The net profit of the Relaxo Footwear company rose 24.9% to Rs 38.67 crore from a 34.2% increase in net sales to Rs 667.15 crore in the first quarter of the financial year.

Profit before tax rose by 33.1% to Rs 53.58 crore yearly in the first quarter. Total expenses were up 33.7% YoY to Rs 617.74 crore. The cost of consumed raw materials rose 30.1% to Rs 306.94 crore in Q1FY23 over Q1FY22.

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Relaxo said: “there was a fire at one of its rented warehouses in Haryana on 28 May 2022 where finished goods stored and goods worth Rs 31.87 crore destroyed. The company has accounted for a loss of Rs 1.59 crore as per the excess clause of the insurance policy. It has filed an insurance claim, and its final resolution will take time. Overall, this incident has not impacted the business operations, it added.

Relaxo Footwears is engaged in the production of Hawaii slippers, lightweight slippers, canvas shoes, PVC footwear etc. Also, Relaxo Footwears’ shares were down 2.93% to Rs 958.45 on the Bombay Stock Exchange (BSE).