Bata India Q2 net profit jumps 30 percent to Rs 71 crore
today Nov 14, 2019
Footwear major Bata India Ltd witnessed a 30 percent surge in its net profit to Rs 71 crore ($10 million) for the second quarter ended September 2019, as against Rs 55 crore it had posted in the year-ago period.
Despite the slowdown in the market, which impacted the Q2 performances of most firms in India, Bata managed to post strong numbers for the quarter and attributed the growth to its investments in marketing and store renovations.
The company’s sales revenue for the July-September quarter rose by 7 percent to Rs 722 crore, as against Rs 673 crore it had reported in the corresponding period last fiscal.
Bata’s expenses for the quarter under review rose by 7 percent to Rs 642 crore, as against Rs 603 crore last year.
Commenting on the Q2 results, Bata India CEO Sandeep Kataria in a statement said: “'While the market slowed down this year, Bata India continues to sustain its leadership in the retail sector with 7 percent increase in the turnover and 28 percent in profit over the previous quarter.
“Our momentum is driven on the back of continuous investment done over the past few years in areas of product-innovation, store renovation, customer experience, and marketing,” Kataria added.
Going forward, Bata India plans to open as many as 100 stores every year, with a focus on tier 2 to 4 markets, in a bid to widen its base in India.
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