Relaxo Footwears' (Relaxo's) Q2FY2020 reported numbers are not comparable y-o-y due to implementation of Ind-AS 116. Revenue grew by 14.5% y-o-y driven by premiumisation and price hikes, while reported PAT grew by ~79% y-o-y helped by strong operating performance and a lower corporate tax rate. Implementation of Ind-AS 116 impacted profit before tax by Rs. 2.1 crore. Relaxo reported resilient performance amid slow discretionary environment and going ahead, its operating performance is likely to remain steady, backed by sustained volume...