Relaxo Footwears sees net profit creep up in FY23 Q4

By

Isabelle Crossley

Published
May 12, 2023

Relaxo Footwears saw its net profit increase slightly to Rs 63.3 crore in the fourth quarter of the 2023 financial year compared to Rs 62.93 crore in the fourth quarter of the 2022 financial year. The business is confident that it is regaining market share without having to reply on discounts. 

“We are now a debt-free company with robust cash flow from operations, due to our strong working capital management,” said Relaxo Footwears’ managing director Ramesh Kumar Dua, ET Retail reported. “We believe these factors will help us to maintain our growth trajectory in the coming quarters.”
 
Relaxo Footwears’ total income increased by 9.2% to reach Rs 769.26 crore in the fourth quarter of the 2023 fiscal, compared to a total of Rs 704.1 crore in the year-ago period. The 2023 financial year as a whole saw Relaxo Footwears’ total income reach Rs 2,801.34 crore, 4.6% increase from its total of Rs 2,676.99 crore the year before. 

“Our strong brand identity, robust distribution channels and effective marketing strategies have facilitated our growth across categories, backed by our strong manufacturing facilities,” said Dua. “Raw material prices have stabilised, enabling us to offer competitive prices in the market.”