1. The company continued to maintain its growth momentum. The Net Sales for the year has increased by around 14% over the previous year. The Company has a profit before tax of Rs 7,184 lacs in the year 2008. Profits of quarter ended December 31, 2007 included Rs 376.80 lacs on account of one time gain on sale of an asset. Without this, the increase in profit before tax for the year ended 2008 is around 40% over the previous year.

2. The Board of Directors have recommended a dividend @ 25% on equity shares subject to the approval of the shareholders.

3. Consolidated Accounts include results of two 100% subsidiaries "Bata Properties Ltd" & "Coastal Commercial & Exim Ltd" and a 50% joint venture company "Riverbank Developers Pvt Ltd" (which also hold 50% share in Riverbank Holding Pvt Ltd) for development of Batanagar project.

4. The Company operates in two segments - i) Manufacture & sale of footwear and ii) Investment in Joint Venture for Surplus Property Development.

5. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 27, 2009. Figures of the previous year/ quarter have been regrouped, wherever necessary.

The Company opened 62 new stores and renovated 38 existing stores in the year and continued to focus on improving shoe design, particularly for women and youth. This together with stricter cost control, improved product mix, modernisation and consolidation of manufacturing operations and transformation of the wholesale business resulted in improved profitability

Shaibal Sinha
Director Finance

Marcelo Villagran
Managing Director