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Nirmal Bang Report
We expect Bata India Ltd. to post 26% YoY revenue growth in Q4 FY22 on the back of rising ‘return to office' trend, increase in social gatherings (Holi, weddings) and opening up of schools and colleges post the impact of Omicron wave in the early part of Q4 FY22.
Bata India's revenue would cross pre-pandemic level (Q4 FY20). Product range focused on casualisation trends and non-Coco channels (wholesale, digital and franchising) will be key growth drivers.
We expect V-Mart Retail Ltd.'s Q4 FY22 revenue to grow by 49% YoY on the back of normalcy getting restored in rural and semi-urban parts of North India, weddings and festive season (‘Holi'), lifting of restrictions on social events and consumers' need for a fresh wardrobe.
V-Mart's growth will be driven by strong retail area expansion - by ~44% from Q4 FY21 level, aided by acquisition of ‘Unlimited', which was not there in the base quarter.
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