The footwear major's consolidated net profit rose 15% to Rs 83.19 crore on 7% increase in net sales to Rs 900.21 crore in Q3 FY23 over Q3 FY22.
On a consolidated basis, the company clocked a profit before tax (PBT) of Rs 109.76 crore in the third quarter, up 12.9% YoY.On a standalone basis, Bata India's net profit stood at Rs 83.11 crore as against net profit of Rs 72.36 crore in the quarter ended December 2021, showing a growth of 14.9%.
Revenue from operations for the quarter stood at Rs 900.21 crore (a growth of 7% over quarter ended December 2021).
The operating profit stood at Rs 102.1 crore, a growth of 22% over the quarter ended December 2021.
Bata India said that the results for the quarter showcased momentum behind the strategic levers driving strong portfolio evolution, strong footprint expansion across touchpoints coupled with improving cost efficiencies, helping drive revenue growth and increased margins despite significant inflationary pressure.
The company renovated 35 stores were during the quarter and opened 39 new Franchise stores taking the total number to 390+. Distribution channel continued to scale up to 1150+ towns.
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Bata said that it continued implementation of cost-savings measures across operations and manufacturing and it has also stepped-up infrastructure to enhance productivity and efficiencies in supply chain.
Gunjan Shah, MD and CEO - Bata India, stated: Continuous focus on refreshing product portfolio with our strategy of casualization and offering premium fashionable products reflected in overall ASP growth and expansion in share of our premium category brands like Hush Puppies, Marie Claire, Red Label, etc., that was backed by festivity and wedding season in the quarter. We also saw encouraging demand for our comfort and casual wear ranges of Bata Comfit, Floatz, etc. The quarter also marks highest ever addition of Franchise stores with total footprint crossing the 2000+ milestone for the 1st time.
We continue to drive various cost optimization initiatives across the value chain. In the mass categories, the demand remains sluggish due to the inflationary pressures. We have continued investments in marketing and technology to fuel accelerated momentum.
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. It retails in more than 1950 Bata own, shop-in-shops and franchisee stores, on bata.in and in thousands of multi-brand footwear dealers stores pan-India.
Shares of Bata India fell 0.14% to Rs 1,498.95 on the BSE.
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