Relaxo Footwears falls 7%, hits 52-week low on Q2 performance
- After disappointing September quarter earnings, Relaxo Footwears shares fell 7% to Rs 908 on Thursday. Due to rising raw material costs, the company’s EBITDA margins fell 445 bps YoY and 400 bps QoQ to 8.9%.
- The stock went below its May 12, 2022 low of Rs 928. Relaxo Footwears fell 35% last year, while the S&P BSE Sensex rose 2%.
- Q2FY23 revenue down 6% to Rs 670 crore. Volumes in mass-market categories fell due to inflationary pressures and affordability issues.