{"id":146093,"date":"2023-05-15T02:55:31","date_gmt":"2023-05-15T06:55:31","guid":{"rendered":"https:\/\/44.250.171.167\/?p=146093"},"modified":"2023-05-15T02:55:33","modified_gmt":"2023-05-15T06:55:33","slug":"relaxo-footwears-limited-relaxo-q4-fy23-earnings-concall-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/relaxo-footwears-limited-relaxo-q4-fy23-earnings-concall-transcript\/","title":{"rendered":"Relaxo Footwears Limited (RELAXO) Q4 FY23 Earnings Concall Transcript"},"content":{"rendered":"

Relaxo Footwears Limited (NSE:RELAXO) Q4 FY23 Earnings Concall dated May. 12, 2023.<\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Sushil Batra<\/strong>\u00a0—\u00a0Chief Financial Officer<\/em><\/p>\n

Gaurav Dua<\/strong>\u00a0—\u00a0Whole Time Director<\/em><\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Analysts:<\/h2>\n

Prerna Jhunjhunwala<\/strong>\u00a0—\u00a0Elara Securities Private Limited — Analyst<\/em><\/p>\n

Aliasgar Shakir<\/strong>\u00a0—\u00a0Motilal Oswal — Analyst<\/em><\/p>\n

Vikas Jain<\/strong>\u00a0—\u00a0Equirus Capital Private Limited — Analyst<\/em><\/p>\n

Kaustubh Pawaskar<\/strong>\u00a0—\u00a0Sharekhan — Analyst<\/em><\/p>\n

Omkar Ghugadre<\/strong>\u00a0—\u00a0Shree investments — Analyst<\/em><\/p>\n

Ankit Kedia<\/strong>\u00a0—\u00a0Phillip Capital — Analyst<\/em><\/p>\n

Manish Poddar<\/strong>\u00a0—\u00a0Motilal Oswal AMC — Analyst<\/em><\/p>\n

Gaurang Kakkad<\/strong>\u00a0—\u00a0Haitong Securities — Analyst<\/em><\/p>\n

Jasdeep Walia<\/strong>\u00a0—\u00a0Clockvine Capital — Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day, and welcome to Relaxo Footwears Limited Q4 FY ’23 Earnings Conference Call, hosted by Elara Securities Private Limited. [Operator Instructions] Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Ms. Prerna Jhunjhunwala from Elara Securities Private Limited. Thank you and over to you.<\/p>\n

Prerna Jhunjhunwala<\/strong>\u00a0—\u00a0Elara Securities Private Limited — Analyst<\/em><\/p>\n

Good evening, everyone. On behalf of Elara Securities India Private Limited, I would like to welcome you all to 4Q and full year FY ’23 post result conference call of Relaxo Footwears Limited. Today, we have with us the senior management of the company, including Mr. Ramesh Kumar Dua, the Managing Director; Mr. Gaurav Dua, Whole Time Director; Mr. Ritesh Dua, Executive Vice President, Finance; Mr. Sushil Batra, Chief Financial Officer; and Mr. Ankit Jain, Company Secretary.<\/p>\n

Without taking any further time, I would now like to hand over the call to Mr. Sushil Batra. And over to you, sir. Thank you.<\/p>\n

Sushil Batra<\/strong>\u00a0—\u00a0Chief Financial Officer<\/em><\/p>\n

Thank you, Prerna. Good afternoon, ladies and gentlemen. Thank you for joining us on this earnings call for the quarter and fiscal year ended 31 March, 2023. The earnings press release and the investor presentation has been uploaded on the stock exchanges as well as at our website and we hope you have had the chance to go through these.<\/p>\n

Before we begin the question-and-answer, I will quickly go through the Q4 and FY ’23 performance, starting with Q4. Q4 FY ’23 we recorded revenue of INR765 765 crores as against INR698 crores in Q4 FY ’22 recording a growth of 10% year-on-year. On a Q-on-Q basis, the revenue increased by 12%. This is mainly due to volume growth across all categories. Our Q4 FY ’23 EBITDA was at INR118 crores, up by 6% year-on-year from INR111 crores in the corresponding quarter of previous year. EBITDA margins were at 15.4% in Q4 FY ’23 as against 15.9% in the corresponding quarter. On a Q-on-Q basis. EBITDA margins have grown substantially by 481 basis points due to selling of low cost inventory along with mostly old inventory.<\/p>\n

PAT was at INR63 crores. On a sequential year basis, PAT grew by 110% from INR30 crores in Q3 FY ’23. PAT margin for Q4 FY ’23 was 8.3%. Our price efforts during the last quarters have resulted a good momentum and we have continued our market share recovery in all major segments during this quarter without relying much on discount and offers.<\/p>\n

Now moving on to full year FY ’23. Despite the challenging environment last year, our strong team responded effectively and our commitment to maintaining our high standard of excellence have made us successful. Revenue for FY ’23 was at INR2,783 crores, up by 5% year-on-year from INR2,653 crores in FY ’22. EBITDA was at INR336 crores as against INR416 crores in FY ’22. EBITDA margin was at 12.1% as against 15.7% in FY ’22. Margins were affected primarily by the high pressure on [Indecipherable] during most of the year. PAT was at INR150 crores in FY ’23. We are now a debt free company with robust cash flow operations due to strong acknowledgement.<\/p>\n

