Footwear retailer Bata India will introduce a voluntary retirement scheme for its workers employed at its Southcan unit located in Karnataka, the company said via a release on August31.
"The Board of Directors of Bata India Limited has today, ie on August 31, 2023, considered and approved introduction of a Voluntary Retirement Scheme (VRS) for all eligible workmen at the Southcan Unit in the state of Karnataka," Bata India said in a regulatory filing.
Bata India said that it believes that implementation of the VRS will be mutually beneficial to the workmen and the company.
"Status of implementation of the aforesaid VRS and financial impact thereof will be ascertained and communicated in due course, as per the Company's Policy for Determination of Materiality of an Event or information," the filing said.
Earlier in August, Bata India Ltd reported a consolidated net profit of Rs 106.8 crore for the June quarter of FY24, registering a decline of 10.3 percent from Rs 119.3 crore a year back.
The company's revenue stood at Rs 958.1 crore, rising 1.6 percent from Rs 943 crore in the year-ago quarter, the company said in a regulatory filing.
Earnings before interest, tax, depreciation and amortization (EBIDTA) for the quarter was at Rs 239.3crore declining by 2.2 percent. EBIDTA margin was at 25 percent and declined by 100 basis points YoY. One basis point is one-hundredth of a percentage point.
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