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ICICI Securities Report
Bata India Ltd.'s weak performance continued in Q4 (revenue declined 5%; two-year compound annual growth rate decline of 7%).
Portfolio-specific headwinds (higher formal and fashion salience) continued to hurt; some of the peers have already seen good recovery.
We note several initiatives by the company to accelerate recovery –
- ramping up sales from new channels (chatshop, home delivery, store on wheels),
- capturing semi-urban / rural demand through franchisee stores, and 3
- restarting promotional campaigns and new launches.
That said, the company is likely to be a key beneficiary of ‘full unlocking'.
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