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Motilal Oswal Report
Bata India Ltd.'s Ebitda/profit after tax declined 11%/30% YoY (miss) as revenue remained flat. A gross margin improvement of 130 bp YoY was offset by higher operating expenses.
Store additions continued as the company added 54 new stores, with a total store count of 2,204 (including Shop-in-Shops).
Continued softness, particularly within the value segment (less than Rs 1,000 average selling price category), remains a drag.
However, steady network rollout and product revamps (including apparels and sneakers) could support Bata's growth going forward.
We are factoring in a revenue/profit after tax compound annual growth rate of 5%/11% over FY23-25E.
We reiterate our Neutral rating on the stock with a target price of Rs 1,480.
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