India's Relaxo Footwears hits near 1-1/2 yr low after profit slump
03/11/2022 07:39
** Shares of footwear maker Relaxo Footwears RLXO.NS fall
as much as 6.8% to 910 rupees, mark sharpest intraday pct loss
since May 12
** Stock hits lowest level since May 18, 2021
** RLXO on Wednesday reported a 67.4% drop Y/Y in profit for
Sept.-qtr to 224 mln Indian rupees ($2.70 million)
** Rev from ops fell 6.3% to 6.70 bln rupees
** Managing Director Ramesh Kumar Dua said company took
"aggressive price correction" in Sept. as "consumers were facing
inflationary pressures"
** Co further faced "high volatility and unpredictability"
in raw material prices, most of which are imported, he added
** More than 759,000 shares change hands by 0723 GMT, 5.3X
the 30-day avg of 141,955 shares
** Three of 11 analysts covering the stock have a "buy"
rating, 4 have "hold" while 4 rate it at "sell" or "strong
sell"; median PT is 1,057 rupees - Refinitiv data
** Stock down 25.65% YTD, as of last close
($1 = 82.8700 Indian rupees)
(Reporting by Ashish Chandra in Bengaluru)
((ashish.chandra@thomsonreuters.com (+91 7982114624))