During the year, the company incurred a capex of INR174 crores. With the stabilization of raw material prices, we are currently experiencing strong demand and hold an optimistic view of the future. Our company strategically is positioned to take advantage of the opportunities within the industry allowing us to further expand our market share. Our key strengths lie our in-house manufacturing capabilities, quality of our brand is strong, recall of our brand. We remain dedicated to upholding this strength and we’ll perfectly try to maintain the integrity. We have confidence that our continual efforts will yield positive outcome for us in the times ahead.<\/p>\n

Thank you. Now we can open the floor for questions.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

[Operator Instructions] The first question comes from the line of Aliasgar Shakir from Motilal Oswal. Please go ahead.<\/p>\n

Aliasgar Shakir<\/strong>\u00a0—\u00a0Motilal Oswal — Analyst<\/em><\/p>\n

Yeah. Thanks for the opportunity, sir, and congratulations to finally seeing good market share trend in your company. I have three questions. First is on the current quarter. So I understand from our channel checks that post the cleanup of the old inventory, market demand has picked up quite strongly and in fact, Relaxo has not been able to meet all the distributor demand. So is this true in multiple geographies? And do you think we would have lost any revenue because of that factor? If you could just quantify what could have been the impact of that in this quarter and has that been now subsided or we are still seeing demand not being able to fully met?<\/p>\n

Gaurav Dua<\/strong>\u00a0—\u00a0Whole Time Director<\/em><\/p>\n

Yeah, this is Gaurav Dua. What you said is partly correct that there is an upsurge in demand and we are seeing it. One reason is that we have corrected the prices and second, this is a peak season for us for open footwear as we are 75% open and 25% close. So this is the open footwear starting from January to June to July. So — and regarding the shortages, we are managing, we have inventory with us and the uptick we have seen across India for the open footwear.<\/p>\n

Aliasgar Shakir<\/strong>\u00a0—\u00a0Motilal Oswal — Analyst<\/em><\/p>\n

Got it. So can you quantify if you would have lost any revenue because of that in this quarter and has that been now subsided?<\/p>\n

Gaurav Dua<\/strong>\u00a0—\u00a0Whole Time Director<\/em><\/p>\n

It was — it happened in February because there were some IT issues, which has been corrected and now we are able to cover. We have the inventory, sufficient inventory.<\/p>\n

Aliasgar Shakir<\/strong>\u00a0—\u00a0Motilal Oswal — Analyst<\/em><\/p>\n

Okay. Got it. Second question is on your margins. So while we have significantly reduced prices, we have seen impact on margins. So can you share — I mean, what is the trend we should expect in the coming quarters as raw material prices are also softening? So should we see that helping us and therefore the impact on margin that we saw in this quarter should improve? How should we see that?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

I’m Ramesh Kumar Dua. Markets remain challenging and we have been very cautious with respect to pricing of our article so that we always have a good market share as the sales are concerned. The EBITDA margin that you have seen in this quarter that is likely to continue and there’s likely to be some improvement also.<\/p>\n

Aliasgar Shakir<\/strong>\u00a0—\u00a0Motilal Oswal — Analyst<\/em><\/p>\n

Got it. Thank you, sir. This is very helpful. On the gross margin also, should we see improvement because of the raw material price softening?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Some improvement, yes.<\/p>\n

Aliasgar Shakir<\/strong>\u00a0—\u00a0Motilal Oswal — Analyst<\/em><\/p>\n

Understood. And just last question on the close footwear in the sportswear category, I understand that we have made a lot of changes in our design team, online team. If you could share some thoughts in terms of what is the strategy in the sportswear in terms of the new product development? And what is the aim in the next three, four years? Can we expect to reach about INR1,000 crores in three, four years time? I mean, if you can just share what is your strategy there?<\/p>\n

Gaurav Dua<\/strong>\u00a0—\u00a0Whole Time Director<\/em><\/p>\n

So if you talk about Sparx sport shoes, we have grown healthily. We have done roughly around 25% growth. And before that last year, we put up a plant to cater to this need. So still the plant capacity still we have will take two to three years to reach to that level. And you’re talking about INR1,000 crores, Sparx is already INR1,000 crores plus brand.<\/p>\n

Aliasgar Shakir<\/strong>\u00a0—\u00a0Motilal Oswal — Analyst<\/em><\/p>\n

Yeah, but sportswear would be relatively lower or I mean just for Sparx is much bigger. But within that, sportswear, if you could just quantify how much would that be?<\/p>\n

Gaurav Dua<\/strong>\u00a0—\u00a0Whole Time Director<\/em><\/p>\n

So that is roughly around — we do sports shoe and all sports category roughly around INR400 crores. So definitely, we have aspiration to become INR1,000 crores and it will take two years, three years, time will tell.<\/p>\n

Aliasgar Shakir<\/strong>\u00a0—\u00a0Motilal Oswal — Analyst<\/em><\/p>\n

Understood. This is very helpful, sir. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Vikas Jain from Equirus. Please go ahead.<\/p>\n

