Bata India share zooms 6% post Q4 earnings

Bata India share zooms 6% post Q4 earnings

Bata India also announced the appointment of Vidhya Srinivasan as a Director Finance and CFO (Key Managerial Personnel) (Whole-time Director) of the company for five consecutive years with immediate effect

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BusinessToday.In
  • Jun 10, 2021,
  • Updated Jun 10, 2021, 12:39 PM IST

Bata India share rose 6 per cent to hit an intraday high of Rs 1,657.50 on BSE after the company reported earnings for the quarter ended March 2021.

The stock opened 1.13 per cent lower at Rs 1540.00 against the previous close of Rs 1557.70. Market cap of the firm rose to Rs 20,930.07 crore.

Total income in 2020-21 came in at Rs 1,802.5 crore as compared to Rs 3,124.8 crore in 2019-20.

Bata India posted a consolidated net profit of Rs 29 crore in the March 2021 quarter compared to a profit of Rs 38 crore in the quarter ended March 31, 2020.

Total Income declined 5.3 per cent to Rs 604.2 crore for the quarter ended March 2021 compared to Rs 637.6 crore in the year-ago period.  

The stock has gained 17 per cent in the last 12 months and risen 21 per cent in the last one month.

Share of Bata India stands higher than 5 day, 10 day, 20 day, 50 day, 100 day, and 200 day moving averages.

"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 quarter's seasonality," the company said.

The company further informed that it has adequate cash reserves and is curbing discretionary expenses to eliminate redundancies and introduce efficiencies in its value chain.

"The Q4 results are satisfactory for us, considering Q3 sales have historically been always better because of the festive season. We continued our march towards recovery via our channel expansion efforts via Franchising, distribution, and marketplace routes," said Sandeep Kataria, CEO, Bata India.

"As the economy gained pace and offices started re-opening, we rolled out our first campaign of the year showcasing 'Relaxed Workwear' collection offering the best of comfort technologies across Bata, Hush Puppies, Bata Red Label, Comfit & Naturalizer brands," he said.

"With the surge in Covid cases in wave 2, we refocused to make Essentials & Fitness Sneakers available to our customers, as consumers stayed back in their homes. I am confident that the collective resilience across the country will see the nation through this trying phase also and would like to urge everyone to register for vaccination as it is our strongest shield against the virus," he added.

The board has recommended a dividend of 80 per cent, which is Rs 4 per equity share of Rs 5 each for 2020-21.

Bata India also announced the appointment of Vidhya Srinivasan as a Director Finance and CFO (Key Managerial Personnel) (Whole-time Director) of the company for five consecutive years with immediate effect.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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