Monday, December 11, 2023

report: Bata India Q2 Results: Profit slides 38% on one-time charge

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Bata India reported a 38% fall in second-quarter profit on Wednesday, hurt by a one-time charge and as inflationary pressures kept footfalls at its shoe outlets in check.The footwear maker said its consolidated profit fell to 339.9 million rupees ($4.1 million) in the July-September quarter, from 548.2 million rupees in the year-ago quarter.

The latest quarter’s results included a 409 million rupees charge related to a voluntary retirement scheme at one of its manufacturing units.Bata India’s revenue slipped 1.3% during the quarter.

Indian businesses grappled with lower footfall in the quarter as higher inflation pushed consumers to tighten their belts, particularly on non-essential spending.

While India’s retail inflation has eased of late, it still remains uncomfortably high.

However Relaxo Footwear posted a 97.3% surge in profit earlier in November, backed by strong demand. Khadim India and Campus Activewear will announce their results later this month. Shares in Bata, a unit of its Netherlands-based namesake parent, closed up 1.2% ahead of its results.

($1 = 83.2673 Indian rupees)

(Reporting by Ashna Teresa Britto and Indranil Sarkar in Bengaluru; Editing by Savio D’Souza)

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