Results     31-May-24
Analysis
Bata India
NP down 3%
For the quarter ending March 2024, consolidated Net sales (including other operating income) of Bata India has increased 2.48% to Rs 797.87 crore compared to quarter ended March 2023. Operating profit margin has declined from 23.38% to 22.85%, leading to 0.12% rise in operating profit to Rs 182.28 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 7.70% to 7.31%.   Purchase of finished goods cost fell from 38.16% to 36.47%.   Employee cost increased from 12.37% to 12.49%.   Other expenses rose from 20.09% to 22.37%.   

Other income rose 120.32% to Rs 21.9 crore.  PBIDT rose 6.34% to Rs 204.18 crore.  Provision for interest rose 13.78% to Rs 30.96 crore.  Loan funds rose to Rs 1,357.29 crore as of 31 March 2024 from Rs 1,246.45 crore as of 31 March 2023.  Inventories rose to Rs 929.55 crore as of 31 March 2024 from Rs 904.56 crore as of 31 March 2023.  Sundry debtors were lower at Rs 80.13 crore as of 31 March 2024 compared to Rs 82.55 crore as of 31 March 2023.  Cash and bank balance declined from Rs 531.20 crore as of 31 March 2023 to Rs 407.97 crore as of 31 March 2024.  Investments stood at Rs 0.50 crore as of 31 March 2024 to Rs 0.50 crore as of 31 March 2023.  

PBDT rose 5.12% to Rs 173.22 crore.  Provision for depreciation rose 18.03% to Rs 90.29 crore.  Fixed assets increased to Rs 1,483.38 crore as of 31 March 2024 from Rs 1,379.24 crore as of 31 March 2023.  Intangible assets increased from Rs 16.38 crore to Rs 29.05 crore.  

Profit before tax down 6.07% to Rs 82.93 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 19.28 crore, compared to Rs 22.67 crore.  Effective tax rate was 23.25% compared to 25.68%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 3% to Rs 63.65 crore.  

Equity capital stood at Rs 64.26 crore as of 31 March 2024 to Rs 64.26 crore as of 31 March 2023.  Per share face Value remained same at Rs 5.00.  

Promoters’ stake was 50.16% as of 31 March 2024 ,compared to 50.16% as of 31 March 2023 .  

Full year results analysis.

Net sales (including other operating income) of Bata India has increased 0.78% to Rs 3478.61 crore.  Operating profit margin has declined from 23% to 22.59%, leading to 0.99% decline in operating profit to Rs 785.90 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 7.50% to 6.95%.   Purchase of finished goods cost fell from 36.93% to 36.48%.   Employee cost decreased from 12.00% to 11.96%.   Other expenses rose from 20.80% to 22.23%.   

Other income rose 59.57% to Rs 61.72 crore.  PBIDT rose 1.82% to Rs 847.62 crore.  Provision for interest rose 8.49% to Rs 117.01 crore.  Loan funds rose to Rs 1,357.29 crore as of 31 March 2024 from Rs 1,246.45 crore as of 31 March 2023.  Inventories rose to Rs 929.55 crore as of 31 March 2024 from Rs 904.56 crore as of 31 March 2023.  Sundry debtors were lower at Rs 80.13 crore as of 31 March 2024 compared to Rs 82.55 crore as of 31 March 2023.  Cash and bank balance declined from Rs 531.20 crore as of 31 March 2023 to Rs 407.97 crore as of 31 March 2024.  Investments stood at Rs 0.50 crore as of 31 March 2024 to Rs 0.50 crore as of 31 March 2023.  

PBDT rose 0.83% to Rs 730.61 crore.  Provision for depreciation rose 15.03% to Rs 339.08 crore.  Fixed assets increased to Rs 1,483.38 crore as of 31 March 2024 from Rs 1,379.24 crore as of 31 March 2023.  Intangible assets increased from Rs 16.38 crore to Rs 29.05 crore.  

Profit before tax down 8.91% to Rs 391.53 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 88.12 crore, compared to Rs 106.83 crore.  Effective tax rate was 25.13% compared to 24.85%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 18.73% to Rs 262.51 crore.  

Equity capital stood at Rs 64.26 crore as of 31 March 2024 to Rs 64.26 crore as of 31 March 2023.  Per share face Value remained same at Rs 5.00.  

Promoters’ stake was 50.16% as of 31 March 2024 ,compared to 50.16% as of 31 March 2023 .  

Other highlights

The board recommended a Dividend of Rs 12 per equity share of Rs 5 each, fully paid-up of the Company, for the financial year ended March 31, 2024.


Management Comments :
Gunjan Shah, MD and CEO - Bata India, stated: “Bata India navigated well through the unforeseen sluggishness in the market driving towards sustainable growth led by brands backed by significant investments in marketing and technology. Our strategies helped us defending margins. With cautious control on costs and focus on efficiency and productivity, we were able to defend our margin growth across channels and maintain our standing in premium segments across brands like Red Label, Comfit, Power. We added 24 Franchise Stores in the quarter, primarily in Tier 3 – 5 towns to cater the demand for branded products and achieve better returns on capital. We are further bolstering our offering with international tie-ups, such as Hush Puppies and Nine West which saw a significant higher ASP driving premiumization. We are optimistic of demand revival going forward.”



Bata India : Consolidated Results
 Quarter endedYear ended
Particulars202403202303Var.(%)202403202303Var.(%)
Net Sales (including other operating income)797.87778.592.483,478.613,451.570.78
OPM (%)22.8523.38-54 bps22.5923.00-41 bps
OP182.28182.060.12785.90793.78-0.99
Other Inc.21.909.94120.3261.7238.6859.57
PBIDT204.18192.006.34847.62832.461.82
Interest30.9627.2113.78117.01107.858.49
PBDT173.22164.795.12730.61724.610.83
Depreciation90.2976.518.03339.08294.7815.03
PBT82.9388.29-6.07391.53429.83-8.91
Share of Profit/(Loss) from Associates00-00-
PBT before EO82.9388.29-6.07391.53429.83-8.91
EO Income00--40.90-
PBT after EO82.9388.29-6.07350.63429.83-18.43
Taxation19.2822.67-14.9588.12106.83-17.51
PAT63.6565.62-3.00262.51323-18.73
Minority Interest (MI)00-00-
Net profit63.6565.62-3.00262.51323-18.73
P/(L) from discontinued operations net of tax00-00-
Net profit after discontinued operations63.6565.62-3.00262.51323-18.73
EPS (Rs)*4.955.11-3.0022.8125.13-9.25
* EPS is on current equity of Rs 64.26 crore, Face value of Rs 5, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database


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