The company is engaged in manufacturing and trading of footwear and related products and is a market leader in the economic category. Its brands include Hawaii, Flite, Sparx, Schoolmate, Elena, Casualz and Bahamas. In Q1FY19, its revenue was up by 17.3 percent YoY led by good volume growth. EBITDA increased by 16.9 percent YoY due better product mix and operating efficiencies. Adjusted PAT rose by 23 percent YoY. The company is focusing to expand its distribution to western and southern markets in India. Also, the GST rate cut from 18 percent to 5 percent on footwear ranging from Rs 500 to Rs 1000 would benefit the company. It plans to add 50 outlets to its current network of 300 outlets, which would generate Rs 200 crore towards revenue. Thus, we recommend it as a BUY.