May 28: Relaxo Footwears has recently witnessed a 97 per cent rise in its net profit at Rs. 102 crore in the fourth quarter which had ended on March 31. The sum was against a total of the net profit of Rs. 52 crore received during the same period corresponding year.
The revenue of the company for the quarter had risen by 38 per cent at Rs. 748 crore during the period under the review against Rs. 541 crore in the same quarter of the corresponding financial year.
However, for the financial year 2020-2021, the company’s net profit jumped to 29 per cent to Rs. 292 crore with a revenue of Rs. 2,359 crore.
Relaxo is among the most celebrated footwear brand and one of the leading ones in the Indian footwear market. It sells under brands such as Bahamas, Flite and Sparx. Currently, it has over 300 exclusive brand outlets spread Pan India.
Sharing his take over the recent development, Ramesh Kumar Dua, managing director at Relaxo Footwears, in a statement said: “In a challenging market environment, we have delivered a strong financial performance for the quarter on both the top-line and bottom-line and closed the year on a positive note. The company achieved 97 per cent growth in profit during the quarter due to strong top-line growth helped by low base of last year along with a continuous focus on cost optimization.”
Further, he also added, “Despite challenging times, our business ecosystem has withstood the disruption and demonstrated agility and resilience across the value chain. Our focus on selling and administrative expenses have helped us to improve our profitability during the quarter and the year, however, we are cautious about the recent rising trend of raw material prices.”