Slowest Q1 growth for India's Bata, Metro Brands 'top pick' - ICICI Securities
13/07/2023 07:51
** Shares of Indian footwear seller Bata India Ltd BATA.NS
down as much as 1.05% at 1,649.85 rupees
** Brokerage ICICI Securities expects co to report slowest
revenue growth at ~3% y/y in Q1 FY24 among footwear players
** Bata opted for early discounting, cos facing higher
inventory have preponed end of season sales by two weeks - ICICI
** Adds Bata offering overall discount of ~15%, lowest among
top 5 brands, vs ~19% by peer Metro Brands METB.NS
** Says Metro top pick in footwear sector, co shares up as
much as 2.85%
** BATA has risen 0.84% YTD, while METB has jumped 19%
(Reporting by Hritam Mukherjee in Bengaluru)
((Hritam.Mukherjee@thomsonreuters.com;))