For
the quarter ending Dec 2023, consolidated Net sales (including other operating income) of Bata India has increased 0.36% to Rs 903.47 crore compared to quarter ended Dec 2022. Operating profit margin has declined from 22.90% to 20.19%, leading to 11.49% decline in operating profit to Rs 182.44 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 5.44% to 6.90%. Purchase of finished goods cost rose from 27.50% to 34.45%. Employee cost decreased from 13.99% to 11.90%. Other expenses rose from 25.03% to 25.63%. Other income rose 45.59% to Rs 11.05 crore. PBIDT fell 9.47% to Rs 193.49 crore. Provision for interest rose 3.08% to Rs 29.46 crore.
PBDT fell 11.40% to Rs 164.03 crore. Provision for depreciation rose 14.08% to Rs 85.99 crore.
Profit before tax down 28.90% to Rs 78.04 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 20.06 crore, compared to Rs 26.57 crore. Effective tax rate was 25.70% compared to 24.21%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 30.30% to Rs 57.98 crore. Promoters’ stake was 50.16% as of 31 December 2023 ,compared to 50.16% as of 31 December 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Bata India has increased 0.29% to Rs 2680.74 crore.
Operating profit margin has declined from 22.89% to 22.52%, leading to 1.33% decline in operating profit to Rs 603.61 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 7.44% to 6.83%. Purchase of finished goods cost fell from 36.54% to 36.49%. Employee cost decreased from 11.89% to 11.79%. Other expenses rose from 21.03% to 22.18%. Other income rose 38.50% to Rs 39.82 crore. PBIDT rose 0.46% to Rs 643.43 crore. Provision for interest rose 6.68% to Rs 86.04 crore.
PBDT fell 0.44% to Rs 557.39 crore. Provision for depreciation rose 13.97% to Rs 248.79 crore.
Profit before tax down 9.64% to Rs 308.60 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 68.84 crore, compared to Rs 84.16 crore. Effective tax rate was 25.72% compared to 24.64%.Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 22.74% to Rs 198.86 crore.
Promoters’ stake was 50.16% as of 31 December 2023 ,compared to 50.16% as of 31 December 2022 .
Full year results analysis.
Net sales (including other operating income) of Bata India has increased 44.56% to Rs 3451.57 crore. Operating profit margin has jumped from 17.53% to 23%, leading to 89.68% rise in operating profit to Rs 793.78 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 9.37% to 7.50%. Purchase of finished goods cost fell from 41.41% to 36.93%. Employee cost decreased from 14.33% to 12.00%. Other expenses rose from 19.06% to 20.80%. Other income fell 30.92% to Rs 38.68 crore. PBIDT rose 75.45% to Rs 832.46 crore. Provision for interest rose 16.19% to Rs 107.85 crore. Loan funds rose to Rs 1,246.45 crore as of 31 March 2023 from Rs 1,094.21 crore as of 31 March 2022. Inventories rose to Rs 904.56 crore as of 31 March 2023 from Rs 870.91 crore as of 31 March 2022. Sundry debtors were higher at Rs 82.55 crore as of 31 March 2023 compared to Rs 71.72 crore as of 31 March 2022. Cash and bank balance declined from Rs 968.78 crore as of 31 March 2022 to Rs 531.20 crore as of 31 March 2023.
PBDT rose 89.86% to Rs 724.61 crore. Provision for depreciation rose 21.83% to Rs 294.78 crore. Fixed assets increased to Rs 1,379.24 crore as of 31 March 2023 from Rs 1,212.89 crore as of 31 March 2022. Intangible assets declined from Rs 18.19 crore to Rs 16.38 crore.
Profit before tax grew 207.68% to Rs 429.83 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 106.83 crore, compared to Rs 36.71 crore. Effective tax rate was 24.85% compared to 26.28%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 213.62% to Rs 323.00 crore.
Equity capital stood at Rs 64.26 crore as of 31 March 2023 to Rs 64.26 crore as of 31 March 2022. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 50.16% as of 31 March 2023 ,compared to 52.96% as of 31 March 2022 .
Cash flow from operating activities increased to Rs 628.82 crore for year ended March 2023 from Rs 211.51 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 95.41 crore, compared to Rs 48.58 crore during the year ended March 2022.
Management Comments :
Gunjan Shah, MD and CEO - Bata India,
stated: “Despite persistent market headwinds accentuated in discretionary
spending, we continued to invest in new product launches, enhancing customer
experience and expanding our reach across channels & markets. We saw
handsome growth in Red Label, Floatz, Comfit and Hush Puppies. Our strategy for
premiumization continues progressively. Prudent expansion of our Retail Network
and marketing investments continue to be our key strategy. We launched our
latest campaign “Every Walk is a Ramp Walk” that has met encouraging response
and impact on the Brand. We would continue to focus on efficiency and
productivity backed by digital transformation for future readiness with
cautious optimism.”