Bata India slips after weak Q1 outcome

Bata India fell 4.96% to Rs 525.75 at 9:32 IST on BSE after net profit fell 44.01% to Rs 50.49 crore on 1.01% decline in total income to Rs 685.69 crore in Q1 June 2016 over Q1 June 2015.

The result was announced after market hours yesterday, 3 August 2016.

Meanwhile, the S&P BSE Sensex was down 49.22 points, or 0.18%, to 27,648.29.

On BSE, so far 59,000 shares were traded in the counter, compared with an average daily volume of 45,379 shares in the past one quarter. The stock hit a high of Rs 561.45 and a low of Rs 520.55 so far during the day. The stock hit a 52-week high of Rs 622.05 on 5 August 2015. The stock hit a 52-week low of Rs 438.05 on 21 January 2016. The stock had underperformed the market over the past one month till 3 August 2016, rising 0.75% compared with 2.04% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 2.88% as against Sensex's 9.78% rise.

The mid-cap company has equity capital of Rs 64.26 crore. Face value per share is Rs 5.

The Q1 June 2016 result was weak partly due to base effect. The company's bottom line in Q1 June 2015 was boosted by income from property development. The company said in a Q1 results press release that its profit before tax and exceptional items rose 7% to Rs 76.24 crore in Q1 June 2016 over Q1 June 2015. The company completed development of its surplus property in June 2015 and it is now focussed on footwear business. Bata India is a retailer and leading manufacturer of footwear in India. The company sells footwear under the Bata brand.

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