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.
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