Vikas Jain<\/strong>\u00a0—\u00a0Equirus Capital Private Limited — Analyst<\/em><\/p>\n

Thank you, sir. Thank you so much for the opportunity. For the first question, definitely, we have a seen market share which you have regained from — which you had lost to earlier competitors. So — and just want to understand can we [Indecipherable] we have regained almost all of the market share or some part of it is still less?<\/p>\n

Gaurav Dua<\/strong>\u00a0—\u00a0Whole Time Director<\/em><\/p>\n

Can you repeat the question? It’s not clear.<\/p>\n

Vikas Jain<\/strong>\u00a0—\u00a0Equirus Capital Private Limited — Analyst<\/em><\/p>\n

Yeah. Sir, I just mentioned about the market share. So have like regained the entire market share and reached to what we were at the pre-COVID times or probably some part of it is still more or less to gain?<\/p>\n

Gaurav Dua<\/strong>\u00a0—\u00a0Whole Time Director<\/em><\/p>\n

Yes. Definitely, what we have lost market share in last quarter one or quarter two last year, we are seeing the good momentum now and we are gaining the market share back. So definitely, we will recover. We have recovered. Now we’ll recover more.<\/p>\n

Vikas Jain<\/strong>\u00a0—\u00a0Equirus Capital Private Limited — Analyst<\/em><\/p>\n

Sure. Okay. And sir, second question with respect to the demand. Ramesh sir did mention that the demand environment continues to remain challenging. So probably is it like the — how would you — some comments with respect to how is the underlying market growing? And what do you think it will take for the market to normalize in what time period according to your estimates?<\/p>\n

Gaurav Dua<\/strong>\u00a0—\u00a0Whole Time Director<\/em><\/p>\n

So actually what we are hearing from the market there that we see — and this festive. There is demand contraction happening in some parts of India. Rural India is still not able to cover up what — contribute what it was contributing, but I think this is a temporary phenomenon. The inflation is now getting controlled and we will definitely see the uptake in coming quarters.<\/p>\n

Vikas Jain<\/strong>\u00a0—\u00a0Equirus Capital Private Limited — Analyst<\/em><\/p>\n

Understood. And sir, with respect to last — again, I would like to — with respect to penetration in South India, so how — can you broadly break our revenues across on a geographic basis? What is the contribution from the all four, North, West, East and South?<\/p>\n

Gaurav Dua<\/strong>\u00a0—\u00a0Whole Time Director<\/em><\/p>\n

So North contributes maximum to around 44%, put by East 22%, 28% West and 15% is South. And we are maintaining this from last year. It is similar.<\/p>\n

Vikas Jain<\/strong>\u00a0—\u00a0Equirus Capital Private Limited — Analyst<\/em><\/p>\n

Sure. And with respect to more distributors hiring in the South. Is that on time or how many have you added this year probably?<\/p>\n

Gaurav Dua<\/strong>\u00a0—\u00a0Whole Time Director<\/em><\/p>\n

So see, it’s not great achievement in adding more distributors. We have maintained what we were having. So always there will be a churn new addition and some people leaving. So it’s roughly around same.<\/p>\n

Vikas Jain<\/strong>\u00a0—\u00a0Equirus Capital Private Limited — Analyst<\/em><\/p>\n

Okay, sir. Thank you so much for the opportunity.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Kaustubh Pawaskar from Sharekhan by BNP Paribas. Please go ahead.<\/p>\n

Kaustubh Pawaskar<\/strong>\u00a0—\u00a0Sharekhan — Analyst<\/em><\/p>\n

Good afternoon, sir. Thanks for giving me the opportunity. Sir, my question is on the price, sir, what we have taken. So we have taken the price such to reduce the pricing gap between the lower price — the products which are [Indecipherable] and low price point products. But since you said that raw material prices have corrected, have we seen any price reduction undertaken by those bottom of the pyramid players or lower price point players in the market and because of which again the pricing difference what we were planning to reduce it has again gone up? Any sense on that?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

No. Now our prices are very competitive and there is no room for further price cut. We don’t have competition while we are very competitive based on shoe. And so I don’t think there is any room competitors can do much about it.<\/p>\n

Kaustubh Pawaskar<\/strong>\u00a0—\u00a0Sharekhan — Analyst<\/em><\/p>\n

Okay. So you don’t see any further price points happening in the market, right?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

No, no, not so.<\/p>\n

Kaustubh Pawaskar<\/strong>\u00a0—\u00a0Sharekhan — Analyst<\/em><\/p>\n

Okay. And sir, my second question, you have been consistently talking about expanding your capacity. So any guidance for capex going ahead and where you are planning to add capacity?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

No. Last year, whatever capacity we wanted to expand that has been expanded.<\/p>\n

Kaustubh Pawaskar<\/strong>\u00a0—\u00a0Sharekhan — Analyst<\/em><\/p>\n

Okay. So there is no — going to be any…<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

This year only money is going on molds, which are regular kinds of things, some repair molds and backward integration, some capital asset generation. That’s it.<\/p>\n

