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Dolat Capital Report
Bata India Ltd.'s Q2 FY22 results were ahead of our estimates. In our recent channel checks in October 2021, we highlighted 75-80% revenue recovery during Q2 FY22 (compared to Q2 FY20).
This was driven by strong demand in July-August 2021 as impact of pandemic phased out.
Bata India continued to expand in tier 3-5 cities through franchise route, with total count of 270 plus currently from 234 in Q1 FY22. Distribution business expanded across 49 new towns.
Focus on casualisation with launch of Floatz and renewed range of North Star footwear received encouraging response.
Sales through digitally enabled services contributed 14% sales in Q2 FY22. The company augmented presence of e-store, Bata.in, with an expanded range.
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