Relaxo Footwears Ltd

Relaxo Footwears Ltd

₹ 834 -0.04%
14 Jun - close price
About

Relaxo Footwears Limited is the largest footwear manufacturing company in India, which deals in non-leather products i.e. rubber/EVA slippers, canvas shoes, sport shoes, sandals, school shoes and other types of footwear. It is also the leader in 'value' segment footwear.
It has a portfolio of renowned brands like Relaxo, Sparx, Flite and Bahamas. The company sells its products through retailers served through distributors, retail outlets, exports and e-commerce / modern trade. [1]

Key Points

Diversified Product Portfolio
The company’s most popular brands – Relaxo, Sparx, Flite & Bahamas are a leader in their space. In the youth segment, the company offers Bahamas & Flite products, which have attractive designs and are available in a wide range of colors. Sparx range contains trendy slippers, sandals & shoes in the premier range and includes sports footwear. Its products are designed by focusing on fashion & comfort, aesthetics, price and saleability, and adopting standard manufacturing practices. [1]

  • Market Cap 20,764 Cr.
  • Current Price 834
  • High / Low 974 / 758
  • Stock P/E 104
  • Book Value 80.4
  • Dividend Yield 0.30 %
  • ROCE 13.6 %
  • ROE 10.4 %
  • Face Value 1.00

Pros

  • Company has been maintaining a healthy dividend payout of 34.8%

Cons

  • Stock is trading at 10.4 times its book value
  • The company has delivered a poor sales growth of 4.92% over past five years.
  • Company has a low return on equity of 10.9% over last 3 years.

* 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.

Peer comparison

Sector: Leather Industry: Leather / Leather Products

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Quarterly Results

Figures in Rs. Crores

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
748 497 714 744 698 667 670 681 765 739 715 713 747
585 431 598 622 587 581 610 609 647 631 624 626 627
Operating Profit 163 66 117 122 111 86 59 72 118 108 92 87 120
OPM % 22% 13% 16% 16% 16% 13% 9% 11% 15% 15% 13% 12% 16%
7 5 7 5 6 4 6 4 4 7 11 6 5
Interest 5 4 4 4 4 7 4 4 4 4 5 5 5
Depreciation 27 27 28 29 29 30 31 32 33 35 37 38 38
Profit before tax 138 40 92 94 84 54 30 41 85 76 60 51 82
Tax % 26% 23% 25% 25% 25% 28% 26% 26% 26% 26% 27% 24% 25%
102 31 69 70 63 39 22 30 63 56 44 39 61
EPS in Rs 4.11 1.25 2.76 2.82 2.53 1.55 0.90 1.21 2.54 2.26 1.78 1.55 2.47
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
981 1,180 1,441 1,668 1,631 1,941 2,292 2,410 2,359 2,653 2,783 2,914
871 1,032 1,240 1,427 1,400 1,639 1,964 1,998 1,861 2,235 2,442 2,507
Operating Profit 110 148 201 241 231 302 328 413 498 418 341 407
OPM % 11% 13% 14% 14% 14% 16% 14% 17% 21% 16% 12% 14%
1 2 0 7 14 4 12 8 22 23 16 29
Interest 18 23 18 23 15 9 9 19 19 17 22 19
Depreciation 26 31 40 47 51 54 62 109 110 114 125 147
Profit before tax 68 96 143 178 178 244 268 292 391 311 210 269
Tax % 34% 31% 28% 32% 33% 34% 35% 22% 25% 25% 26% 26%
45 66 103 120 120 161 175 226 292 233 154 200
EPS in Rs 1.87 2.74 4.29 5.01 4.99 6.69 7.07 9.11 11.74 9.35 6.21 8.05
Dividend Payout % 5% 5% 6% 6% 10% 11% 13% 14% 21% 27% 40% 37%
Compounded Sales Growth
10 Years: 9%
5 Years: 5%
3 Years: 7%
TTM: 5%
Compounded Profit Growth
10 Years: 12%
5 Years: 3%
3 Years: -11%
TTM: 28%
Stock Price CAGR
10 Years: 24%
5 Years: 15%
3 Years: -10%
1 Year: -10%
Return on Equity
10 Years: 16%
5 Years: 14%
3 Years: 11%
Last Year: 10%

Balance Sheet

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 6 6 6 12 12 12 12 25 25 25 25 25
Reserves 208 271 362 468 594 749 1,093 1,248 1,548 1,735 1,830 1,976
225 198 239 236 178 153 112 139 144 174 164 205
147 182 234 281 286 335 394 430 459 448 476 508
Total Liabilities 587 657 841 997 1,070 1,250 1,611 1,841 2,176 2,383 2,495 2,714
327 366 472 531 541 525 848 981 938 987 1,150 1,372
CWIP 24 24 2 28 62 138 11 46 118 149 89 33
Investments 0 0 0 0 1 1 0 0 338 194 225 108
236 267 367 438 466 587 752 814 782 1,052 1,030 1,202
Total Assets 587 657 841 997 1,070 1,250 1,611 1,841 2,176 2,383 2,495 2,714

Cash Flows

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
54 125 107 159 180 154 123 319 513 56 400 235
-82 -70 -130 -130 -89 -108 -56 -116 -453 15 -258 -99
29 -51 21 -31 -89 -46 -68 -203 -56 -70 -138 -106
Net Cash Flow 1 4 -1 -2 1 -0 -1 1 4 1 3 30

Ratios

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 13 21 21 24 28 33 35 26 28 34 35 45
Inventory Days 124 109 163 147 146 130 130 157 154 202 154 179
Days Payable 35 39 61 63 63 72 58 65 81 67 69 76
Cash Conversion Cycle 102 91 123 108 110 90 107 119 101 170 121 148
Working Capital Days 31 20 31 32 32 43 56 60 49 82 64 86
ROCE % 22% 26% 30% 30% 26% 30% 26% 24% 26% 18% 12%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
70.92% 70.92% 70.78% 70.78% 70.78% 70.78% 71.02% 71.25% 71.27% 71.27% 71.27% 71.27%
3.49% 3.56% 3.81% 3.22% 3.15% 3.11% 2.99% 2.82% 2.87% 3.24% 3.39% 3.32%
7.34% 7.17% 7.08% 6.94% 7.07% 7.43% 7.64% 7.96% 8.34% 8.53% 8.86% 9.33%
18.25% 18.35% 18.33% 19.06% 19.00% 18.68% 18.34% 17.98% 17.51% 16.96% 16.47% 16.07%
No. of Shareholders 1,55,2522,23,3932,60,5623,10,0793,28,9693,45,7413,61,9273,58,7003,43,2953,16,1352,91,4012,69,388

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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