Kaustubh Pawaskar<\/strong>\u00a0—\u00a0Sharekhan — Analyst<\/em><\/p>\n

Okay. Any thoughts on your retail expansion plans by FY ’23 how much was reach and where you want to take it over the next three years?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Earlier, we were maintaining around 400. Now, we are expanding this year.<\/p>\n

Kaustubh Pawaskar<\/strong>\u00a0—\u00a0Sharekhan — Analyst<\/em><\/p>\n

Can you provide some numbers, sir?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

So earlier, we were running 400 outlets. Now we are planning to have 465 this year. 65 more additions.<\/p>\n

Kaustubh Pawaskar<\/strong>\u00a0—\u00a0Sharekhan — Analyst<\/em><\/p>\n

Okay. Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Omkar Ghugadre [Phonetic] from Shree investments. Please go ahead.<\/p>\n

Omkar Ghugadre<\/strong>\u00a0—\u00a0Shree investments — Analyst<\/em><\/p>\n

Yeah. My question was regarding — it’s from your investor presentation. So from FY ’21 to FY ’23, the average realization has gone up, but the number of pairs sold has decreased. So — and in this quarter, the average realization has gone down significantly, but number of pairs sold has been — has increased dramatically. So what’s the management’s view on this going forward? What could be the average cost of pair or like how it is supposed to be in the future?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Last year, we had done major [Indecipherable] in some of our categories like hawai. So that was the reason that our average selling price has gone down and our volume has gone up. So that is why volume is going up, but the average rate has gone down only because reduction in freight.<\/p>\n

Omkar Ghugadre<\/strong>\u00a0—\u00a0Shree investments — Analyst<\/em><\/p>\n

So from here on, what we can expect, a stabilization here or like…<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Stabilization. By and large stabilization.<\/p>\n

Omkar Ghugadre<\/strong>\u00a0—\u00a0Shree investments — Analyst<\/em><\/p>\n

Okay. You don’t see any upside from here on?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

On the whole year side because in this quarter mostly open footwear got on demand. Close footwear count is a bit concession. So overall, in the year, again, you will see our last year average price of INR160 will be back.<\/p>\n

Omkar Ghugadre<\/strong>\u00a0—\u00a0Shree investments — Analyst<\/em><\/p>\n

Okay. So for the current financial year, you are expecting around INR160 per pair realization.<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

It could be little high also depending upon the [Indecipherable] the little better than think will be further, but our around INR160, INR165 we can expect average.<\/p>\n

Omkar Ghugadre<\/strong>\u00a0—\u00a0Shree investments — Analyst<\/em><\/p>\n

Okay. And what about the number of pairs? I mean, what could be the ballpark estimate for that?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Definitely, from the last year, we are expecting double-digit growth in volume as we shared.<\/p>\n

Omkar Ghugadre<\/strong>\u00a0—\u00a0Shree investments — Analyst<\/em><\/p>\n

Okay. So around double-digit volume growth and around similar kind of average realization per pair or somewhat higher?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Yeah.<\/p>\n

Omkar Ghugadre<\/strong>\u00a0—\u00a0Shree investments — Analyst<\/em><\/p>\n

Okay. As far as the ROE and ROC is concerned, what’s your plan on next two, three years since it has come down dramatically again from FY ’21 to FY ’23?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Definitely, it will improve in coming years because last year was a tough year. Profits were under pressure and we did capex also. Next year, definitely, it will be much better than this FY ’23 and we can match with FY ’22. So it goes well.<\/p>\n

Omkar Ghugadre<\/strong>\u00a0—\u00a0Shree investments — Analyst<\/em><\/p>\n

Yeah. Because it has now come down to a single-digit now. That’s what — that’s why I am asking?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Definitely, should be at least between 15% to 20%. That is the intent and things are well. So definitely we will achieve that.<\/p>\n

Omkar Ghugadre<\/strong>\u00a0—\u00a0Shree investments — Analyst<\/em><\/p>\n

Okay. As far as the demand outlook is concerned, how are you seeing currently it is shaping up?<\/p>\n

Gaurav Dua<\/strong>\u00a0—\u00a0Whole Time Director<\/em><\/p>\n

So currently, there is a little challenging in the market. There is little demand contraction, but I think going forward, quarter two, quarter three onwards, it would be better<\/p>\n

Omkar Ghugadre<\/strong>\u00a0—\u00a0Shree investments — Analyst<\/em><\/p>\n

Okay. In the current quarter you are facing some demand issues?<\/p>\n

Gaurav Dua<\/strong>\u00a0—\u00a0Whole Time Director<\/em><\/p>\n

Yeah. Because what we — also what we’re hearing from the market that still rule is not back on track. It’s going to take a little time.<\/p>\n

Omkar Ghugadre<\/strong>\u00a0—\u00a0Shree investments — Analyst<\/em><\/p>\n

Okay. Any update on what could be the export percentage and how — is there any opportunity for Relaxo or like the home market is so large that you are not even bothered to think about or bothered to think about export market?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

I’m pleased to what you say. Exports we have done around 4.5% for revenue. And the way we are growing last two, three years time, we are getting double-digit growth and we have — [Indecipherable] also we are expecting the same towards [Indecipherable].<\/p>\n

