Q2FY24 Quarterly Result Announced for Bata India Ltd.
Footwear company Bata India announced Q2FY24 results: Revenue from operations for Q2FY24 stood at Rs 8,191 million, vs. Rs 8,297 million (Q2FY23) despite the delayed festive season until Q3 this year The Profit before tax & Exceptional items stood at Rs 874.59 million (28.4% growth) for Q2FY24 vs. Rs 681.41 million from Q2FY23, showcasing consistent efficiency improvements across operations. Aggressive network expansion – 30 stores in close to 25 cities, with a Franchise & SIS network consisting of over 39%. 54 stores were renovated during Q2FY24. 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, and School campaign to strengthen our consumer connection. 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 a Voluntary Retirement Scheme in one of the Manufacturing units and booked it as an exceptional item, in this quarter. Speaking on the Q2FY24 performance, Gunjan Shah, MD and CEO, Bata India 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' which has received an encouraging response. We are looking forward to 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, and 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 a capital efficient manner, digital channels and make investments in elevating customer experience & brand marketing.” Result PDF08-11-2023