Sushil Batra
CFO, Relaxo Footwears Limited
Q1FY24, the company posted robust growth in sales and profit. What were the factors which contributed and fueled your growth?
Q1FY24 results were an outcome of favourable market conditions as well as various operational and strategic operations undertaken by the company. The gradual easing of inflationary pressures and correction in key raw material prices helped bolster operating efficiency and profitability. Moreover, the expectation of stable raw material prices will positively help the company in sustaining its profit margins.
This quarter saw strong volume uptake, particularly in the open footwear segment which has higher demand during the summer season. Relaxo witnessed a y-o-y volume growth of 33 per cent, selling 5.1 crore pairs in this quarter which reinforces the trust that customers place in the brand and product quality. Relaxo continues to drive success with its customer-centric approach by offering highly competitive prices without compromising on product quality.
The in-house manufacturing capabilities act as a key differentiator for the company since it helps in ensuring consistent product quality at the lowest cost. The strong brand recall in the market has solidified Relaxo’s reputation as a trusted footwear company. To simplify, the remarkable growth witnessed in this quarter can be attributed to a blend of favourable market conditions, competitive pricing strategies and strong open footwear demand in the summer season. As the largest footwear manufacturer in India, Relaxo is dedicated to not only meeting but exceeding customer expectations, driving the growth of the Indian footwear industry, and leaving a lasting impact on the market.
This story is from the August 14, 2023 edition of Dalal Street Investment Journal.
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This story is from the August 14, 2023 edition of Dalal Street Investment Journal.
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