World Footwear

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Bata India with 48% rise in profit

Jun 12, 2015 India
Bata India with 48% rise in profit
The footwear retailer and manufacturer almost doubled its net profit during the quarter ended on the 31st of March
The company has changed its financial year from January–December to April-March, and accordingly the last financial year was extended until the end of March, covering a period of 15 months, resulting in an additional quarter 5.

The company's Q5 turnover stood at 4 910 million India rupees (approximately 76.6 million US dollars) and net profit at 584.3 million India rupees (roughly 9.1 million US dollars). Despite the 0.8% decline in turnover, the company managed to consolidate its net profit (+48.3%), with exceptional items mainly related to a property development project.

"Our Q5 performance continued to be impacted by supply chain related issues. However, we are on a recovery path with gradual improvement in supply chain, new store openings and emphasis on customer service. The product catalogue has also diversified with an expansion in the accessories category," stated Rajeev Gopalakrishnan, Group Managing Director at Bata India Ltd.

According to the same source the company plans to invest in activities such as the development of new channels and stores to address customer preferences and growing consumer’s demand. More new stores are in the pipeline for the coming quarters, after the opening of more than 38 stores in the last quarter.

In order to further strengthen the Board, Mr. Ravi Dhariwal has been appointed as an Independent Director and Mr. Shaibal Sinha have been appointed as an Additional Director (Non-Executive Director, liable to retire by rotation). Both the aforesaid appointments are subject to approval of the Shareholders at the forthcoming Annual General Meeting.

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