Bata India shares fell over 4 per cent intraday today despite the firm reporting over a two-fold rise in its consolidated net profit in the March quarter. Shares of Bata India declined 4.27 percent to Rs 1672.25 against the previous close of Rs 1746.90 on BSE. Bata India stock is trading lower than 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.
The share has gained 13.01 percent in one year and lost 7.38 percent since the beginning of this year. In three years, the share has gained 29.48 percent.
Total of 0.19 lakh shares was traded amounting to a turnover of Rs 3.29 crore on BSE. The market cap of the firm stood at Rs 22,412 crore on BSE.
The stock hit a 52-week high of Rs 2261.65 on November 16, 2021, and a 52-week low of Rs 1514 on May 26, 2021 on BSE.
Bata India reported over two-fold rise in its consolidated net profit at Rs 62.96 crore in Q4 helped by robust sales. The company reported a net profit of Rs 29.47 crore in the January-March quarter a year ago.
Revenue from operations climbed 12.77 percent to Rs 665.24 crore in the last quarter against 589.90 crore revenue in the corresponding quarter of 2020-21.
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For the fiscal ended March 2022, consolidated net profit rose to Rs 102.99 crore against a net loss of Rs 89.31 crore in the fiscal year 2020-21. Revenue from operations stood at Rs 2,387.71 crore in 2021-22, 39.75 per cent higher than Rs 1,708.48 crore in the year-ago period.
The board of the company recommended a dividend of 1,090 per cent, which is Rs 54.5 per equity share of Rs 5 each fully paid-up of the company, which includes a one-time special dividend of Rs 50.5, for the year ended March 31, 2022.
ICICI Securities said Bata India reported disappointing revenue print ( plus 13% YoY to Rs 665 crore), missing I-Sec and Street’s estimates by 7 percent and 12 percent, respectively.
“Revenues were still 2 percent below 4QFY19 levels. We note that Bata’s recovery has lagged other discretionary categories (not just footwear players); Metro Brands reported 26% YoY growth in 4QFY22,” the brokerage said.
“We cut our FY23-24 earnings estimates by 8 percent; modelling revenue/EBITDA CAGR of 27/122 percent over FY22-24E. Maintain HOLD with a DCF-based revised target price of Rs 1,800 (earlier Rs 1,850), ” the brokeage added.