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Nirmal Bang Report
We expect Bata India Ltd. to post 16% YoY revenue growth in Q3 FY23 on the back of strong festive and wedding season along with sneakers and non-COCO channel sales outpacing overall company growth. Revenue would not only cross pre-pandemic level (Q3 FY20) by ~17.5%, but it is also expected to be higher than Q1 FY23 revenue, which was the highest ever recorded revenue for the company. We expect this revenue growth to be a driven by an equal mix of volume and price growth.
We expect V-Mart Retail Ltd.'s Q3 FY23 revenue to grow by 28.2% YoY on the back of a good festive, wedding and winter season demand and volume pick-up due to price reversals taken by the company in view of the cooling raw material inflation. This will be the highest-ever quarterly revenue recorded by the company. Revenue in Q3 FY23 will be 56.5% higher than the pre-pandemic level of Q3 FY20. Growth versus Q3 FY20 will be driven by strong retail area expansion (75%) due to addition of own stores as well as those of ‘Unlimited'.
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