Omkar Ghugadre<\/strong>\u00a0—\u00a0Shree investments — Analyst<\/em><\/p>\n

Okay. The margins were there are better than the home market or like how it is?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

It is like similar.<\/p>\n

Omkar Ghugadre<\/strong>\u00a0—\u00a0Shree investments — Analyst<\/em><\/p>\n

And which are the major countries you are exporting to?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

We are exporting to all these like regions we are growing like Gulf, Oceana region or even Africa. Even Central America has now showing back on track because during COVID time that was badly affected. So that also is going up. So all markets are good.<\/p>\n

Omkar Ghugadre<\/strong>\u00a0—\u00a0Shree investments — Analyst<\/em><\/p>\n

Okay. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Ankit Kedia from Phillip Capital.<\/p>\n

Ankit Kedia<\/strong>\u00a0—\u00a0Phillip Capital — Analyst<\/em><\/p>\n

Sir, 11% realization drop Y-o-Y and quarter-on-quarter, how much is due to price cut and how much is due to mix change or new — you introduced INR105 chappals also in the market last quarter. So can you give us that impact of mix versus price cut?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Overall, lowest price article that you’re talking that is very minimal. It has no any significant, it is just is entry barrier kind of an article. But otherwise whatever price cut we could do on account of fall in our raw material prices that we have done and that’s it. No more price cut. We’re competitive and optimistic. Things are growing. We are getting our market share back.<\/p>\n

Ankit Kedia<\/strong>\u00a0—\u00a0Phillip Capital — Analyst<\/em><\/p>\n

And sir, this 11% realization drop, can you quantify how much is due to mix and how much is due to price cut?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Very complicated, we have 400 articles, different articles, different pricing, different material consumption. So this is very difficult to quantify because article wise things are different.<\/p>\n

Ankit Kedia<\/strong>\u00a0—\u00a0Phillip Capital — Analyst<\/em><\/p>\n

Sir, is it fair to assume that the price cut in open footwear could be higher than the price cut in closed footwear if I have to take on blended basis?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Yeah, yeah. Because more polymers are required in open footwear. It’s not easy in our hawai slippers. Again, sports shoe upper are material, bottom with different material. So you’re right, in case of sports shoe, price cut was not in there. It was almost same.<\/p>\n

Ankit Kedia<\/strong>\u00a0—\u00a0Phillip Capital — Analyst<\/em><\/p>\n

Understood. So the wearing is the 75% open footwear, we would have — while in closed footwear which is around 25%, 30% of our business, we would have not tinkered with the places much?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

No, not much.<\/p>\n

Ankit Kedia<\/strong>\u00a0—\u00a0Phillip Capital — Analyst<\/em><\/p>\n

Understood. Sir, my second question is regarding promotions. We have seen higher promotional activity in the quarter in the market. Your competitors also in the month of January, February, March were very active by giving higher dealer commissions and even retailer commissions. So could you please elaborate how was our promotion activity in the quarter? And going forward, how are you looking at your A&P spend?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

So we maintain the A&SP spend little bit. So in terms of [Indecipherable], we always — we have — like depends category to category. Hawai, we have different types of schemes. In shoe division, we have different type of schemes. So seeing the demand, seeing the market scenario, seeing the pricing, we decide what kind of scheme we have to run and the competition also. So we don’t benchmark exactly. We see what is our need and then we show the scheme. So we do not exceed if competition is giving more, let’s give more. We have to analyze other situations also.<\/p>\n

Ankit Kedia<\/strong>\u00a0—\u00a0Phillip Capital — Analyst<\/em><\/p>\n

Sure. And what is the A&P target for next year and how much is it for this year if you can quantify?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

So like if you talk about A&SP, we do around 8% to 9% and we are maintaining this from last two, three years and just try to maintain a similar pattern in next — this coming year also.<\/p>\n

Ankit Kedia<\/strong>\u00a0—\u00a0Phillip Capital — Analyst<\/em><\/p>\n

Understood.<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

So this includes advertisement also in [Indecipherable] and promotion.<\/p>\n

Ankit Kedia<\/strong>\u00a0—\u00a0Phillip Capital — Analyst<\/em><\/p>\n

And how much would be pure advertising?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Roughly around 4.5%, 4%.<\/p>\n

Ankit Kedia<\/strong>\u00a0—\u00a0Phillip Capital — Analyst<\/em><\/p>\n

Understood, sir. And sir, if you can just share, one of your competitors in sports shoes is going very aggressive in EVOs [Phonetic]. While if I look at your EVO count for last four years has been pretty much flat at 390 odd EVOs. Why haven’t you expanded EVOs se in last four years? What is the risk you see in EVO expansion which has — while COVID years were the end two years, but still the expansion has not been compared to the market where we are seeing competitors expand EVOs. So if you can just talk a bit on that?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

You’re right, last two years we did expand. We wanted to make it little more efficient because we have to control our bottom line also and our article 75% is open footwear, 25% is sports shoe. Competition, you are comparing with only shoe outlets. So keeping in view balance, so our — as a strategy of our retail showroom was to showcase our products. Share of our retail outlet in the total scheme of thing is around 8%.<\/p>\n

