Footwear maker Bata India's profit slides 38% on one-time charge
08/11/2023 13:07
BENGALURU, Nov 8 (Reuters) - Bata India BATA.NS
reported a 38% fall in second-quarter profit on Wednesday, hurt
by a one-time charge and as inflationary pressures kept
footfalls at its shoe outlets in check.
The footwear maker said its consolidated profit fell to
339.9 million rupees ($4.1 million) in the July-September
quarter, from 548.2 million rupees in the year-ago quarter.
The latest quarter's results included a 409 million rupees
charge related to a voluntary retirement scheme at one of its
manufacturing units.
Bata India's revenue slipped 1.3% during the quarter.
Indian businesses grappled with lower footfall in the
quarter as higher inflation pushed consumers to tighten their
belts, particularly on non-essential spending.
While India's retail inflation has eased of late, it still
remains uncomfortably high.
However Relaxo Footwear RLXO.NS posted a 97.3% surge in
profit earlier in November, backed by strong demand. Khadim
India KHAD.NS and Campus Activewear CAMU.NS will announce
their results later this month.
Shares in Bata, a unit of its Netherlands-based namesake
parent, closed up 1.2% ahead of its results.
($1 = 83.2673 Indian rupees)
(Reporting by Ashna Teresa Britto and Indranil Sarkar in
Bengaluru; Editing by Savio D'Souza)
((AshnaTeresa.Britto@thomsonreuters.com;))