Bata India gains 5 percent, Q1 loss narrows to Rs 69 crores
Published On: Thursday, August 12, 2021 | By: Team KnowMyStock
Footwear maker's Bata India shares gained 5 percent and hit a 52-week high of Rs 1754.80 on the BSE in intra-day session on Thursday after the company reported narrowing of consolidated net loss to Rs 69.47 crore for the first quarter ended June 30, 2021. The company had posted a net loss of Rs 100.88 crore for the same period of 2020-21, Bata India said in a BSE filing. The firm’s operating revenue grew 98 percent to Rs 267 crore on a low base of Rs 135 crore that it has reported in the year-ago period. While revenues have almost doubled year-on-year to Rs 267.04 crore, helped by a favorable base, sales are still 70% lower than Q1FY20. "Sales across retail outlets remained largely subdued, owing to the second wave of COVID-19 infections and ensuing lockdowns. However, sales through e-commerce platforms continued to remain robust and witnessed an uptick despite the restrictions," Total expenses were higher at Rs 371.61 crore as compared with Rs 321.85 crore in the year-ago period.
While our retail outlets were largely shut, we were able to serve our customers through alternate channels. These channels have enabled us in minimising the overall impact of the second wave. Since the ease in lockdown, footfalls in our retail outlets have started growing, signalling strong signs of recovery,” said Gunjan Shah, chief executive officer, at Bata India.
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