Relaxo Footwears (RELAXO) Q1 24/25 earnings summary

Executive summary

• Q1FY25 revenue grew 1.3% year-over-year to ₹748.2 Cr, with 5.0 Cr pairs sold, but average realization per pair declined to ₹150.

• EBITDA margin contracted to 13.2% from 14.6% in Q1FY24; PAT fell 21.2% year-over-year to ₹44.4 Cr.

• Annual FY24 revenue rose 4.7% to ₹2,914 Cr, with EBITDA margin at 12.1% and PAT margin at 6.9%.

• Unaudited financial results for the quarter ended June 30, 2024, were reviewed and approved by the Board on July 31, 2024.

• Statutory auditors conducted a limited review and issued an unmodified report.

Financial highlights

• Revenue from operations for Q1 FY25 was ₹748.19 Cr, up from ₹738.82 Cr in Q1 FY24 and ₹747.21 Cr in Q4 FY24.

• Q1FY25 PAT at ₹44.4 Cr, down 21.2% year-over-year; PAT margin at 5.9%.

• FY24 revenue at ₹2,914 Cr, up 4.7% year-over-year; PAT at ₹200.5 Cr, up 29.8%.

• FY24 average realization per pair at ₹148, down from ₹161 in FY23.

• FY24 cash generated from operations at ₹302 Cr; capex at ₹232 Cr.

Outlook and guidance

• Management highlights strong growth potential in the Indian footwear industry, driven by rising disposable income, premiumization, and organized retail expansion.

• Focus remains on manufacturing excellence, product innovation, and expanding distribution.