -85 -63 -47 -82 -70 -130 -130 -89 -108 -56
-3 17 11 20 -27 29 -51 21 -31 -89 -46 -68
Net Cash Flow 1 -1 -2 1 -1 1 4 -1 -2 1 -0 -1

Ratios Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 26% 28% 36% 18% 22% 22% 26% 30% 30% 26% 30% 26%
Debtor Days 19 18 14 13 10 13 21 21 24 28 33 31
Inventory Turnover 10.33 10.64 10.35 7.36 6.89 6.81 7.29 6.98 6.24 5.66 6.43 6.41