Shares in Bata India fell to a new 52-week low on the National Stock Exchange, as earnings of the shoe maker, lagged estimates.
The stock was last trading at Rs 468, after touching a new 52-week high of Rs 461.55 on the NSE. The company reported a net profit of Rs 54.11 crores for the quarter ending Sept 30, 2015, as against Rs 92.17 crores, reported in the quarter ending June 30, 2015.
"Despite economic slowdown and a lower consumer sentiment, our Q2 performance for the period July-Sept 2015 has seen a growth of 5% when compared to the same period last year.
We will be expanding our product offering, focussing on the same store growth and strengthening our E com commerce business to reach out to a larger consumer base," Rajeev Gopalakrishnan, Group Managing Director,
South Asia, Bata India Limited said.
"We are constantly making advancements & introductions to our product ranges not only in styling of the designs but also in materials & technology," he stated.
Bata India is India's top shoes retailer. The company has been lately recognized under the ET Best Brands and has also bagged the title of No.1 lifestyle brand in the footwear category in the Brand Equity most Trusted Brands of 2014.