Bata India surges 6% despite poor Q4 numbers
Published On: Thursday, June 10, 2021 | By: Team KnowMyStock
Shares of Bata India surged 6 percent to Rs 1,657.50 on the BSE in intra-day trade on Thursday despite the company reporting a poor set of numbers in the quarter ended March 2021. The Company expects that it would be able to revive its revenue growth trajectory as and when the impact of the Covid-19 phases out. The stock of the footwear company was trading close to its 52-week high level of Rs 1,705 touched on January 11, 2021. According to a regulatory filing by the company to the stock exchanges, Bata India reported a net profit of ₹ 29.47 crores on a consolidated basis in the March quarter of fiscal 2020-21. The country's largest shoemaker's net profit declined 23.3 percent in the March quarter of fiscal 2021. It reported a net profit of ₹ 38.40 crores in the corresponding quarter of the previous fiscal year. The company's revenue from operations was down to ₹ 589.90 crores in the fourth quarter, compared to ₹ 620.57 crores in the same quarter of the previous fiscal.
The board at the meeting recommended a dividend of Rs 4 (i.e., 80%) per equity share of Rs 5 each for the financial year ended March 31, 2021, for approval of the Members at the AGM.
Bata CEO Sandeep Kataria said: “The Q4 results are satisfactory for us, considering Q3 sales have historically been always better because of the festive season.“We continued our march towards recovery via our channel expansion efforts via Franchising, distribution and marketplaces routes," he said.
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