India's Relaxo Footwears posts Q4 revenue jump on strong customer demand
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Indian footgear seller Relaxo Footwears Ltd. posted a 9.6% jump in fourth-quarter revenue on Wednesday, as demand for its shoes and slippers remained strong despite high raw material costs.
The maker of Sparx sports shoes and Flite slippers said that revenue from operations rose to 7.65 billion Indian rupees ($93.54 million) for the quarter ended March 31, 2023 from 6.98 billion rupees a year earlier.
Growth in the topline comes after past price hikes, undertaken by the company to battle higher costs, failed to dent customer appetite for its branded products.
Analysts had noted that a good wedding season and festivals such as Holi could have led to an improvement in demand in the quarter.
Profit for the company, however, rose a bare 0.6% to 633 million rupees year-on-year, as increased costs hit margins. Total expenses in the quarter mounted 10.32%, the company said in an exchange filing.
Relaxo also announced a final dividend of 2.50 rupees per share held.
The company's stock ended 3.10% higher after results on Wednesday.
($1 = 81.7800 Indian rupees)
