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Dolat Capital Report
Bata India Ltd.'s Q1 FY22 revenues came below our estimate as we anticipated better revenue traction due to improved business conditions.
Sales are down by 70% compared to Q1 FY20 primarily due to nationwide lockdowns during major part of the quarter.
Closure of malls and restricted working hours hampered sales during the quarter.
Sales through digitally enabled services contributed 15% sales in Q1 FY22.
Over 12-18 months, we believe that the continuous store additions, new promotional activities and procuring institutional contracts would help Bata to recover sales growth.
Post re-opening of markets, most of the retail businesses have reached pre-Covid-19 level.
With gradual re-opening of malls, schools and offices, we believe that the company would also regain lost momentum.
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