Bata India Q3 Profit Down 30% to Rs 58 cr - Business News

Kolkata, Feb 1 (PTI) Bata India's consolidated net profit declined by 30 per cent to Rs 58 crore in the December 2023 quarter against Rs 83 crore a year ago.

Its revenue from operations was steady at Rs 903 crore despite muted market demand, thanks to growth in premium categories, the shoemaker said in a statement.

Overall expenses for the quarter were higher at Rs 836 crore compared to Rs 798 crore in the corresponding period last year.

The company in a statement attributed the decline in net margin to significant investments made in brand and technology during the quarter.

Bata India expanded its network with 54 net new stores and franchise and COCO expansion, while also renovating 36 stores to enhance the brand experience during the quarter.

"Despite persistent market headwinds accentuated in discretionary spending, we continued to invest in new product launches, enhancing customer experience, and expanding our reach across channels & markets," Gunjan Shah, MD and CEO of Bata India Limited, said.