Relaxo Footwears announced Q3FY24 & 9MFY24 results: Highlights for Q3FY24: Revenue reached Rs 713 crore, showing a 5% YoY growth compared to Rs 681 crore in Q3FY23. The growth is attributed to higher sales volumes during the period. EBITDA stood at Rs 87 crore in Q3FY24, reflecting a 21% YoY growth from Rs 72 crore in the corresponding quarter of the previous year. The EBITDA margin increased to 12.2%, up by 162 bps from 10.6% in Q3FY23, driven by softening raw material prices and operational efficiencies. Profit after Tax reached Rs 39 crore in Q3FY24, marking a 28% YoY increase from Rs 30 crore in Q3FY23. The PAT margin improved by 99 bps, standing at 5.4% in Q3FY24 compared to 4.4% in the corresponding quarter of the previous year. Highlights for 9MFY24: Revenue reached Rs 2,167 crore, reflecting a 7% increase compared to Rs 2,018 crore in 9MFY23. EBITDA stood at Rs 286 crore in 9MFY24, showing a significant 31% increase from Rs 218 crore in 9MFY23. The EBITDA margin improved to 13.2%, up by 242 bps from 10.8% in 9MFY23. Profit after Tax reached Rs 139 crore in 9MFY24, marking a substantial 53% YoY improvement from Rs 91 crore in 9MFY23. The PAT margin increased to 6.4% in 9MFY24, up by 190 bps from 4.5% in 9MFY23. Commenting on the results and performance, Ramesh Kumar Dua, Managing Director said: “We have achieved a modest performance during the quarter, both in terms of revenue and profitability, as the market continues to remain challenging. The volume growth in open footwear has significantly contributed to positive momentum. Softening of raw material prices on a YoY basis has contributed to better margins, which was partly offset by increased expenses. To have a direct connection with consumers and to control discounts, we have started selling products on marketplaces as “Brand As Seller” and on the company’s website. We are initiating direct connect programs with Multiple Brand Outlets by offering direct benefits to retailers. We anticipate that these strategic initiatives will improve our growth going forward.” Result PDF