Saurabh Mukherjea’s exit not end of woes for Relaxo Footwears. Stock hits 52-week low on poor Q3

Relaxo Footwears’ net profit fell 57 percent year-on-year to Rs 30 crore in Q3 FY23, and net profit margin stood at 4.4 percent as compared to 9.4 percent in the year-ago period

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Relaxo Footwears has been in the news for all the wrong reasons. Rising raw material prices and growing competition have been eating into the company’s profits, recently prompting star fund manager Saurabh Mukherjea to exit his stake in the footwear maker.

The October-December 2022 period (Q3) was no different for the company. Its revenue from operations fell 8 percent on-year to Rs 681 crore weighed down by subdued demand in mass segment articles.

Profit after tax fell 57 percent YoY to Rs 30 crore in the third quarter, and net profit margin stood at 4.4 percent as against 9.4 percent a year ago.

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