Footwear major, Bata India posted Q3 results in which the company's net profit decreased 77.7% to Rs 26.4 crore compared to Rs 118.2 crore (YoY). Bata opened a total of 45 new franchise stores in the quarter, taking its total to 221 Franchise stores.
Its revenue decreased by 25.9% to Rs 615.6 crore compared to Rs 830.8 crore. Shares of the company were seen trading at Rs 1,530, down 2.48% on BSE at 2.24 pm IST. It touched an intra-day low of Rs 1,461 during the trade.
Commenting on the results, Sandeep Kataria, CEO, said: "Owing to decline in Covid cases and vaccine rollout, the overall market sentiment is improving significantly. Backed by good festive sales and our targeted consumer outreach, our sales have recovered to 74% of pre-Covid levels".
As we witnessed the demand for footwear steadily grow over the last 3-6 months, we kept expanding our reach through new franchise & multi-brand outlet stores, added further.
Sales from digitally connected outlets such as Bata website, online marketplaces, Bata ChatShop, Bata Home Delivery and Bata Store on Wheels contributed more than 15% of overall revenues, the company said.
The company's EBITDA declined by 55.4% to Rs 117.7 crore compared to Rs 263.7 crore YoY, while the EBITDA margin stood by 19.1% to Rs 31.7% YoY.
Bata India is the largest footwear retailer in India, offering footwear, accessories and bags across brands such as Bata, Hush Puppies, Naturalizer, Power, Marie Claire, Weinbrenner, North Star, Scholl, Bata Comfit and Bubblegummers, to name a few.