Bata India rises after strong Q1 results

Bata India gained 1.89% to Rs 1335 at 11:28 IST on the BSE after consolidated net profit rose 22.5% to Rs 100.97 crore on 10.6% rise in net sales to Rs 882.76 crore in Q1 June 2019 over Q1 June 2018.

The result was announced after market hours on Friday, 2 August 2019.

Meanwhile, the S&P BSE Sensex was down by 501.52 points or 1.35% to 36,616.7.

On the BSE, 55000 shares were traded in the counter so far compared with average daily volumes of 39000 shares in the past two weeks. The stock had hit a high of Rs 1337 and a low of Rs 1285.2 so far in intraday trade today. The stock hit a 52-week high of Rs 1478.4 on 3 May 2019 and a 52-week low of Rs 833.5 on 23 October 2018.

The growth is attributed to successful execution of "Sweeping Angela Off Her Feet" strategy. This involves innovative campaigns which have helped to sustain profitable growth across categories and mindful upgradation of stores to provide world class shopping experience to our loyal customers while keeping costs under control. Retail channel continued to grow at a steady pace and supported by double- digit growth in e-commerce & non-retail channel as well.

Commenting on company's performance, Sandeep Kataria, chief executive officer, Bata India said "Bata India has had a good start to the year with 11% increase in the turnover and 22% in profit before tax over the last year. While working on our annual strategy, we have laid extensive emphasis on product innovation followed by the revised retail proposition in line with the global imagery and premiumization of the brand. Apart from marketing, cost-saving measures have yielded results in improving the bottom line and leveraging economies of scale. Technology and innovation will continue to be the driving forces for the coming quarter.

Bata India is the largest footwear retailer and the leader in the footwear industry in India.

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