Shares in Bata India fell almost 4 per cent after the company reported a muted set of results for the quarter ending March 31, 2014.
The Indian Footwear company reported 2.44 per cent increase in standalone net profit at Rs 39.4 crore for the quarter ended March 31, 2014.
The company had reported a net profit of Rs 38.46 crore in the corresponding period last year.
Bata's net sales rose by 9.14 per cent to Rs 495.12 crore for the quarter under review as against Rs 453.63 crore in the corresponding period a year ago.
"With 2013 ending as a successful and profitable year for Bata India, we aim to continue the trend in 2014," Bata India Group Managing Director Rajeev Gopalakrishnan said.
"We are confident that we will succeed in our endeavour to expand our geographic footprint, add newer products and deliver on our expectations as we move forward in the year," he said.
The company reported 9.7 per cent increase in expenses for the March quarter at Rs 443.26 crore compared with Rs 404.06 crore for the same period last year.
Bata said this quarter results includes an investment of Rs 3 crore (net of tax) made in spring summer 2014 marketing campaign, benefit of which will accrue during the year.
The company also plans to open 100 new stores across markets this year.
"While Bata India is already present in tier 1 and 2 markets, they will continue to strengthen their presence in the country and make the brand accessible to their existing and potential customers," the company said in a statement.
With inputs from PTI