Bata India Ltd Share Price – NSE  /  BSE

Leather, Small Cap

Revenue from operations rose 0.36% to Rs 903.47 crore in Q3 FY24 as compared with Rs 900.21 crore in Q3 FY23, growth driven by premium categories, despite muted demand.

In Q3 FY24, profit before tax declined 28.90% to Rs 78.03 crore from Rs 109.76 crore recorded in the same period last year.

During the quarter, gross profit expanded by 119 bps showcasing consistent efficiency improvements across operations in its commitment to the strategic priorities towards sustainable profitable growth.

The company said that Floatz business continues to do exceptionally well with growth of 65%, enhanced by floatz banner in 7 new stores.

During the quarter, 36 stores were renovated to provide an elevated brand experience. Network expansion 54 net new stores, franchise & COCO expansion, it added.

Meanwhile, the company’s board accorded its in-principal approval for monetizing the company's freehold industrial land admeasuring approximately 11.54 acres situated in Faridabad, subject to necessary process and formalities being completed.

Gunjan Shah, MD and CEO, Bata India, stated, “Despite persistent market headwinds accentuated in discretionary spending, we continued to invest in new product launches, enhancing customer experience and expanding our reach across channels & markets. We saw handsome growth in Red Label, Floatz, Comfit and Hush Puppies.

Our strategy for premiumization continues progressively. Prudent expansion of our retail network and marketing investments continue to be our key strategy. We launched our latest campaign “Every Walk is a Ramp Walk” that has met encouraging response and impact on the brand.

We would continue to focus on efficiency and productivity backed by digital transformation for future readiness with cautious optimism.”

Bata India is the largest retailer and manufacturer of footwear in the country. The company is engaged in the business of manufacturing and trading of footwear and accessories through their retail and wholesale network. Their products include leather footwear, rubber/canvas footwear and plastic footwear.

Powered by Capital Market - Live News

Net profit of Bata India declined 30.30% to Rs 57.98 crore in the quarter ended December 2023 as against Rs 83.19 crore during the previous quarter ended December 2022. Sales rose 0.36% to Rs 903.47 crore in the quarter ended December 2023 as against Rs 900.21 crore during the previous quarter ended December 2022.

Powered by Capital Market - Live News

Bata India will hold a meeting of the Board of Directors of the Company on 1 February 2024.

Powered by Capital Market - Live News

Revenue from operations declined marginally to Rs 819.12 crore during the quarter as compared with Rs 829.76 crore reported in the same period a year ago.

Profit before tax & exceptional items stood at Rs 87 crore in Q2 FY24, registering a growth of 20.75% from Rs 72.05 crore posted in Q2 FY23. During the quarter, a scheme for voluntary retirement (VRS) was introduced at a manufacturing unit and Rs 409 crore was offered for the same and is disclosed as an exceptional item.

Bata India has opened 30 new stores in nearly 25 cities. This expansion strategy includes both franchise-owned stores and Shop-in-Shop (SIS) outlets, consisting over 39%.

Gunjan Shah, MD and CEO, Bata India, said, “Despite navigating through short-term demand headwinds in the quarter gone by, our focus on efficiency and productivity was reflected in robust operating profit margin growth. Prudent expansion of our Retail Network and marketing investments continue to be our key strategy.

We continue to flesh out new opportunities across our value chain. We remain focused on cost efficiency across all operations including manufacturing facilities and optimizing our resources. In line with our strategy of sustainable profitable growth, we continue to expand across tiers in capital efficient manner, digital channels and make investments in elevating customer experience & brand marketing.”

Bata India is the largest footwear retailer in India, offering footwear, accessories, and bags across brands such as Bata, Bata Red Label, Hush Puppies, Naturalizer, Power, Marie Claire, Weinbrenner, North Star, Scholl, Bata Comfit and Bubble gummers, to name a few.

Shares of Bata India advanced 1.89% to Rs 1,585.95 on the BSE.

Powered by Capital Market - Live News