Bata India Ltd. is planning to open around 100 retail stores and about 50 franchise stores in the ongoing financial year.
The footware maker also expects high single-digit same-store-sales growth during the period, Chief Financial Officer Ram Kumar Gupta told BloombergQuint in an interaction.
For the June quarter, the company's revenue rose 8.3 percent to Rs 797 crore. Footwear with a price range of Rs 500-1,000 contributes about 50 percent of the company's revenue, Gupta said.
The Goods and Services Tax Council on Saturday slashed the tax rate on footwear priced up to Rs 1,000 to 5 percent from 18 percent. “We welcome the consumer-centric move to reduce the GST,” he said. “We will pass on the entire additional benefits from the rate cut to consumers.”
Key Earnings Highlights
(First Quarter, Year-on-Year)
- Net profit up 36.7 percent at Rs 82 crore.
- Earnings before interest, tax, depreciation and amortization rose 38 percent at Rs 131.9 crore.
- Margins stood at 16.5 percent compared with 13 percent.
Shares of Bata India fluctuated between gains and losses to trade 0.5 percent lower at Rs 899.85 apiece as of 10:45 a.m.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