Ankit Kedia<\/strong>\u00a0—\u00a0Phillip Capital — Analyst<\/em><\/p>\n

Right. And is it fair to assume the margins in EVOs would be just near double-digit and lower than the company average?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Yes, it’s lower than company average, but I think high-single-digit margin we earn interest in the category.<\/p>\n

Ankit Kedia<\/strong>\u00a0—\u00a0Phillip Capital — Analyst<\/em><\/p>\n

Understood, sir. Thank you so much and all the best, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Manish Poddar from Motilal Oswal AMC. Please go ahead.<\/p>\n

Manish Poddar<\/strong>\u00a0—\u00a0Motilal Oswal AMC — Analyst<\/em><\/p>\n

Yeah, hi. Thanks for taking the questions. So kindly three questions. One is can you help me with primary and secondary numbers for this quarter?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Can you repeat again? Can’t hear you.<\/p>\n

Manish Poddar<\/strong>\u00a0—\u00a0Motilal Oswal AMC — Analyst<\/em><\/p>\n

Primary and secondary numbers because you are saying that Q1 is still soft, but your volume numbers when I look at it 5.2 crores versus 4.2 crores of last year or 4.1 crores of this quarter — last quarter, they seem to be doing decent. So I’m just trying to understand what am I missing.<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

I think it’s a volume growth you are referring the number which you’re mentioning.<\/p>\n

Manish Poddar<\/strong>\u00a0—\u00a0Motilal Oswal AMC — Analyst<\/em><\/p>\n

Yes, volume growth.<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

We sold more open footwear in this quarter and lot of demand was there. So that’s why these numbers are very high as compared to earlier quarters.<\/p>\n

Manish Poddar<\/strong>\u00a0—\u00a0Motilal Oswal AMC — Analyst<\/em><\/p>\n

Okay. But would that be the case in the base quarter also?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

This quarter — the coming? This current quarter Q1 you are talking about?<\/p>\n

Manish Poddar<\/strong>\u00a0—\u00a0Motilal Oswal AMC — Analyst<\/em><\/p>\n

No, no. I’m just saying when I compare Q4 FY ’22 where you sold 4.2 crores pairs versus 5.2 crores pairs in this quarter, the mix would be similar, right? This point which…<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Also I think it will sustain.<\/p>\n

Gaurav Dua<\/strong>\u00a0—\u00a0Whole Time Director<\/em><\/p>\n

Mix is also similar, you’re right.<\/p>\n

Manish Poddar<\/strong>\u00a0—\u00a0Motilal Oswal AMC — Analyst<\/em><\/p>\n

So this growth is it the channel was running low on Relaxo products given our pricing and now it has stabilized? Is that a function of that or is it a lot of customer offtake also happening?<\/p>\n

Gaurav Dua<\/strong>\u00a0—\u00a0Whole Time Director<\/em><\/p>\n

No, no. It is like what we lost market share in Q1, Q2, Q3, now we are regaining that market share. So we are getting the space back as shelf.<\/p>\n

Manish Poddar<\/strong>\u00a0—\u00a0Motilal Oswal AMC — Analyst<\/em><\/p>\n

Okay, shelf space. Okay. And the second point is you were also doing pricing parity earlier. So where are we in the journey now? How is pricing across channels for you now?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Now we are very competitive. That is why we are able to get commissions.<\/p>\n

Manish Poddar<\/strong>\u00a0—\u00a0Motilal Oswal AMC — Analyst<\/em><\/p>\n

Okay. And just one last one, if you could give, let’s say, for FY ’23 as a whole just a broad brand-wise split between Sparx, Flite PU, Flite EVA and Relaxo?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Sparx is around 40%. Flite is around 38%. Rest is our Bahamas and Relaxo brand.<\/p>\n

Manish Poddar<\/strong>\u00a0—\u00a0Motilal Oswal AMC — Analyst<\/em><\/p>\n

So Sparx 40%, Flite is 28% and the rest is…<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Flite is 38%.<\/p>\n

Manish Poddar<\/strong>\u00a0—\u00a0Motilal Oswal AMC — Analyst<\/em><\/p>\n

Okay. And how much would be Flite PU and EVA in that 38%?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

40% something…<\/p>\n

Gaurav Dua<\/strong>\u00a0—\u00a0Whole Time Director<\/em><\/p>\n

Or you can say on 15% 23% like that.<\/p>\n

Manish Poddar<\/strong>\u00a0—\u00a0Motilal Oswal AMC — Analyst<\/em><\/p>\n

15%, 23%. And just one last one in Sparx…<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

23%, 15%.<\/p>\n

Manish Poddar<\/strong>\u00a0—\u00a0Motilal Oswal AMC — Analyst<\/em><\/p>\n

Sorry, I didn’t catch that number.<\/p>\n

Gaurav Dua<\/strong>\u00a0—\u00a0Whole Time Director<\/em><\/p>\n

So you were asking split of EVA and PU, EVA about 15% and PU was 23%.<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

[Indecipherable] the breakup we’re having.<\/p>\n

Manish Poddar<\/strong>\u00a0—\u00a0Motilal Oswal AMC — Analyst<\/em><\/p>\n

Thanks. Just one last one. In Sparx, how much was closed in Sparx?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Total close has been around 25%.<\/p>\n

