04 February: Ending year on a good note, footwear brand Relaxo Footwears reported a 67 per cent jump in their net profit at Rs. 90 crore ($12.4 million) for the quarter that ended on December 31, 2020, against an Rs. 54 crore in the year-ago period. The revenue of the company for the quarter rose by 12 per cent to Rs. 672 crore.
However, Rs. 600 crore profit was recorded in the corresponding period last year. Selling under multiple brands like Sparx, Bahamas and Flite, Relaxo is one of the leading footwear makers in India that currently has over 300 exclusive-brand outlets across the country.
Sharing his take on the results and performance, managing director at Relaxo Footwears, Ramesh Kumar Dua quoted as said in a statement, “Covid-19 cases have started coming down sharply increasing mobility along with continuous improvement in economic activities. Demand conditions have started improving across categories and geographies. The successful rollout of vaccine gives further hope for the betterment of the economy; however, we continue to remain cautious about the rising raw material prices.”
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Further, he added, “We continuously strive to deliver profitable growth by expanding our product offerings, cost control, strengthening market share across key geographies, and penetrating in newer geographies. Our key focus remains value creation for customers and providing them with the best product quality and continuous product innovation.”
