Bata India Limited announced the resignation of Anil Ramesh Somani from his roles as Director of Finance and Chief Financial Officer (CFO). The company informed stock exchanges on August 16 that Somani has relinquished his positions in the company to pursue opportunities outside the organization.
Bata India further said Somani's resignation will be effective from September 5, 2024, with his last working day set for September 4, 2024.
Bata India stated that the company will begin the process of identifying a suitable candidate for the position and will notify the Stock Exchanges in due course.
Bata India's net sales for the first quarter of this fiscal year stood at Rs 944.63 crore, a 1.41% decline from Rs 958.15 crore in the same period last year.
However, despite the slight drop in sales, the company recorded an improvement in profitability. The quarterly net profit surged by 62.84% to Rs 174.06 crore in June 2024, compared to Rs 106.89 crore in June 2023.
The company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) witnessed a substantial decline. EBITDA for June 2024 came in at Rs 201.19 crore, a 20.41% decrease from Rs 252.79 crore in the corresponding quarter of the previous year.
Bata India stock was up by 2.36 percent on August 16 and closed the day at Rs 1421.15 at the National Stock Exchange (NSE).
In the trading session on August 16, Bata India stock settled at Rs 1421.15 apiece at the National Stock Exchange (NSE), which is 2.36 percent higher (or Rs 32.80) as against the previous day's close.
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