Relaxo Footwears' net profit rose 24.9% to Rs 38.67 crore on 34.2% increase in net sales to Rs 667.15 crore in Q1 FY23 Q1 FY22.
Profit before tax rose by 33.1% year-on-year to Rs 53.58 crore in the quarter ended 30 June 2022.Total expenses were up 33.7% YoY to Rs 617.74 crore. Cost of raw materials consumed rose 30.1% to Rs 306.94 crore in Q1 FY23 over Q1 FY22.
Relaxo said that there was a fire at one of its rented warehouse in Haryana on 28 May 2022 where finished goods were stored and goods worth Rs 31.87 crore were destroyed. The company has accounted for a loss of Rs 1.59 crore as per excess clause of insurance policy. It has filed the insurance claim which will take time in final settlement. Overall, this incident has not impacted the business operations, it added.
Relaxo Footwears is engaged in production of Hawaii slippers, light weight slippers, canvas shoes, PVC footwear etc.
Shares of Relaxo Footwears were down 2.93% to Rs 958.45 on the BSE.
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