Mumbai, February 15, 2023: Footwear major Bata India Limited today announced results for the quarter that ended 31st December 2022. Revenue from operations for the quarter stood at Rs. 9002 million (a growth of 7% over the quarter that ended December 21). The Operating Profit stood at Rs. 1021 million, a growth of 22% over the quarter that ended in December 2021.
The results for the quarter showcased momentum behind the strategic levers driving strong portfolio evolution, strong footprint expansion across touchpoints coupled with improving cost efficiencies, helping drive revenue growth and increased margins despite significant inflationary pressure.
|• Store expansion through Franchise & SIS. Footprint crosses 2000 Store Milestone.
• 39 new Franchise stores; total 390+.
• Store renovation strategy to enhance and premium customer experience. 35 stores were renovated during the quarter.
• Expanded Floatz collection to 1000+ stores. Floatz 2.0 collection launch is planned for the current quarter.
• Distribution channel continued to scale up to 1150+ towns. Rolled out 100+ new lines, majorly in Sandak, Bata Comfit, and Sunshine.
• Sourcing strategies of L2L, import substitution, etc., to support speed to market, contributing significantly to lead time reduction as well as in improving margins across Retail and I&D businesses.
• Stepped up Infrastructure to enhance productivity and efficiencies in Supply Chain.
• Continued implementation of cost-savings measures across Operations and Manufacturing.
• Technology Investment (ERP, Merchandising, etc.,) to fuel future growth.
Speaking on the Q3FY23 performance, Gunjan Shah, MD and CEO – of Bata India Limited, stated:
“Continuous focus on refreshing product portfolio with our strategy of casualization and offering premium fashionable products reflected in overall ASP growth and expansion in share of our premium category brands like Hush Puppies, Marie Claire, Red Label, etc., that was backed by festivity and wedding season in the quarter. We also saw encouraging demand for our comfort and casual wear ranges of Bata Comfit, Floatz, etc. The quarter also marks the highest ever addition of Franchise stores with a total footprint crossing the 2000+ milestone for the 1st time.
We continue to drive various cost optimization initiatives across the value chain. In the mass categories, the demand remains sluggish due to inflationary pressures. We have continued investments in marketing and technology to fuel accelerated momentum.”