Manish Poddar<\/strong>\u00a0—\u00a0Motilal Oswal AMC — Analyst<\/em><\/p>\n

45%. So…<\/p>\n

Gaurav Dua<\/strong>\u00a0—\u00a0Whole Time Director<\/em><\/p>\n

I think the query is within Sparx you’re asking?<\/p>\n

Manish Poddar<\/strong>\u00a0—\u00a0Motilal Oswal AMC — Analyst<\/em><\/p>\n

Yeah, within Sparx. So of this INR2,800 crores, you’re saying Sparx is roughly 40% of sales, so to roughly INR1,120 crores. How much is closed in that?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

So close is 40…<\/p>\n

Gaurav Dua<\/strong>\u00a0—\u00a0Whole Time Director<\/em><\/p>\n

40% is close and 60% is open in INR1,000 crores.<\/p>\n

Manish Poddar<\/strong>\u00a0—\u00a0Motilal Oswal AMC — Analyst<\/em><\/p>\n

In this level, so it’s roughly INR400 crores.<\/p>\n

Gaurav Dua<\/strong>\u00a0—\u00a0Whole Time Director<\/em><\/p>\n

INR400 crores to INR450 crores, yeah.<\/p>\n

Manish Poddar<\/strong>\u00a0—\u00a0Motilal Oswal AMC — Analyst<\/em><\/p>\n

Okay, fine. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Gaurang Kakkad from Haitong Securities. Please go ahead.<\/p>\n

Gaurang Kakkad<\/strong>\u00a0—\u00a0Haitong Securities — Analyst<\/em><\/p>\n

Yeah, hi, sir. Congrats on a good recovery in volumes as well as margins. I have two questions. Firstly, can you give the trend in terms of how the EVA prices are currently panning out? And what was the Q4 average pricing of EVA for you?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

EVA prices are stabilized. This was around INR170, that is what — this is at what rate we consume. On the margin maybe it’s INR160 only. The current quarter that is going on, it is around INR160, INR155. It keeps on changing a little bit here and there.<\/p>\n

Gaurang Kakkad<\/strong>\u00a0—\u00a0Haitong Securities — Analyst<\/em><\/p>\n

Okay. And last quarter in the base this would be very high, right, closer to INR250, INR300 Q4 FY ’22?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

It was INR250 for quarter one of this — past year and ’22, ’23.<\/p>\n

Gaurang Kakkad<\/strong>\u00a0—\u00a0Haitong Securities — Analyst<\/em><\/p>\n

Right. And currently, the prices are stable at around INR155, INR160 which is what the Q4 pricing — average pricing was?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Correct.<\/p>\n

Gaurang Kakkad<\/strong>\u00a0—\u00a0Haitong Securities — Analyst<\/em><\/p>\n

Okay. Thanks. And secondly, on the EVO outlet strategy, so you have been at those 400 outlets for some time now and it’s heartening to see that there is some plans in terms of expanding that by around like 15% this year. Now is it that we’ve got the model right in terms of EVO and now we can target healthy margins in the business or is it more so given that EVOs are largely Sparx brand focus, so we want to target aggressively and go aggressively on the Sparx brand. So what’s the strategy out here?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Once we are having more efficiency in our stores, so we have started expanding this year. We will continue the momentum the things are.<\/p>\n

Gaurang Kakkad<\/strong>\u00a0—\u00a0Haitong Securities — Analyst<\/em><\/p>\n

Okay. So like every year, you will have around 60, 70 store expansion in the EVO going ahead?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

We hope so.<\/p>\n

Gaurang Kakkad<\/strong>\u00a0—\u00a0Haitong Securities — Analyst<\/em><\/p>\n

Okay. And this high-single-digit margins largely is sustainable or we can target to a more closer to double-digit or even above once it’s like fully scaled up and maybe two, three years down the line?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Yeah, naturally. Down the line things will improve further, but we have to be always cautious slipping in new competition and competitive pricing. So once things will improve because when the sales improve, then efficiencies improve. Overheads start getting low. So ultimately, your bottom line improves.<\/p>\n

Gaurang Kakkad<\/strong>\u00a0—\u00a0Haitong Securities — Analyst<\/em><\/p>\n

Right. Yeah. That’s it from me. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Jasdeep Walia from Clockvine Capital. Please go ahead.<\/p>\n

Jasdeep Walia<\/strong>\u00a0—\u00a0Clockvine Capital — Analyst<\/em><\/p>\n

Hello, good afternoon, sir. Can you hear me?<\/p>\n

Ramesh Kumar Dua<\/strong>\u00a0—\u00a0Managing Director<\/em><\/p>\n

Yeah.<\/p>\n

Jasdeep Walia<\/strong>\u00a0—\u00a0Clockvine Capital — Analyst<\/em><\/p>\n

Sir, thanks for giving me this opportunity. Sir, my first question is [Technical Issues].<\/p>\n

Operator<\/strong><\/p>\n

Hello, this is the operator. Hello? Hello, this is the operator. Hello? Hello, this is the operator. Since there’s no response from your end, I’m going to have to disconnect your line. [Ends Abruptly]<\/p>\n","protected":false},"excerpt":{"rendered":"

