Relaxo Footwears Ltd, one of the best footwear company in India, has planned to invest Rs 150 crore in FY21 to establish a new manufacturing capacity in Bhiwadi (Rajasthan) to meet up the growing demand for open footwear such as slippers and sandals in the backdrop of the COVID-19 pandemic.

As per the company, Open footwear contributes approximately 80 percent of its total revenue. The company has mentioned that the demand for closed footwear has been adversely affected in the pandemic but it's likely to gain traction going forward due to the onset of winter.  In the latest quarter of Q2FY21, the consolidated revenue for the quarter Q2FY21 came in at Rs 575.87 crore as against Rs 621.77-crore in the corresponding quarter last year, registering a 7.38 percent YoY decrease. Meanwhile, the exports of the company contributed 4 percent of revenue for the quarter.

EBITDA for the quarter grew by 21.18 percent YoY to Rs 126 crore as against Rs 104.72 crore in the corresponding quarter last year, with a corresponding margin expansion of 520 bps. EBITDA margin for the quarter stood at 22.04 percent. The net profit for the quarter came in at Rs 75.1 crore as against Rs 70.54 crore in the corresponding quarter last year, with a YoY growth of 6.46 percent. On Monday, the stock of Relaxo Footwears surged two percent and made an intraday high of Rs 749.95 on BSE.

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