Relaxo Footwears Limited (Relaxo) posted mixed numbers in Q4FY2020 with revenues declining by 15% y-o-y (affected by lockdown) but higher gross margins leading to a 282 bps rise in reported OPM to 17.8% (comparable OPM improved by ~70 bps to 15.7%). FY2020 revenues grew by 5.2%y-o-y affected by lockdown in the fag end of Q4FY2020 (9MFY2020 revenue grew by 12.9%). Volumes declined by 2.7% in FY2020 affected by a lockdown in the last 1015 days of March and higher sales of premium products (~20% of overall revenues). Q1FY2021 performance would be affected by no sales during the lockdown period. Gradual opening of lockdown would help in recovery in...