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Dolat Capital Report
Relaxo Footwear Ltd.'s revenue declined 7% YoY to Rs 5.8 billion in Q2 FY21 - came ahead of our estimate.
Lockdown in select geographies resulted in drop in revenues. Nevertheless, recovery in Q2 was better than our expectation.
Gross margin/Ebitda expanded by 510/520 basis points mainly due to benign raw material prices and improved operating efficiencies during the quarter.
Going ahead, the margins would remain high versus peers considering larger contribution of distribution business compared to retail business.
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