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Relaxo Footwear is one of the largest footwear manufacturers in India, serving the country for four decades. The company’s quarterly standalone financial results reveal that the operating profit for Q2FY23 was ₹65.09 crore as compared to ₹123.89 crore for Q2FY22, a decrease of 47.46 per cent. Net sales for Q2FY23 stood at ₹669.65 crore, recording a decrease of 6.27 per cent as compared to ₹714.43 crore in the same quarter last year. The net profit was recorded at ₹22.40 crore in Q2FY23, which had been reported to be ₹68.69 crore in Q2FY22, thus reducing to 67.39 per cent. On an annual basis, the company reported a positive performance of net sales with ₹2,653.27 crore for FY22, zooming 12.47 per cent from the previous year’s value of ₹2,359.15 crore. 

The operating profit reached ₹439.47 crore as compared to ₹518.26 crore for FY21, which has decreased by 15.2 per cent. The net profit made was ₹232.68 crore for FY22 as compared to a net profit of ₹291.56 crore for FY21, which has decreased by 20.19 per cent. The company’s focus on cost optimisation and product premiumisation with the launch of new products and ranges and e-commerce initiatives will aid in capturing the rising close footwear demand. Hence, we recommend BUY.





SRF Limited is a chemical-based multi-business entity engaged in the manufacturing of industrial and specialty intermediates. According to the Q2FY23 results announced on the latest basis, net sales and other operating income have gone up 1.31 per cent in Q2FY23 on a YoY basis from ₹2,838.97 crore to ₹3,727.78 crore. Operating profit has zoomed 16.88 per cent to ₹801.85 crore in September 2022 as compared to ₹686.07 crore recorded in Q2FY21. The quarter was successful in recording a net profit of ₹480.99 crore as compared to a net profit of ₹382.45 crore seen in Q2FY21. On an annual basis, in FY22 the net sales and operating income stood at ₹12,433.66 crore, 48.02 per cent higher than ₹8,400.04 crore in FY21. Operating profit advanced by 46.33 per cent from ₹2,199.68 crore in FY21 to ₹3,218.71 crore in FY22. The company continued to report a net profit of ₹1,888.92 which grew from ₹1,197.94 crore, 57.68 per cent on a YoY basis. The chemicals business has been constantly contributing more in terms of revenue share driven by new products witnessing significant traction and downstream derivatives registering healthy growth. The board of SRF has approved a capex plan worth ₹604 crore to set up four new plants for the agrochemical space during the quarter. This has put SRF in a healthier position for continuing its upward journey in terms of growth in the business. Hence, we recommend BUY.





Incorporated in 2006, Barbeque Nation is one of the leading casual dining chains in India. Barbeque Nation Hospitality Limited (BNHL) is a pioneer in ‘over the table barbeque’ live grills embedded in dining tables. Having a significant presence in India’s hospitality sector, Barbeque Nation is one of the most visited and widely recognised restaurant brands in the rapidly growing casual dining restaurant markets of India. The company’s quarterly consolidated financials recorded an operating profit for Q2FY23 of ₹73.45 crore as compared to the operating loss of ₹ 10.43 crore for Q2FY22. 

Net sales for Q2FY23 stood at ₹314.87 crore as compared to the net sales of ₹101.98 recorded in Q2FY22, growing beyond 200 per cent. The company recorded a net profit of ₹ 16.03 crore in Q2FY23 as against a net loss of ₹43.86 crore recorded in Q2FY22. Analysing on an annual basis, in FY22 the net sales have improved by 69.71 per cent to ₹860.55 crore as compared to ₹507.08 crore reported in FY21. The operating profit advanced 73.11 per cent to ₹160.01 crore as compared to an operating profit of ₹92.43 crore posted for FY22. Net loss for FY22 lowered to ₹25.19 crore as compared to a net loss of ₹91.89 crore recorded in FY21. From Q1FY19 to Q1FY23, the revenues have been growing at CAGR of 15.2 per cent despite the impact of the pandemic. The latest reported quarter saw strong dine-in performance led by volume and average realisation growth.

Despite a challenging inflationary environment, the company also reported the highest ever gross margins in this quarter led by its focused approach on improving operating efficiencies, calibrated price increases and change in business mix in favour of dine-in business. Barbeque Nation added 11 new restaurants, taking the total owned restaurant network to 195 as of June 2022. Hence, considering the company’s continuous focus to grow and build one of India’s largest food services companies owning its restaurant brands, we recommend HOLD. 




Life Insurance Corporation (LIC) is the largest insurance provider company in India. It has a market share of above 66.2 per cent in new business premium. The company offers participating insurance products and non-participating products like unit-linked insurance products, saving insurance products, term insurance products, health insurance, and annuity and pension products. The company’s individual product portfolio in India comprises 32 individual products (16 participating products and 16 non-participating products) and seven individual optional rider benefits. The corporation’s group product portfolio in India comprises 11 group products.

On the quarterly consolidated financial front, the net premium income was reported at ₹98,351.76 crore for Q1FY23, improving by 20.35 per cent as compared to ₹81,721.41 crore reported for Q1FY22. The net commission income calculated for Q1FY23 was ₹5,025.38 crore which grew 20 per cent from ₹4,187.66 crore reported in Q1FY22. For Q1FY23, the company’s net profit grew multi-fold partly led by higher contribution from shareholders’ account due to changes in surplus distribution policy. On the annual front, for FY22 the company saw its net premium income growing from ₹402,844.34 crore reported in FY21 to ₹427,419.21 crore for FY22. Net commission income improved from ₹22,169.91 crore in FY21 to ₹23,171.45 crore in FY22.

The quarter also saw new product launches and digitalisation to boost growth in the future. The company witnessed a recovery in its market share in Q1FY23 and is likely to hold on to its dominant position in the life insurance domain for the upcoming period. The pandemic was like a reality check for the people to re-think and re-assess their financial planning. The overall perception of life insurance products is seeing a shift to a necessary product rather than a push product. Bearing an optimistic outlook for the coming period towards the insurance sector as well as the company, LIC is all set to prosper further. Hence, we recommend HOLD.