Shares of Bata India rose 5 per cent to hit a fresh 52-week high of Rs 1,754.80 on BSE after the company reported a narrowing of consolidated net loss to Rs 69.47 crore for the quarter ended June 2021. It had posted a net loss of Rs 100.88 crore for the same period of FY21.
Revenue from operations grew 98 per cent to Rs 267.05 crore in the June-ended quarter against Rs 135.07 crore a year ago.
The stock ended 0.53 per cent higher at Rs 1,675.00 against the previous close of Rs 1,666.15. Market cap of the firm rose to Rs 21,528.36 crore on BSE.
The share stands higher than 5 day, 10 day, 20 day, 50 day, 100 day, and 200-day moving averages. It has gained 35 per cent in the last one year and risen 6 per cent since the beginning of this year.
“Bata India continued to strengthen its retail presence in tier 3-5 cities by opening 7 new franchise stores during the first quarter despite the lockdown, taking the overall tally to 234 franchise stores,” the company said.
“The brand also scaled up its website and continued to reach out to its customers through hyperlocal channels – Bata Chatshop and Bata Store on Wheels, thereby making the remote shopping experience more convenient,” it added.
“The first quarter had some challenges for businesses across the country, including ours. However, this time around, we were better prepared as we had a more agile contingency plan in place which helped us navigate adroitly through the changing business landscape amidst infection surge,” said Gunjan Shah, CEO, Bata India Limited.
“While our retail outlets were largely shut, we were able to serve our customers through alternate channels such as our website www.bata.in, online marketplaces, Bata ChatShop, and Bata Store on Wheels. These channels have enabled us in minimising the overall impact of the second wave,” she noted.
“We also continued with our retail expansion drive and opened 7 new franchise stores in tier III-V cities during the first quarter. Since the ease in lockdown, footfalls in our retail outlets have started growing, signalling strong signs of recovery,” she added.
The company also informed that Sandeep Kataria, who was elevated as Global CEO – Bata Brands last year, has quit as the company’s India CEO to focus on his role as global CEO.
“With effect from the end of business hours on August 12, 2021, Mr. Kataria will cease to be a Director and CEO (KMP) of the Company,” Bata India said in a statement.
Bata Shoe Organization had in November last year appointed Kataria as the company’s CEO, making him the first Indian to be elevated to the global role of the footwear major. He took over from Alexis Nasard, who stepped down after almost five years in the role.