India's Relaxo Footwears at two-year low on fall in Q3 earnings
06/02/2023 10:07
** Shares of Relaxo Footwears Ltd RLXO.NS fall as much as
3.87% to 773.55 rupees, lowest in over 25 months
** Company on Friday reported Q3 net profit that more than
halved to 301 mln Indian rupees ($3.64 mln) from 701 mln rupees
a year earlier
** Q3 performance continues to remain weak on weak demand
and loss of market share to unorganised market - brokerage
Motilal Oswal
** Stock's valuation appears rich in a weak earnings cycle -
brokerage
** About 667,557 shares change hands, nearly 4x 30-day avg
of 170,825 shares
** Of 12 analysts tracking the company, 3 have "buy" rating,
3 "sell" and 6 "hold"; median PT 900 rupees - Refinitiv
($1 = 82.7350 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))