Bata shares fall 3% after weak net profit numbers

While Bata’s revenue was up 2 percent YoY at Rs 971 crore, the number missed estimates by almost 9 percent, according to Motilal Oswal.

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Bata shares were down 2.78 percent at Rs 1653 at 9.37 am after the its net profit fell 9.6 percent year-on-year (YoY) to Rs 107 crore in the April-to-June quarter.

Bata’s revenues was up 2 percent YoY at Rs 971 crore in the same period. However, the revenue number missed estimates by almost 9 percent, said Motilal Oswal. Gross margin contracted 190 basis points YoY to 54.7 percent. Bata did not witness any improvement in gross margins unlike other footwear players, said Motilal Oswal.

The company is yet to conduct its earnings conference call. Brokerages will review Bata after the conference call is over.

The management said that demand remained subdued in the footwear sector. The moderation in demand has continued since the end of March 23. However, demand recovery and acceleration are expected during the festive season.

Bata continues to lag peer lifestyle categories in terms of revenue growth, said ICICI Securities in a note. The brokerage firm further said that inspite of its efforts on casualisation of product portfolio and faster network expansion through franchise stores, the company has not been able to deliver significant revenue recovery.

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“We have introduced a series of innovations to consumers like Bata Shoe Care Program, Buy Now Pay Later and Bata Wallet. We have gained share in higher category articles in brands like Hush Puppies, Comfit, Floatz and North Star,” said the company in an exchange filing.

Bata India is the largest retailer and leading manufacturer of footwear in India.

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