Footwear major Bata India Ltd recorded a profit of Rs 63.65 crore for the quarter ended March 31, 2024, down 3 per cent in comparison to Rs 65.62 crore during the fourth quarter of FY23. It posted revenue from operations at Rs 797.87 crore, up 2.5 per cent as against Rs 778.59 crore during the same period of previous fiscal year. The results for the quarter are a factor of resilience despite sluggish demand conditions to drive growth in a sustainable manner with strong margin performance.
Bata’s portfolio casualisation strategy continued to work well, with the Sneaker category led by Power. Sneaker Studios expanded to 698 stores. Floatz achieved its highest ever quarterly turnover, enhanced by 11 Floatz Kiosk. Bata also launched its 1st Power EBO launched in Noida and the brand is planning to open another 5 shortly.
Bata currently has a network of 1329 COCO and Franchise stores. On the digital sales front, e-commerce performance was encouraging, it stated while adding that Bata achieved significant growth in e-commerce sales for previous year. “To enhance customer experience, Bata continued to renovate stores. 67 stores were renovated during the quarter with significant thrust towards portfolio newness with style & technology propositions,” it said in a statement.
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The company board also recommended a dividend of Rs 12 (240 per cent) per equity share of Rs 5 each, fully paid-up of the Company, for the financial year ended March 31, 2024. The payment of dividend, is subject to approval of the shareholders, at the AGM, it said. “Pursuant to Regulation 42 of the SEBI Listing Regulations, the Share Transfer Books and Register of the Members will remain closed from Thursday, August 1, 2024 to Wednesday, August 7, 2024 (both days inclusive) for the purpose of the 91st AGM and payment of dividend. Dividend on Equity Shares, if declared, at the 91st AGM will be paid from Thursday, August 22, 2024 onwards to those Members who are entitled thereto,” Bata India said.
Gunjan Shah, MD and CEO, Bata India Limited, said, “Bata India navigated well through the unforeseen sluggishness in the market driving towards sustainable growth led by brands backed by significant investments in marketing and technology. Our strategies helped us defend margins. With cautious control on costs and focus on efficiency and productivity, we were able to defend our margin growth across channels and maintain our standing in premium segments across brands like Red Label, Comfit, Power.”
“We added 24 Franchise Stores in the quarter, primarily in Tier 3- 5 towns to cater the demand for branded products and achieve better returns on capital. We are further bolstering our offering with international tie-ups, such as Hush Puppies and Nine West which saw a significant higher ASP driving premiumization. We are optimistic of demand revival going forward,” he added.
From: financialexpress
Financial News
