Bata India declined 1.47% to Rs 1,438.10 after the company's consolidated net profit tumbled 30.30% to Rs 57.97 crore in Q3 FY24 as compared with Rs 83.19 crore posted in Q3 FY23.
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 companys 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.
More From This Section
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
Disclaimer: No Business Standard Journalist was involved in creation of this content
