Leading footwear brand Bata India has reported 77.66 per cent decline in its consolidated net profit to Rs 26.41 crore for the quarter ended December 2020, on account of lower revenue from operations. The company had net profit of Rs 118.26 crore in the year-ago period.
Revenue from operations of the company stood at Rs 615.62 crore for the quarter under consideration, down 25.90 per cent, against Rs 830.82 crore for the same period year ago, Bata India said in a filing to BSE. Bata India said owing to the various customer-centric measures adopted in the wake of COVID-19, the company has been successful in getting back on its recovery path, with improvement in sales through its retail outlets and e-commerce platforms, and hyperlocal digital channels.
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"In terms of portfolio-mix, the formals (including school business) and fashion categories continued to be subdued as expected due to prevailing market conditions, the casual, fitness and essentials categories bounced back leading to company's overall volume reaching 88 per cent of pre-COVID levels," the company added. Sandeep Kataria, CEO Bata Brand said owing to decline in COVID-19 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 per cent of pre-COVID levels. While we focused on reviving sales, we also kept focus on cost-savings measures across our network and enhancing productivity. Overall, we're encouraged by the increasing momentum during the December quarter and we continue to launch new ways to serve our customers better, offering them greater convenience and flexibility. All these measures have enabled us to revitalise the business and soon we expect to get into the thrive phase of our recovery plan," he added.
Shares of Bata India were trading 4.18 per cent lower at Rs 1,503.95 apiece on BSE.