Relaxo Footwears Ltd.'s (Relaxo) Q4FY21 result was marginally above estimates on key parameters. Strong demand traction for mass product supported sales volume in Q4, while better product mix and savings in promotional expenses as well as prudent cost management led to EBITDA margin improvement. Net sales increased by 38.3% YoY to Rs7,477mn, while EBITDA was higher by 69.3% YoY to Rs1,629mn. The company reported net profit of Rs1,022mn, higher by 97.2% over Q4FY20. After a robust Q4FY21, near term business may get impacted due to second wave of Covid-19 and statewide lockdown, however, we believe that Relaxo will continue to outperform the organized...