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ICICI Direct Report
Bata India Ltd. appears to be well placed to benefit from normalisation of demand scenario.
Channel checks suggest a healthy recovery in August-September with discretionary retailers witnessing recovery rate of more than 80% of pre-Covid-19 levels (versus 50% in past year).
Bata India's core product portfolio includes formal and fashion footwear category.
While open footwear and slippers category witnessed speedy recovery (as witnessed in financials of Relaxo), fewer social gatherings and office/school closures had a material impact on performance of the company in FY21.
Average selling prices declined ~14% to Rs 535/pair with gross margin declining 660 basis points YoY in FY21.
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