Leading shoemaker Bata India Ltd on Wednesday reported a decline of 37.77 per cent in its consolidated net profit at Rs 34 crore in the second quarter ended September 2023, citing exceptional items in its balance sheet.
It had posted a net profit of Rs 54.62 crore in the July-September period a year ago, according to a regulatory filing from Bata India.
Bata India's profit before tax and exceptional items stood at Rs 87 crore in the second quarter of this fiscal, helped by "consistent efficiency improvements across operations", the company said in an earnings statement.
Its revenue from operations was down 1.28 per cent to Rs 819.11 crore during the quarter in comparison to Rs 829.75 crore in the corresponding period a year ago.
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Total expenses of Bata India in the September quarter was at Rs 747.61 crore, down 5.31 per cent.
Under exceptional expenses, Bata India spent Rs 40.90 crore on the voluntary retirement scheme (VRS) at its one manufacturing unit during the quarter.
Bata India MD and CEO Gunjan Shah said: "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."
Its total income in the September quarter was at Rs 834.61 crore, down marginally by 0.8 per cent.
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During the quarter, Bata had an aggressive network expansion adding 30 stores in close to 25 cities. It renovated 54 stores also.
Shares of Bata India Ltd on Wednesday settled at Rs 1,556.60 on BSE, up 1.14 per cent.
