Bata India drops on profit booking after reporting strong Q1 results

Bata India dropped 3.26% to Rs 1,190 at 9:45 IST on BSE on profit booking after witnessing a pre result rally.

Meanwhile, the S&P BSE Sensex was down 10.85 points or 0.03% at 28,214.55.

On BSE, so far 14,075 shares were traded in the counter as against average daily volume of 27,292 shares in the past one quarter.

The stock hit a high of Rs 1,230 and a low of Rs 1,179.05 so far during the day. The stock had hit a record high of Rs 1,495 on 22 January 2015. The stock had hit a 52-week low of Rs 942.20 on 9 June 2015.

The stock had outperformed the market over the past one month till 5 August 2015, rising 13.56% compared with Sensex's 0.46% gain. The scrip had also outperformed the market in past one quarter, gaining 15.69% as against Sensex's 2.85% gain.

The mid-cap company has equity capital of Rs 64.26 crore. Face value per share is Rs 10.

From a recent low of Rs 1,115.70 on 28 July 2015, the stock rose 10.26% to Rs 1,230.15 on 5 August 2015, in six trading sessions ahead of announcement of Q1 results.

Bata India's net profit rose 55.28% to Rs 92.19 crore on 8.61% growth in total income to Rs 684.84 crore in Q1 June 2015 over Q1 June 2014. The result was announced after market hours yesterday, 5 August 2015.

Mr. Rajeev Gopalakrishnan, Group Managing Director, South Asia, Bata India said: Despite economic slowdown and a lower consumer sentiment, Q1 performance has seen a steady growth of 9% when compared to the same period last year; however, mainly due to various promotional schemes and price discounts the net profit was impacted. The supply chain issues have now been resolved and the company is on the growth trajectory with many new initiatives planned for the coming year. The company will be expanding product offering, focussing on the same store growth and develop E commerce business to reach out to consumers even in the remote markets, he added.

Bata India is a retailer and leading manufacturer of footwear in India and is a part of the Bata Shoe Organization.

Powered by Capital Market - Live News