Shoemaker Bata India Ltd reported a 62.84 percent increase in its consolidated net profit, reaching Rs 174.36 crore in the first quarter ended June 2024, driven by margin expansion and gains from the sale of industrial land.
This compares to a net profit of Rs 106.89 crore in the same period the previous year, according to a regulatory filing from Bata India.
However, the company's revenue from operations fell by 1.41 percent to Rs 944.63 crore during the quarter under review, down from Rs 958.14 crore in the corresponding period a year ago.
Bata India's total expenses in the June quarter increased by 6 percent to Rs 877.03 crore.
During the quarter, Bata continued its expansion and now has a network of 1,916 stores, including both company-owned and franchise stores.
The company added 33 franchise stores in the quarter, primarily in Tier 3-5 towns, to meet the demand for branded products and achieve better returns on capital.
Additionally, Bata expanded its presence on new-age channels and "achieved significant growth" in digital sales compared to the previous quarter.
MD and CEO Gunjan Shah noted that the company successfully navigated through a sluggish consumption environment, further exacerbated by the elections and extreme heatwave in the last quarter.
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