Relaxo Footwears Limited (NSE:RELAXO) Q4 FY23 Earnings Concall dated May. 12, 2023. Corporate Participants: Sushil Batra\u00a0—\u00a0Chief Financial Officer Gaurav Dua\u00a0—\u00a0Whole Time Director Ramesh Kumar Dua\u00a0—\u00a0Managing Director Analysts: Prerna Jhunjhunwala\u00a0—\u00a0Elara Securities Private Limited — Analyst Aliasgar Shakir\u00a0—\u00a0Motilal Oswal — Analyst Vikas Jain\u00a0—\u00a0Equirus Capital Private Limited — Analyst Kaustubh Pawaskar\u00a0—\u00a0Sharekhan — Analyst Omkar Ghugadre\u00a0—\u00a0Shree investments — Analyst […]<\/p>\n","protected":false},"author":1905,"featured_media":71742,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"$Relaxo Footwears Limited (RELAXO) Q4 FY23 Earnings Concall Transcript #earnings #markets #investing","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6351,6349],"tags":[952],"class_list":["post-146093","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-consumer-stocks","category-transcripts","tag-consumer-goods"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":129543,"url":"https:\/\/alphastreet.com\/india\/relaxo-footwears-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":146093,"position":0},"title":"Relaxo Footwears Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"May 16, 2022","format":false,"excerpt":"https:\/\/youtu.be\/HnvXYkkBaQE Key highlights from Relaxo Footwears Limited (RELAXO) Q4 FY22 Earnings Concall Q&A Highlights: Tejas Shah with Spark Capital asked about the realization split increase which has happened between price increase and premiumization during FY22 and 4Q22. Ramesh Dua MD replied that price increase was in the range of 25%\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":129577,"url":"https:\/\/alphastreet.com\/india\/relaxo-footwears-ltd-relaxo-q4-fy22-earnings-concall-transcript\/","url_meta":{"origin":146093,"position":1},"title":"Relaxo Footwears Ltd. (RELAXO) Q4 FY22 Earnings Concall Transcript","author":"Staff Correspondent","date":"May 17, 2022","format":false,"excerpt":"Relaxo Footwears Ltd. (NSE: RELAXO) Q4 FY22 Earnings Concall dated May. 13, 2022 Corporate Participants: Akhil Parekh\u00a0--\u00a0Analyst Ramesh Kumar Dua\u00a0--\u00a0Managing Director Gaurav Dua\u00a0--\u00a0Executive Vice President - Marketing Analysts: Tejas Shah\u00a0--\u00a0Spark Capital Advisors (India) Private Limited -- Analyst Gaurav Jogani\u00a0--\u00a0Axis Capital Ltd. -- Analyst Bharat Chhoda\u00a0--\u00a0ICICI Securities Ltd. -- Analyst Mythili\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"stock earnings conference call transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":142860,"url":"https:\/\/alphastreet.com\/india\/relaxo-footwears-limited-q3fy23-earnings\/","url_meta":{"origin":146093,"position":2},"title":"Relaxo Footwears Limited Q3FY23 Earnings","author":"Karan_Singh","date":"February 27, 2023","format":false,"excerpt":"The largest footwear manufacturer in India, Relaxo Footwears Ltd, specialises in non-leather items such as kinds of footwear. It also dominates the footwear market for \"value.\" Reputable brands in its portfolio include Relaxo, Sparx, Flite, and Bahamas. The business offers its goods to retailers through distributors, retail stores, exports, and\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/01\/iStock-158636434.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/01\/iStock-158636434.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/01\/iStock-158636434.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/01\/iStock-158636434.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":145661,"url":"https:\/\/alphastreet.com\/india\/relaxo-footwear-ltd-q4fy23-results-out-revenue-declines-by-15\/","url_meta":{"origin":146093,"position":3},"title":"Relaxo Footwear Ltd Q4FY23 results out, revenue declines by 15%","author":"Chirag Gupta","date":"May 10, 2023","format":false,"excerpt":"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,\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"earnings preview","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-preview-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-preview-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-preview-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-preview-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-preview-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":155659,"url":"https:\/\/alphastreet.com\/india\/relaxo-footwears-ltd-q2fy24-100-rise-in-profits\/","url_meta":{"origin":146093,"position":4},"title":"Relaxo Footwears Ltd Q2FY24; 100% rise in Profits","author":"Chirag Gupta","date":"November 1, 2023","format":false,"excerpt":"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,\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-23.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-23.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-23.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-23.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-23.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/11\/image-23.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":158242,"url":"https:\/\/alphastreet.com\/india\/relaxo-footwears-ltd-q3fy24-30-rise-in-profits\/","url_meta":{"origin":146093,"position":5},"title":"Relaxo Footwears Ltd Q3FY24; 30% rise in Profits","author":"Chirag Gupta","date":"January 31, 2024","format":false,"excerpt":"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,\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/01\/image-157.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/01\/image-157.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/01\/image-157.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/01\/image-157.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/01\/image-157.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/01\/image-157.png?resize=1400%2C800&ssl=1 4x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/146093","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1905"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=146093"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/146093\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/71742"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=146093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=146093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=146093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}