Buy Relaxo Footwears, target price Rs 1020: Axis Securities

Relaxo Footwears Ltd. key Products/Revenue Segments include Footwear, Scrap, Others, Wind Power, Export Incentives and Other Operating Revenue for the year ending 31-Mar-2023.

By ETMarkets.com | Nov 21, 2023, 09.35 AM IST

Promoters held 70.78 per cent stake in the company as of 31-Dec-2021, while FIIs owned 3.81 per cent, DIIs 7.08 per cent.

Axis Securities has buy call on Relaxo Footwears Ltd. with a target price of Rs 1020. The current market price of Relaxo Footwears Ltd. is Rs 900.

Relaxo Footwears Ltd., incorporated in the year 1984, is a Mid Cap company (having a market cap of Rs 22455.51 Crore) operating in Leather sector.

Relaxo Footwears Ltd. key Products/Revenue Segments include Footwear, Scrap, Others, Wind Power, Export Incentives and Other Operating Revenue for the year ending 31-Mar-2023.

Financials
For the quarter ended 30-09-2023, the company reported a Standalone Total Income of Rs 725.86 Crore, down -2.71 % from last quarter Total Income of Rs 746.09 Crore and up 7.49 % from last year same quarter Total Income of Rs 675.31 Crore. Company reported net profit after tax of Rs 44.19 Crore in latest quarter.

Promoter/FII Holdings
Promoters held 71.27 per cent stake in the company as of 30-Sep-2023, while FIIs owned 3.24 per cent, DIIs 8.53 per cent.

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