Relaxo Footwears (RELAXO) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue declined 6.4% year-over-year to ₹666.9 Cr; 9M FY25 revenue down 3.3% to ₹2,094.5 Cr.

• Q3 FY25 PAT fell 14.4% year-over-year to ₹33.0 Cr; 9M FY25 PAT down 18% to ₹114.1 Cr.

• Board approved unaudited financial results for Q3 and 9M FY25; auditors issued an unmodified limited review report.

• Volume growth: Q3 FY25 pairs sold up to 4.7 Cr from 4.0 Cr year-over-year; 9M FY25 at 14.5 Cr vs 13.2 Cr.

• Average realization per pair declined to ₹157 in Q3 FY25 from ₹166 year-over-year.

Financial highlights

• Q3 FY25 EBIT margin at 8.1% (down 120 bps year-over-year); PAT margin at 4.95% (down 46 bps).

• Diluted EPS for Q3 FY25 at ₹1.32 (down 14.3% year-over-year); 9M FY25 at ₹4.58 (down 17.9%).

• Gross margin for Q3 FY25 was 65.9%.

• Annual FY24 revenue grew to ₹2,914 Cr; PAT at ₹200.5 Cr with a margin of 6.9%.

• Net worth as of H1 FY25 at ₹2,011 Cr; net debt at ₹(151) Cr (net cash position).

Outlook and guidance

• Management highlights strong industry growth drivers: rising disposable income, premiumization, and shift to branded footwear.

• Focus on cost optimization, manufacturing excellence, and expanding distribution network to drive future growth.

• ICRA reaffirmed long-term rating at [ICRA] AA (Stable) and short-term at [ICRA] A1+.