Bata India puts its best foot forward

Bata India rose 3.64% to Rs 909.95 at 11:53 IST on BSE after net profit rose 17.6% to Rs 61.94 crore on 13.7% growth in turnover to Rs 572.13 crore in Q2 June 2013 over Q2 June 2012.

The Q2 result was announced after market hours on Thursday, 25 July 2013.

Meanwhile, the S&P BSE Sensex was up 18.43 points or 0.09% at 19,823.19.

On BSE, 45,000 shares were traded in the counter as against average daily volume of 47,658 shares in the past one quarter.

The stock hit a high of Rs 913 and a low of Rs 890 so far during the day. The stock had hit a record high of Rs 989 on 3 October 2012. The stock had hit a 52-week low of Rs 688.25 on 20 March 2013.

The stock outperformed the market over the past one month till 25 July 2013, surging 7.35% compared with the Sensex's 6.31% surge. The scrip had also outperformed the market in past one quarter, jumping 24.58% as against Sensex's 2.05% rise.

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

In line with the strategy, Bata India will be opening approximately 100 new format stores this year which will be more than an average of 3,000 square feet. The new stores will feature the new format which provides shoppers with an inviting and inspiring shopping environment, the company said in a statement. Bata opened 15 new stores in prime shopping locations in all major metros, including Mumbai, Delhi, Bangalore, Chennai, Hyderabad and Bangalore in Q2 June 2013.

Mr. Rajeev Gopalakrishnan, Group Managing Director, Bata India said that the company will benefit from its aggressive retail expansion, newer designs and newer product ranges in the future. "We are confident our momentum will accelerate in line with our expectations as we move through the year", he said.

Bata India is the largest footwear retailer in India, enjoying a large market share in the organized sector.

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