Bata India Ltd, a prominent footwear company, reported a decline in net profit for the second quarter of the fiscal year 2024.
The net profit for this period stood at Rs 34.48 crore, down from Rs 51.1 crore reported in the same period in the previous year.
According to a regulatory filing by Bata India, the operational revenue for the quarter ending on September 30, 2023, was Rs 819.11 crore, compared to Rs 829.75 crore in the same period of the previous year.
The dip in net profit can be attributed to lower direct expenses during the quarter, offset by an expenditure of Rs 40.9 crore related to a voluntary retirement scheme.
“Despite navigating through short-term demand headwinds in the quarter gone by, our focus on efficiency and productivity was reflected in robust operating profit margin growth. Prudent expansion of our retail network and marketing investments continue to be our key strategy," Managing Director and CEO Gunjan Shah said.
The company has announced the signing of a comprehensive licensing and manufacturing agreement with the globally renowned fashion brand Nine West.
This partnership aims to introduce on-trend fashion designs to the Indian market, providing Indian consumers with access to Nine West's fashionable products.
(With Agency Inputs)
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