India's Relaxo Footwears Q2 profit nearly doubles on solid demand
01/11/2023 10:15
BENGALURU, Nov 1 (Reuters) - India's Relaxo Footwears
RLXO.NS reported a 97.3% surge in second-quarter profit on
Wednesday, helped by strong demand for its shoes and slippers
even as its expenses climbed.
The company, which makes the Sparx sports shoes, reported a
profit of 441.9 million rupees ($5.31 million) in the quarter
ended Sept. 30, up from 224 million rupees a year earlier.
Revenue from operations climbed 6.8% to 7.15 billion rupees,
according to an exchange filing. Its expenses rose 3.2% to 6.65
billion rupees, led by a 2.6% increase in raw material costs.
The growth in topline came after the demand for its branded
products remained strong despite prices being hiked to cushion
the impact of higher costs.
Shares of Relaxo Footwear jumped as much as 6.7% to 957.90
rupees, their highest level since Aug. 14, with heavy trading
volume. They were down 0.9% in the July-September quarter.
Peer Bata India BATA.NS will report its results next week.
($1 = 83.2518 Indian rupees)
(Reporting by Rama Venkat in Bengaluru; editing by Eileen
Soreng)
((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;
+91 8095218099;))