National, August 9, 2023: Footwear major Bata India Limited today announced results for the quarter ended June 30, 2023. Revenue from operations for the quarter stood at Rs. 9,581 million (a growth of 2% over Q1FY23). The Net Profit stood at Rs. 1,078 million for the quarter ended June 30, 2023, lower by Rs. 115 million from Q1FY23 primarily on account of early start of End of Season Sale by the industry.
On the discretionary spending front, demand remains subdued in the footwear sector, prolonging the deceleration that started towards the end of March 2023. Demand recovery and acceleration expected during the festive season.
Speaking on the Q1FY24 performance, Gunjan Shah, MD and CEO – Bata India Limited, stated:
“With our strategy of casualization and premiumization, expansion in Retail Network and accelerated investment towards core technologies (ERP, Merchandising, etc.,), we believe the template is set up for future profitable growth. Digital footprint through our omnichannel e-commerce revenue streams gained significant momentum in the quarter going by.
At Bata India, we continue to implement initiatives to elevate customer experience at our stores and on our website. We have introduced a series of innovations to consumers like Bata Shoe Care Program, Buy Now Pay Later and Bata Wallet. We have gained share in higher category articles in brands like Hush Puppies, Comfit, Floatz & North Star. We continue to add Franchise and SIS stores to improve accessibility of the brand alongwith MBOs. Across all business channels of EBOs, MBOs and E-Commerce, margins remained healthy despite slowness in discretionary demand & early onset of EOSS.
We continue to flesh out new opportunities across our value chain. We remain focused on cost efficiency across all operations and optimizing our resources. We are optimistic on the demand resurgence going ahead and continue to expand in Tier 3-5 towns, digital channels and make investments in elevating customer experience & brand marketing.”
