Shares of Bata India Ltd surged 6 per cent to Rs 1,657.50 on the BSE in intra-day trade on Thursday on expectations that the company would be able to revive its revenue growth trajectory as and when the impact of the Covid-19 phases out. The stock of the footwear company was trading close to its 52-week high level of Rs 1,705 touched on January 11, 2021. For the January-March 2021 quarter (Q4FY21), Bata reported revenue de-growth of 4.8 per cent year-on-year (YoY) to Rs 589.9 crore on a favorable base of Q4FY20. The profit after tax declined 21.9 per cent YoY to Rs 29.4 crore. While the third quarter ended on a comparatively stronger note because of festive sales, the Q4 results indicated steady and consistent growth, in line with the quarter’s seasonality, Bata India said.
The management said the company has adequate cash reserves and is curbing discretionary expenses to eliminate redundancies and introduce efficiencies in its value chain. Bata India remains hopeful that with the roll-out of vaccines for everyone above 18 years, business would start growing back.
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Bata India is the largest footwear retailer in India, offering footwear, accessories, and bags across brands such as Bata, Hush Puppies, Naturalizer, Power, Marie Claire, Weinbrenner, North Star, Scholl, Bata Comfit, and Bubblegummers, to name a few. It retails in more than 1,600 Bata-owned and franchise stores, on bata.in and in thousands of multi-brand footwear dealer stores pan-India.
Stock Covered in the news
