Relaxo Footwears Ltd

About [ edit ]

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. #

Key Points [ edit ]
  • Market Cap 22,991 Cr.
  • Current Price 925
  • High / Low 975 / 578
  • Stock P/E 95.3
  • Book Value 55.3
  • Dividend Yield 0.14 %
  • ROCE 23.4 %
  • ROE 19.0 %
  • Face Value 1.00

Pros

  • Company is almost debt free.

Cons

  • Stock is trading at 16.73 times its book value
  • The company has delivered a poor sales growth of 10.84% over past five years.
  • Promoter holding has decreased over last 3 years: -3.33%
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Quarterly Results

Figures in Rs. Crores

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
550 562 543 551 636 648 622 600 541 364 576 672
453 479 470 479 540 542 517 498 444 307 449 523
Operating Profit 98 83 74 73 95 106 105 102 96 57 127 149
OPM % 18% 15% 14% 13% 15% 16% 17% 17% 18% 16% 22% 22%
Other Income 1 2 6 3 1 1 2 2 4 7 5 4
Interest 2 2 1 2 2 5 4 4 4 4 4 4
Depreciation 14 14 16 17 16 27 28 27 28 28 28 28
Profit before tax 82 69 63 57 79 76 74 72 69 32 100 121
Tax % 35% 34% 37% 37% 31% 35% 5% 25% 25% 25% 25% 25%
Net Profit 53 46 39 36 54 50 71 54 52 24 75 90
EPS in Rs 2.22 1.91 1.64 1.48 2.19 2.01 2.84 2.18 2.09 0.98 3.03 3.63

Profit & Loss

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
407 554 676 845 981 1,180 1,441 1,668 1,631 1,941 2,292 2,410 2,152
356 463 604 750 871 1,032 1,240 1,428 1,400 1,639 1,966 1,999 1,723
Operating Profit 51 91 72 95 110 148 201 240 231 302 327 412 429
OPM % 13% 16% 11% 11% 11% 13% 14% 14% 14% 16% 14% 17% 20%
Other Income 2 4 0 0 1 2 0 8 14 4 13 9 20
Interest 19 26 16 19 18 23 18 23 15 9 9 19 15
Depreciation 10 15 21 23 26 31 40 47 51 54 62 109 111
Profit before tax 24 54 36 53 68 96 143 178 178 244 268 292 323
Tax % 41% 30% 25% 25% 34% 31% 28% 32% 33% 34% 35% 22%
Net Profit 14 38 27 40 45 66 103 120 120 161 175 226 241
EPS in Rs 0.59 1.57 1.11 1.66 1.87 2.74 4.29 5.01 4.99 6.69 7.07 9.11 9.73
Dividend Payout % 6% 5% 7% 5% 5% 5% 6% 6% 10% 11% 13% 14%
Compounded Sales Growth
10 Years:16%
5 Years:11%
3 Years:14%
TTM:-14%
Compounded Profit Growth
10 Years:20%
5 Years:17%
3 Years:24%
TTM:5%
Stock Price CAGR
10 Years:53%
5 Years:31%
3 Years:38%
1 Year:55%
Return on Equity
10 Years:23%
5 Years:21%
3 Years:20%
Last Year:19%

Balance Sheet

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
6 6 6 6 6 6 6 12 12 12 12 25 25
Reserves 68 104 129 166 208 271 362 468 594 749 1,093 1,248 1,349
Borrowings 108 147 182 175 225 198 239 236 178 153 112 167 182
54 88 122 127 147 182 234 281 286 335 394 402 392
Total Liabilities 237 345 439 475 587 657 841 997 1,070 1,250 1,611 1,841 1,948
140 222 268 271 327 366 472 531 541 525 848 981 961
CWIP 19 7 1 21 24 24 2 28 62 138 11 46 50
Investments 0 0 0 0 0 0 0 0 1 1 0 0 252
78 116 170 182 236 267 367 438 466 587 752 814 685
Total Assets 237 345 439 475 587 657 841 997 1,070 1,250 1,611 1,841 1,948

Cash Flows

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
41 72 44 73 54 125 107 159 180 154 123 319
-59 -85 -63 -47 -82 -70 -130 -130 -89 -108 -56 -116
17 11 20 -27 29 -51 21 -31 -89 -46 -68 -203
Net Cash Flow -1 -2 1 -1 1 4 -1 -2 1 -0 -1 1

Ratios

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 28% 36% 18% 22% 22% 26% 30% 30% 26% 30% 26% 23%
Debtor Days 18 14 13 10 13 21 21 24 28 33 35 26
Inventory Turnover 6.19 5.85 4.39 4.00 3.53 3.68 2.94 2.84 2.69 3.10 3.28 2.69

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
74.25 74.25 74.20 71.02 71.02 71.02 70.98 70.98 70.98 70.98 70.92 70.92
4.36 3.93 3.80 2.74 2.69 2.82 2.90 2.95 3.28 3.39 3.67 3.88
2.16 2.20 2.20 6.15 6.15 6.30 6.25 6.42 6.66 6.96 7.04 7.00
19.23 19.62 19.80 20.09 20.14 19.86 19.88 19.65 19.09 18.68 18.37 18.20

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