Buy Bata India; target of Rs 462: ICICI Direct

ICICI Direct is bullish on Bata India has recommended buy rating on the stock with a target price of Rs 462 in its research report dated November 29, 2016.
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Dec 01, 2016, 01.24 PM | Source: Moneycontrol.com

Buy Bata India; target of Rs 462: ICICI Direct

ICICI Direct is bullish on Bata India has recommended buy rating on the stock with a target price of Rs 462 in its research report dated November 29, 2016.

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Buy Bata India; target of Rs 462: ICICI Direct

ICICI Direct is bullish on Bata India has recommended buy rating on the stock with a target price of Rs 462 in its research report dated November 29, 2016.

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ICICI Direct's research report on Bata India

Bata India reported a disappointing set of Q2FY17 numbers wherein the results came in below our estimates on both revenue and profitability fronts. Revenues witnessed flattish growth of 1.5% YoY to Rs 583.4 crore, below our estimate of Rs 610 crore. High level of competition from MNCs as well as e-commerce players adversely impacted revenue growth.

H2FY17 is expected to be hit on account of demonetisation resulting in a decline in footfalls, consequently leading to a fall in revenues for FY17E. However, we anticipate the impact of the same will remain for a shorter term. Going forward, we expect a revival in sales growth from FY18E onwards. We believe the recent price correction may act as a good entry point considering the scope of enhanced profitability and improving return ratios. Hence, we upgrade our recommendation on Bata to BUY with a target price of Rs 462 (based on 27.0x FY19E EPS of Rs 17.1).

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The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Buy Bata India; target of Rs 462: ICICI Direct

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