Striding ahead efficiently with Strong Operating Profit growth
Mumbai, November 8, 2023: Footwear major Bata India Limited today announced results for the quarter ended September 30, 2023. The Profit before tax & Exceptional items stood at Rs. 874.59 million (28.4% growth) for the quarter ended September 30, 2023, vs. Rs. 681.41 million from Q2FY23, showcasing consistent efficiency improvements across operations. This is in alignment with the Company’s commitment to make sustainable profitable growth. Revenue from operations for the quarter stood at Rs. 8,191 million, vs. Rs. 8,297 million (Q2FY23) despite the delayed festive season until Q3 this year.
• Aggressive network expansion – 30 stores in close to 25 cities, with Franchise & SIS network consisting over 39 %.
• 54 stores were renovated during the quarter.
• Successful execution of portfolio casualization strategy – Sneaker Studio implemented in 612 Stores.
• Floatz business continues to do exceptionally well with growth of 70%, backed by Floatz banner in 10 new stores.
• Launched Casual Style campaign, Bata Celebration campaign, Monsoon campaign, School campaign to strengthen our consumer connect.
• HPM – Merchandising project implemented. ERP project on track.
• Comprehensive licensing and manufacturing agreement signed for globally renowned fashion brand Nine West for bringing on-trend fashion designs to Indian consumers.
• IMEVA capability commissioned in Batanagar Unit to further enhance casualization portfolio.
• Initiated Voluntary Retirement Scheme in one of the Manufacturing units and booked as an exceptional item, in this quarter.
Speaking on the Q2FY24 performance, Gunjan Shah, MD and CEO – Bata India Limited, stated:
“Despite navigating through short-term demand headwinds in the quarter gone by, our focus on efficiency and productivity was reflected in robust operating profit margin growth. 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. We are looking for the ongoing festive season in the current quarter.
We unveiled our latest collection, bringing global fashion and premium designs to everyone in the country, introducing on-trend styles and comfortable offerings from Comfit, North Star, Red Label, Hush Puppies, Floatz.
We continue to flesh out new opportunities across our value chain. We remain focused on cost efficiency across all operations including manufacturing facilities and optimizing our resources. In line with our strategy of sustainable profitable growth, we continue to expand across tiers in capital efficient manner, digital channels and make investments in elevating customer experience & brand marketing.”